Qatar Insurance AGM and EGM Endorse Agenda
Items and Approve Cash Dividend
February 27, 2019
Qatar Insurance Company held its AGM
and EGM on 26/2/2019 and approved the items of the agenda.
The Resolutions of the AGM:
1)
The
Board of Directors’ report on the activities of the company and
its financial position for the year ended 31 December 2018, and
its future plan.
2)
The
auditor’s report for the 2018 financial statements.
3)
The
company’s balance sheet and its 2018 profit & loss statement.
4)
The
recommended profits distribution (15%) of the nominal value of
the share, i.e. (QR 1.5) per share, and determine the date of
payment.
5)
Relieve the members of the Board of Directors from liability,
and approve their (QR 21.5 million) remuneration.
6)
The
2018 Corporate Governance report.
7)
The
company’s 2019 remuneration policy.
8)
The
company’s policy on related parties’ transactions.
9)
Permissions and procedures of operation of the nomination and
remuneration committee.
10)
Reappoint Ernest & Young for the Financial Year 2019 at a fee of
(QR 843.000).
The Resolutions of the EGM:
1)
Increase the company’s capital by (QR 77.042.580) through a new
private shares issuance of (7.704.258) normal shares, at a price
of (QR 57/36) per share ((QR 10) nominal value + (QR57/26) share
premium). Only the minority shareholders of the subsidiary QIC
Capital, registered in Qatar Financial Center, have full rights
of subscription in the new shares through assigning
subscriptions rights of all shareholders to them. Also, amend
Article (5) of the Articles of Association to reflect the
increase in capital and delegate the board of directors to
finalize the transaction.
2)
Amend
Article (5) of the Articles of Association to be in line with
Qatar Financial Market Authority (QFMA) board of directors
resolution issued at its fourth meeting of 2018 held on 16
December 2018, which changes share’s nominal value to QR 1 as a
condition for listing shares of companies in the main market and
second market (startups).
3)
Amend
Article (5) of the Articles of Association in respect of
condition number 3 of the conditions of membership of the Board
of Directors, that shareholder should hold two million
(2,000,000) share of the company’s shares.
4)
Give
the Chairman or his deputy the exclusive right to sign on all
documents needed to amend the company’s Articles of Association.
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