AGM and EGM of QEWC Approves Distributing 75% Cash Dividends

 

March 06, 2017

 

Qatar Electricity and Water Company (QEWC) announced the resolutions of the Annual General Meeting (AGM) and the Extraordinary General Meeting (EGM) held on Monday 6 Mach 2017.  The following resolutions were passed: 

GENERAL ASSEMBLY MEETING:

1. The Directors report on the activities of the company, its financial position for the year ended 31/12/2016 and the future plans for the company.

2. The auditor’s report for the year 2016.

3. The company’s balance sheet and profit and distribution of profits being each dividend of 75% from the original share value.

4. Discharge the members of the Board of Directors from their responsibilities and approving their remuneration.

5. Appointment Ernst &Young as company auditors for the financial year 2017, with a fees amounting to QR 300,000/-.

6. Corporate Governance Report for the year 2016.

7. Approve of the candidates win the three applicants to fill the board seats for the category of contribution and the four candidates for the category of private companies and individuals by acclamation as per the attached list.

EXTRAORDINARY GENERAL MEETING:

1. Approve the amendment to the AOA of the Company in accordance with the provisions of the Commercial Companies Law promulgated by Law No. 11 of 2015, according to the model pilot from Companies Control Department of the Ministry of Economy and Trade.

2. Authorize Chairman of the Board to make adjustments and to take all necessary procedures with the competent authorities in this regard.