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.