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