24-03-2021
Al Khalij Commercial Bank (Al Khaliji) P.Q.S.C held the annual meeting of the Ordinary General Assembly of shareholders on Tuesday, March 23, 2021.
During the meeting, the shareholders approved the bank’s financial statements for the period ending on December 31, 2020, which recorded a net profit after tax of 683 million Qatari riyals.
His Excellency Sheikh Hamad bin Faisal bin Thani Al Thani, Chairman and Managing Director of Al Khaliji delivered a speech on the occasion and read out the Board of Directors report on the company's activities and its financial position for the year ending on December 31, 2020 and future plans.
Commenting on the bank’s activities in 2020, His Excellency stated:
“2020 was an exceptional year in light of the new Corona epidemic that swept the whole world during the year and the following actions and measures that left major repercussions on the global economy and the various aspects of life. Despite all the difficult circumstances, the bank showed strength and resilience in facing challenges as we were able to achieve sustainable profits through deliberate growth of the balance sheet and avoiding high risks, thanks in the first place to the State of Qatar and its well-established economy that possesses all the elements of success in addition to our adherence to the implementation of our medium-term strategic plan that is based on the Qatari market as the main market for the bank’s activities and business, on growth expectations in Qatar, the solid economic fundamentals of the state, as well as the hard work of our team and the great commitment on the part of our customers and shareholders. "
The assembly then listened to the auditors' report on the company's balance sheet and accounts for the fiscal year 2020 and approved it as it discussed and approved the financial statements presented to it for the year ending on December 31, 2020. It also approved the Board of Directors ’proposal to distribute cash dividends for the year 2020 at a rate of 5.6% of the nominal value of the share, or 0.056 riyals per share, and the rest of the profit will be carried over as suggested in the audited financial statements.
The Assembly listened and approved the auditors ’report on the requirements of Article (24) of the Corporate Governance Law for Companies and Legal Entities Listed in the Main Market issued by the Qatar Financial Markets Authority regarding compliance with governance instructions and the requirements of internal control over financial statements.
The Assembly discussed and approved the Governance Report for the year 2020, including the foundations and policy for granting remuneration to members of the Board of Directors and the Executive Management, and approved the appointment of Messrs Deloitte and Touche as the bank’s auditors for the fiscal year 2021, then discharged the members of the Board of Directors of the company from liability for their actions and determined their remuneration for the year 2020.
The Assembly agreed to extend the mandate of the Board of Directors in its current composition and its current members elected at the General Assembly of Shareholders held on February 27, 2018 until the date of the effective date of the proposed merger with Masraf Al Rayan, subject to obtaining the approval of the Extraordinary General Assembly of shareholders later on the merger.
Sheikh Hamad bin Faisal bin Thani Al Thani concluded by saying:
“I would like, on behalf of the Board of Directors and the Bank, to extend the utmost gratitude and appreciation to His Highness Sheikh Tamim bin Hamad Al Thani, the emir of the country, and His Highness the Father Emir Sheikh Hamad bin Khalifa Al Thani for their continuous support to the Qatari economy and Qatari institutions.
The Council also expresses its deep gratitude to His Excellency Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani, Prime Minister and Minister of Interior for his continuous support, and also its appreciation for the tireless efforts of His Excellency Sheikh Abdullah bin Saud Al Thani, Governor of Qatar Central Bank, and all the supervisory authorities to which the bank is subject, We especially mention the Ministry of Commerce and Industry, the Qatar Financial Markets Authority and the Qatar Stock Exchange for their great and continuous support.
The Board would also like to thank the executive management and all Al Khaliji employees for their efforts and dedication to work. Finally, we extend our thanks and appreciation to our esteemed clients and shareholders for their lasting confidence. "
The annual meeting of the Ordinary General Assembly was held electronically via the Zoom app at 5:30 in the afternoon, Doha time, in compliance with the instructions issued by the State of Qatar regarding the prevention of all forms of assembly in light of the efforts made to contain the spread of the Corona pandemic and attended it the shareholders and relevant regulatory authorities, members The board of directors, managers and employees of Al Khaliji, and a number of investors and financial analysts.