Masraf Al-Rayan announces the results of the AGM and EGM. The meeting was held on 25/03/2024 and the following resolution were approved
Resolutions of Ordinary General Meeting:
1. Considered and endorsed the Board of Directors’ report on the Company’s activities and its financial position for the year ended 31 December 2023 and the Company’s future plans;
2. Considered the Shari’ah Supervisory Board report on compliance of MAR to Shari’ah rules for fiscal year ended on 31 December 2023;
3. Considered and endorsed the External Auditor’s Report on the Company’s financial position and the accounts submitted by the Board of Directors for the year ended 31 December 2023;
4. Discussed and endorsed the Company’s financial statements and income statement for the year ended 31 December 2023;
5.Endorsed the profits appropriation policy and approved the proposal of the Board of Directors regarding the distribution of cash dividends in the rate of 10% of the share nominal value (QAR 0.10 per share) for the year ended 31 December 2023;
6. Considered and endorsed the External Auditor’s report on the requirements of Article (24) of the Corporate Governance Code issued by Resolution No. (5) of 2016 of the Board of Directors of Qatar Financial Markets Authority (“QFMA”) regarding the Bank’s compliance with corporate governance regulations and Internal Control over Financial Reporting requirements;
7. Discussed and endorsed the Corporate Governance Report for 2023 including endorsement of the policy of remuneration and incentives of the Board and Senior Management members;
8. Absolved the Board members from any liability and fixed their remuneration for the financial year ended 31 December 2023;
9. Appointed PWC as the External Auditor of the Company for the financial year 2024 and fixed their fees;
10. Took note of the replacement of Mr. Turki Al Khater by Mr. Ahmed Ali Al Hamadi as representative of the General Authority for Pension and Social Insurances on MAR Board for the rest of the current Board term 2023-2024-2025.
11. Took note of the resignation of the Independent Board member Mr. Abdulal Bin Nasser Al Misnad and elected Mr. Abdulla Saad Mohamed Jobara Al Rumeihi to replace him in the seat for the rest of the current Board term 2023-2024-2025.
Resolutions of Extraordinary General Meeting:
1. Approved the proposed amendments to the Articles of Association of the Bank (“AoA”) to comply with the requirements of Qatar Central Bank’s Circular No. (2) of 2023 amending certain regulations on corporate governance of banks
2. Authorized the Chairman of the Board, Vice Chairman, and/or other Board delegate to complete the necessary formalities in respect of the amended AoA subject to necessary regulatory approvals.