Qatar Fuel (Woqod) Postpone the Extraordinary General Assembly Meeting

April 06, 2017

Mr. Saad Rashid Al – Muhannadi, Qatar Fuel Company (WOQOD) Chief Executive officer announces that WOQOD Extraordinary General Assembly meeting has been postponed for the second time due to the lack of the required quorum to hold the meeting. He further explained that a first attempt to hold the first meeting on 05/03/2017 was also unsuccessful for lack of quorum and was postponed to be held 05/04/2017. 

Mr. Saad Rashid Al-Muhannadi pointed out that, the meeting will be held at the same time and venue on 06/06/2017, explaining that this meeting will be the third and last as per the company’s Articles of Associations, where the quorum will be attained regardless of the attendance percentage. 

Note that the agenda of the Extraordinary General Assembly is limited to the following points: 

1- Amendment of the following article in the company articles of association Amendment of Article 9-1 to exempt the State of Qatar, Qatar Foundation for Education, Science and Community Development, Qatar Investment Authority and Qatar Holding Company from the requirement for maximum limit of company shares ownership.

2- Amendment of Article 20 in order to increase the membership of the Board of Directors from 7 members to 9 members, by allowing the National Retirement & Social Insurance Fund to appoint two board members and providing for Qatar Petroleum’s right of appointing the Vice Chairman of the Board. 

3- Amendment of mechanism for issuing resolutions in the Extra-Ordinary General Assembly stipulated in Article 40 in order to allow for such resolutions being endorsed by simple majority and, modification of the timings for the two alternate meetings, whereupon the second meeting will be within 30 days from the date of the first meeting, and the third (last) meeting will be after 30 days from the date of the second meeting. 

4- Modification of Article 6-2 to change the name of the fund owning the 20% of WOQOD share capital from the “national fund ‘’ to the “civil & military funds” of the General Authority for Retirement and Pensions.   

5- Amendment of Article 22 of the Articles of Associations by deletion of the provision enabling the Board of Directors to appoint the Vice – Chairman by a secret polls. 

6- Adding a term to Article 26-1 stating that approval of the Board to a Decision by Circulation shall be considered as a Decision made in a formal official meeting.