Dukhan Bank announces the results of the AGM and EGM. The meeting was held on 20/03/2024 and the following resolution were approved
Agenda of Ordinary General Assembly
First: Endorsed the Board of Director’s Report on the results of the Bank and financial statements for year ended 31/12/2023 and discussing the Bank’s plan.
Second: Approved the Sharia Supervisory Board report for year ended 31/12/2023.
Third: Approved the External auditors’ report on the financial statements for the year ended 31/12/2023.
Fourth: Approved the Bank’s consolidated financial statements for the year ended 31/12/2023.
Fifth: Approved the Board of Directors’ proposal to distribute 16% cash dividends of the nominal value per share representing QAR 0.16 per share for the year ended 31/12/2023.
Sixth: Absolved the Board of Directors from liability for the year ended 31/12/2023 and to fix their remuneration.
Seventh: Approved Dukhan Bank Governance Report for the year 2023.
Eighth: Approved the Corporate Governance related policies. (To view the policies, please visit www.dukhanbank.com)
Ninth: Approved the renewal of the Euro Medium Term Note Financing Program (EMTN) for the purpose of facilitating the issuance of non-convertible Senior Unsecured Sukuk, with a total value of up to US$ 2 billion or its equivalent in other currencies, through the incorporated company “BBG Sukuk Ltd” outside the country, in full compliance with the relevant instructions of the Qatar Central Bank and in accordance with the provisions of the Commercial Companies Law No. 11 of 2015 and its amendments in 2021. And authorizing the Board of Directors to determine the type of Sukuk, amount, currency and related terms and conditions, taking into account obtaining the approvals of the Qatar Central Bank, the Ministry of Commerce and Industry and other regulatory bodies.
Tenth: Appointed the External Auditors for the financial year ending 2024 and approve their fees.
Annex to item eight of the agenda of the Ordinary General Assembly
Eighth: Approved the Corporate Governance related policies. (To view the policies, please visit www.dukhanbank.com)
1. Board of Directors Remuneration and Performance Evaluation Policy
2. Board Nomination and Election Policy
3. Executive Management Remuneration Policy
4. Conflict of Interest and Related Party Transaction Policy
5. Dividend Distribution Policy & Procedures
Agenda for the Extraordinary General Assembly Meeting:
First: Approved increasing the foreign ownership percentage of the bank's shares to 100%, subject to obtaining the necessary approvals from the relevant regulatory authorities, including the approval of the Cabinet.
Second: Approved amending Article (67) of the Articles of Association by adding the distribution of interim cash dividends to shareholders during the financial year:
Article before amendment:
Upon deducting the legal optional reserves, 5% of the net profits shall be distributed to the shareholders.
The shareholder is entitled to its share of the profits once a resolution is issued by the General Assembly in the place and time set by the Board in accordance with the rules and regulations of the Authority and the Financial Market.
Article after amendment:
Upon deducting the legal optional reserves, 5% of the net profits shall be distributed to the shareholders.
The shareholder is entitled to its share of the profits once a resolution is issued by the General Assembly in the place and time set by the Board in accordance with the rules and regulations of the Authority and the Financial Market.
The Board of Directors may distribute quarterly or semi-annual interim dividends during the year in accordance with the regulations of Qatar Financial Markets Authority and the provisions of the Commercial Companies.