Back to News & Features

Qatar General Insurance & Reinsurance Company Q.P.S.C announces the results for its Ordinary and Extraordinary General Assembly Meetings held on the 12th March 2018

13 March 2018

Qatar General Insurance & Reinsurance Company Q.P.S.C announces the convention of its Ordinary and Extraordinary General Assembly Meetings on Monday 12th March 2018 consecutively at 5:30PM in Al-Rawaq Ballroom at Marriott Hotel (Doha) .The meetings were chaired by H.E. Sheikh Nasser Bin Ali Bin Saud Al Thani, the Chairman of the Board of Directors.

During the Ordinary and Extraordinary General Assembly Meetings, the following items of the agenda were approved:

Resolutions of the Ordinary General Assembly Meeting:

 

1- Shareholders General Assembly Approved the Board of Director’s Report on the Company’s activities and its financial position for the financial year ended 31st  December 2017 and the Company’s future plan.

  2- Shareholders General Assembly Approved the External Auditor’s Report for the financial year ended 31st  December 2017.

3- Shareholders General Assembly Approved the Company’s Balance Sheet, profit & loss accounts for the financial year ended 31st  December 2017.

  4- Shareholders General Assembly Approved the Board of Director’s proposal to distribute cash dividends to the shareholders for the financial year 2017 at the rate of (22%) of the nominal value of the share (equivalent to QAR 2.2 per share).

  5- Shareholders General Assembly Approved to discharging the Chairman and members of the Board of Directors from liability for the financial year ended 31st December 2017, and adopting their remuneration of (1,100,000) QR- One Million One Hundred Thousand Qatari Riyals for each one of them.

  6- Shareholders General Assembly Approved the Company’s Corporate Governance Report for the year 2017.

  7- Shareholders General Assembly Approved the appointment of M/S Rodl & Partner as the Company’s External Auditor for the financial year 2018 with fees of (465.000 Qatar Riyals).

  8- Shareholders General Assembly Approved the Charter of the Nomination and Remuneration Committee.

  9- Shareholders General Assembly Approved the Policy of Transacting with Related Parties.

10- Shareholders General Assembly Approved to grant Mrs. Fatiha Khellal, the Chief Executive Officer of Trust Investment Holding-Algeria a share percentage of the (0.2%) out of the (20%) shares Qatar General Insurance and Reinsurance owns in the share capital of Trust Investment Holding – Algeria, to become following such grant (19,8%).

Resolutions of the Extraordinary General Assembly Meeting:

 

  • Shareholders of the Extra General Assembly approved the Amendment of the Company’s Articles of Association to comply with the Governance Code for Companies & Legal Entities Listed on the Main Market issued by decision of the Qatar Financial Markets Authority Board of Directors No. (5) of the year (2016) by amending Article No (43) of the Company’s Articles of Association to be read before and after amendment as follows:

Article (43) – Before Amendment:

 

“Taking into account the provisions of Articles (124, 125) of the Commercial Companies Law no. (11) of the year (2015), the General Assembly shall be held by an invitation of the Board of Directors at least once a year, in the place and time fixed by the Board after obtaining the approval of the Companies Control Department, and the meeting shall be held within four months following the expiry of the fiscal year of the company. The Board of Directors is entitled to invite the Assembly whenever it is needed.”

 

Article (43) – After Amendment:

 

“Taking into account the provisions of Articles (124, 125) of the Commercial Companies Law no. (11) of the year (2015), the General Assembly shall be held by an invitation of the Board of Directors at least once a year, in the place and time fixed by the Board after obtaining the approval of the Companies Control Department, and the meeting shall be held within four months following the expiry of the fiscal year of the company. The Board of Directors is entitled to invite the Assembly whenever it is needed. The shareholder(s) who owns at least (10%) of the Company’s capital shall, for serious grounds, be entitled to request an invitation to convene a General Assembly. In this case, such shareholders shall confirm, before sending any invitation, that they have deposited their shares at the Company’s Head Office or at any of the accredited banks in Qatar. They shall not have the right to withdraw these shares before the completion of the Ordinary General Assembly; such mechanism is applicable with the same abovementioned percentage (10%) of the Company’s capital in case the company conducted Major Transactions that might harm the shareholders’ rights in general and minorities in particular or prejudice the ownership of the Company’s capital”.

  • Shareholders Extra General Assembly approved the authorization of the Chairman of the Board of Directors or Vice Chairman to solely sign all required documents necessary to amend the Company’s Articles of Associations.

 

Back to News & Features