Qatar Industrial Manufacturing Co.: The AGM and EGM Endorses items on it’s agenda
Qatar Industrial Manufacturing Co. announces the results of the AGM and EGM. The meeting was held on 07/03/2022 and the following resolution were approved
1. The Board of Director’s report on the Company’s activities and its financial position for the year ended 31st Dec. 2021 as well as future plans.
2. The Auditor’s report on the consolidated financial statements for the financial year ended 31st December 2021.
3. The Company’s Consolidated Balance Sheet and the Profit and Loss Statement for the financial year ended 31st December 2021.
4. Distribution of cash dividends (12%) of QRs 0.12 per share, to its shareholders for the year ended 31st Dec. 2021.
5. Release of the Board of Directors from liability for the financial year ending 31st December 2021 and decide of their remuneration.
6. Appointment of M/S. Moore Stephens & Partners as external auditor for the financial year 2022.
7. Corporate Governance Report for year 2021.
8. Appointment of members of the Board of Directors for the next three years (2022-2024).
The elected Board Members are as follows:
1. Sheikh Abdulrahman Bin Mohd. Jabor Al-Thani
2. Sheikh Rashid Bin Awaidha Mohd. Thani Al-Thani
3. Mr. Nasser Bin Rashid S. Al-Kaabi
4. Mr. Saad Mohd. Saad J. Al-Rumaihi
5. Mr. Abdullah Mohd. Shamsan Al-Saada
6. Mr. Abdulmohsen Bin Youssef Al-Mana
7. Mr. Abdulla Ali Al-Abdulla
8. Al Hermas Investment Co.
Representative Mr. Ahmed Youssef Hussain Kamal
9. Mr. Jamal Sherida Saad Al-Kaabi
The General Retirement and Social Security Authority has appointed Mr. Abdulrahman Fouad Al-Mudahka representing the share of the The General Retirement and Social Insurance Authority (Civil Fund).
The Qatar Investment Authority has appointed Mr. Fahad Hamad Ahmed Al Mohannadi representing Qatar Holding Company’s share.
The Extraordinary General Assembly, held on the same day, approved the following:
1) Amendment of Article (29) of the company’s Articles of Association to stipulate that (the company shall be managed by a board of directors consisting of eleven members) the Qatar Investment Authority appoints a member representing its share, and the General Retirement and Social Insurance Authority (Civil Fund) appoints a member representing its share, and eight are elected Members of the Ordinary Assembly by secret ballot for a period of three years, and the Ordinary General Assembly appoints an additional independent member. The Qatar Investment Authority and the General Retirement and Social Insurance Authority (Civil Fund) may not participate in voting in electing the remaining members of the board of directors, with the exception of the first board of directors, who are appointed by the founders for a period of five years starting from the establishment of the company.
2) Amending the company’s Articles of Association in accordance with the provisions of Law No. (8) of 2021 regarding the amendment of some provisions of the Commercial Companies Law declared by Law No. (11) of 2015
3) Amendment of Article (17) of the company’s Articles of Association for increasing the percentage of non-Qatari ownership from (49%) to (100%) after obtaining the necessary approvals from the competent authorities and completing obtaining the approval of the Council of Ministers in accordance with the provisions of Article (7) ) of Law No. (1) of 2019.
4) Authorizing and delegating the Chairman of the Board of Directors to do so and obtaining the necessary approvals from the competent authorities.