Vodafone Endorses Its Agenda Items and Approves the Distribution of 5% Cash Dividend

March 05, 2019

Vodafone Qatar held its AGM and EGM on 04/3/2019 at 6:30pm at the Four Seasons Hotel, Dafna Area, Doha, Al Daibel Ballroom, and approved the items of the agenda.

Annual General Assembly:

1-      Approved the Board of Directors’ report of the Company’s activities and its financial position for the financial year ended 31 December 2018.

2-      Approved the External Auditor’s report on the Company’s Accounts for the financial year ended 31 December 2018.

3-      Approved the Company’s Balance Sheet and the Profit and Loss Accounts for the financial year ended 31 December 2018.

4-      Approved the proposal of the Board of Directors regarding the distribution of a cash dividend in the rate of 5% of the share nominal value (QR 0.25 per share) for the financial year ended 31 December 2018.

5-      Discharged the members of the Board of Directors from any liability and approved their remuneration for the financial year ended 31 December 2018.

6-      Approved the Company’s Corporate Governance Report for the financial year ended 31 December 2018.

7-      Re-appointed Deloitte & Touche as the External Auditor of the Company for the period from 1 January 2019 to 31 December 2019 and fix their fees.

8-      Elected the 3 Independent Board Members to the Company’s Board of Directors and approved the formation of the new Board of Directors for a term of three years (2019 – 2021) commencing on the date of the AGA as follows:

Elected Independent Board Members:

1.                  H.E. Mr. Abdulla Bin Nasser Al Misnad

2.                  H.E. Mr. Akbar Al Baker

3.                  H.E. Sheikh Hamad Bin Faisal Thani Jassim Al-Thani

Board Members appointed by Vodafone and Qatar Foundation LLC pursuant to Article 29 of Vodafone Qatar’s Articles of Association:

4.                  Mr. Rashid Fahad Al-Naimi

5.                  H.E. Sheikh Saoud Abdul Rahman Hassan Al-Thani

6.                  Mr. Nasser Jaralla Al Marri

7.                  Mr. Nasser Hassan Al-Naimi

Extraordinary General Assembly:

1-      Approved (subject to obtaining all relevant regulatory approvals) the proposed changes to Articles 6, 7 and 8 of the Company’s Articles of Association (“AoA”) in order to implement the decision of the Qatar Financial Markets Authority relating to their requirement that all listed companies on the Qatar Stock Exchange reduce the nominal value of their shares to one (1) Qatari Riyal each by way of a share split, subject to and conditional upon the Qatar Financial Markets Authority announcing the effective date of when the required share split will be effective for the Company.

2-      Approved (subject to obtaining all relevant regulatory approvals) the proposed changes to Article 3 and the deletion of Article 72 of the AoA so that the Company no longer has to appoint a Sharia advisor or facilitate and undertake quarterly Sharia compliance audits in respect of its business and operations.

3-      Following a Shareholder’s request to review the Company’s current financing arrangements (including Islamic and conventional financing facilities) to explore options for it to avail of more flexible financing arrangements moving forward; shareholders approved delegating authority to the Board of Directors to evaluate this request, make a decision to this effect and make the necessary changes to the AoA.

4-      Authorized the Chairman of the Board, the Vice Chairman, any board member who may be mandated by the Chairman, the Company’s Chief Executive Officer (and/or whomever they may delegate) individually to complete the required formalities in relation to the aforementioned decisions, including, but not limited to signing the amended and restated AoA before the competent authorities, including the Authentication Department at the Ministry of Justice, subject to obtaining all necessary regulatory approvals.

To view the press release click here