Al Khaliji AGM and EGM Endorses Its Agenda Items And Approves Distribution of 7.5% Cash Dividend

February 25, 2019

Al Khaliji Commercial Bank (Al Khaliji) announced the resolutions of its Ordinary and Extraordinary General Assembly meetings held Sunday, 24 February 2019, and approved the items on the following agenda:

Resolutions of the Ordinary General Assembly:

1.      Approved the Board of Directors’ report on the company’s activities and its financial position for the year ended 31 December 2018, and the company’s future plans.

2.      Approved the External Auditor’s Report on the company’s financial position and the accounts submitted by the Board of Directors for the year ended 31 December 2018.

3.      Discussed and approved the company’s financial statements and income statement for the year ended 31 December 2018.

4.      Adopted the profits appropriation policy and approved the proposal of the Board of Directors regarding the distribution of cash dividends at the rate of 7.5% of the share nominal value (QR 0.75 per share) for the year ended 31 December 2018.

5.      Reviewed and endorsed the External Auditor’s report on the requirements of Article (24) of the Corporate Governance Code of Companies and Legal Entities Listed on Primary Market issued by Resolution No. (5) of 2016 of the Board of Directors of Qatar Financial Markets Authority (“QFMA”) regarding the Bank’s compliance with corporate governance regulations and Internal Control over Financial Reporting requirements.

6.      Approved the Corporate Governance Report for the year 2018, including the endorsement of the policy of remuneration and incentives of the Board and Senior Management members.

7.      Absolved the Board members from any liability and approved their remuneration for the financial year ended 31 December 2018.

8.      Appointed Deloitte & Touch as the External Auditor of the company for the financial year 2019 and determined their fees.

Resolutions of the Extraordinary General Assembly:

1.      Approved splitting the nominal value of shares from QR 10 to QR 1 per share and the amendment of Articles (5), (6), (7), (8), (32) and (48) of the Bank’s Articles of Association accordingly to comply with QFMA’s regulations and authorized the Chairman of the Board and/or his Deputy and/or whomever the Board may delegate to sign the final version of the amended Articles of Association and complete the required formalities subject to the necessary regulatory approvals and to QFMA’s decisions with respect to the split of shares. 

To view the Bank’s press release, click here