The General Assembly of Qatar First Bank Endorses Items
of Its Agenda
April 23, 2019
Qatar First Bank announced the results of its Ordinary and
Extraordinary General Assembly meeting, held on 22 April 2019,
at QFB Lounge premises in Doha – Qatar.
1-
Hear
the chairman’s keynote about the financial year ended on 31
December 2018 and view the report that shows: the financial year
2018 being the most challenging year for the bank reporting a
net loss of QAR 482 million along with a disposal loss and loss
on fair value reassessment of equity investments of QAR 331
million during the year”
Total income (excluding disposal loss and loss on fair value
reassessment of equity investments) showed a growth momentum
with an increase of 24.1% at QAR 222 million, as compared to QAR
178 million of previous year. This was mainly driven by the fee
income from the structured products and a reduction of 26% in
returns to unrestricted investment account holders (the cost of
funding) due to the better management of its loan to deposit
ratio.
2-
Present the report of the Shari'a Supervisory Board for the
financial year ended 31 December 2018: The Shari'a Supervisory
Board reported that the investments of the Bank were made
through Sharia contracts and products in accordance with the
provisions of the Islamic Sharia.
3-
Present and approve the External Auditor's report for the
financial year ended 31 December 2018. The External Auditor KPMG
confirmed that the consolidated financial statements present
fairly the consolidated financial position of the Bank as at 31
December 2018. Any violations of the QFC Regulatory Authority
Regulations applicable during the year, which may have a
material impact on the Bank's business or financial position as
at 31 December 2018.
4-
Discuss and approve the audited financial statements for the
financial year ended 31 December 2017. The Annual General
Assembly of Shareholders discussed the audited accounts for the
financial year ended 31 December 2018 and approved them without
any reservation from the shareholders.
5-
Discuss the recommendations of the Board of Directors regarding
not to distribute profits and not to allocate an optional
reserve for the fiscal year ended 31 December 2018 and approve
it: The Assembly approved the Board of Directors' proposal not
to distribute dividends to shareholders and not to allocate an
optional reserve for the financial year ended 31 December 2018,
Assembly on it.
6-
Discharge the members of the Board of Directors and determine
their fees for the financial year ended 31 December 2017 and
agree not to distribute compensation to the Board for the
financial year ended 31 December 2018: The Ordinary General
Meeting approved this proposal without reservation from the
shareholders.
7-
Present the Corporate Governance Report for the financial year
ended 31 December 2018: The General Assembly approved the report
as presented.
8-
Adopt
the ceiling of transactions with parties related to the members
of the Board of Directors and the Bank (either directly or
indirectly): The item was discussed and the proposal approved
without reservation of the shareholders.
9-
Appoint the External Auditor for the new year of 2019 starting
on the date of this General Assembly and ending on the last
general assembly of this year. The Board of Directors determines
their fees.
Ten board members were elected by the shareholders through the
cumulative voting process in accordance with the applicable
rules and regulations. The result of voting was QFB new BoD
consists of the following winners:
1-
Mr.
Abdulla Fahad Ghorab Al Marri,
2-
Dr.
Mohammed Nasser Mohammed Al Qahtani,
3-
Sheikh Faisal Thani Al Thani,
4-
Mr.
Abdel Latif Mohammed Al Sada,
5-
Mr.
Salman Abdulghani,
6-
Mr.
Ibrahim Jaidah,
7-
Mr.
Mohammed Reslan Al Khayat,
8-
Mr.
Mohammed Yousef Al Mana
9-
Mr.
Salem Al Marri and Mohammed Al Hajiri.
Second: The results of the Extraordinary General Meeting:
1-
Reduction of the Bank's capital by 50%: The board's proposal to
reduce the bank's authorized and paid-up capital was reviewed by
50%, which was discussed with the shareholders and the proposal
was approved and approved.
2-
Split
the nominal value of the share to QR 1 instead of QR 10: Adjust
the nominal value of the share to QR 1 per share instead of QR
10 per share. In accordance with Resolution No. 4 of FY2018
issued by Qatar Financial Markets Authority.
3-
Amend
the Articles of Associations: Adopt Amendments to the Statutes
in accordance with the new corporate governance regulations
issued by Qatar Financial Markets Authority, the Extraordinary
General Assembly approved all the proposed amendments to the
Articles of Association.
The Ordinary General Assembly meeting was closed at 6:00 pm on
Monday, April 22, 2018.
To view the press release
click here
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