Doha General Insurance Approves Agenda Items and Approves Dividend
Distribution of 7.5%
March 19, 2018
Doha Insurance Group announced the results of
its Ordinary and Extraordinary General Assembly meetings, held
on 18 March 2018, at Al Wajba Hall at La Cigale Hotel. The
results of the meetings were as follows:
Ordinary General Assembly:
1.
The Board of Directors' report on the Group's business and
financial position for the financial year ended 31 December 2017
and the Group's business plan for 2018 were heard and approved.
2.
The report of the Shari'a Supervisory Board on the financial
statements of the Islamic Group's subsidiary "Doha Takaful" was
approved for the financial year ended 31/12/2017.
3.
The auditors' report on the Group's budget and final accounts
for the financial year ended 31/12/2017 was approved.
4.
The Group's balance sheet and profit and loss account for the
fiscal year ended 31/12/2017 was approved.
5.
The Board of Directors' recommendation for the distribution of
cash dividend of 7.5% of the nominal share value was approved by
the Board of Directors at the rate of QR0.75 (seventy five
dirhams) per share.
6.
The members of the Board of Directors have been relieved from
liability for the financial period ended 31/12/2017 and their
remuneration has been determined at a total amount of QR2.67
million.
7.
The Corporate Governance Report for 2017 was ratified.
8.
The remuneration policy was adopted.
9.
The provisions of candidature and the election of members of the
Board of Directors policy were adopted.
10.
The Shari'a Supervisory Board, headed by Dr. Ali Mohiuddin
Al-Qara Daghi, was appointed with two other members for a period
of three years to carry out supervision and advisory opinion on
the business of Doha Takaful Company, a limited liability
company wholly owned by Doha Insurance Group.
11.
The External Auditor was appointed to the Office of Deloitte &
Touch for the fiscal year 2018 against a fee of QR278,000.
12.
The elected members by acclamation were approved for membership
of the Board of Directors for the next three-year tenor of
2018-2020, as follows:
-
Sheikh
Nawaf Nasser bin Khaled Al Thani.
-
Sheikh /
Khalifa bin Jassem bin Mohammed Al Thani / represents the
Arabian Construction Engineering Company (ACEC).
-
Mr. Adel
Ali bin Ali Al-Maslamani.
-
Sheikh
Jaber bin Hamad bin Jassim Al Thani.
-
Sheikh
Ali bin Ghanim bin Ali Al Thani / representing Ali bin Ghanim Al
Thani Group.
-
Major
General / Dahlan Jumban Bashir Al-Hamad / represents the
portfolio of investments of the armed forces.
-
Mr.
Victor Nazim Reza Agha / representing Halul Trading Company.
-
Mr.
Hossam Abdel Salam Abu Issa.
-
Mr. Saud
Omar Hamad Al-Mana / representing Al-Mana Group.
-
Mr. Ahmed
Yousef Hussein Kamal / representing Al-Sakhamah Trading &
Contracting Company.
-
Mr.
Hassan Jassem Darwish Fakhro.
Extraordinary General Assembly:
1-
Extraordinary General Assembly approved the amendment of the
first paragraph of Article (2) of the Articles of Association of
the Group regarding the Group's objectives by adding the
reinsurance activity to be read after the amendment as follows:
"The Group's objectives are to
engage in insurance and reinsurance business of all types traded
and authorized, and to invest capital and property."
2-
The amendment of the
Group's Articles of Association has been approved in accordance
with the corporate governance system for the legal entities
listed in the main market issued by the Board of Directors of
Qatar Financial Markets Authority No. (5) of 2016.
3-
It was agreed to authorize
the Chairman of the Board of Directors or his Deputy
individually to sign all necessary to amend the Statute in
accordance with the above.
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