Commercial Bank: The AGM and EGM Endorses items on it's agenda 

Commercial Bank announces the results of the AGM and EGM. The meeting was held on 16/03/2022 and the following resolution were approved

Resolutions of Commercial Bank (P.S.Q.C.) AGM Held on 16 March 2022

The Ordinary General Assembly approved all items listed on its Agenda as follows:

1.    The Shareholders heard the Chairman’s Statement and the report of the Board of Directors on the activities of the Company and its financial position for the financial year ended 31/12/2021, and the future plans of the Company.

2.    The Shareholders heard the Auditors’ report on the Company's financial statements presented by the Board of Directors for the financial year ended 31/12/2021.

3.    The Shareholders discussed and approved the Company’s financial statements for the year ended 31/12/2021.

4.    The General Assembly approved the Dividend Distribution Policy and Board of Directors’ recommendation to distribute a cash dividend of 16% of the share’s nominal value to shareholders of QAR 0.16 for each share held.

5.    The Directors of the Board were absolved from liability for the financial year ended 31/12/2021.

6.    The General Assembly approved the payment in the amount of 18.5 million Qatari Riyals to the Chairman and members of the Board against their participation in the Board and Board committees for the year ended 31/12/2021 and the policy defining the basis of calculation of remuneration granted to them as well as the Employees Remuneration Policy. 

7.    The General Assembly approved the appointment of Ernst & Young as the external auditors for the year 2022 and approved their remuneration.

8.    The Corporate Governance Report for year 2021 was presented, discussed and approved. 

9.    The General Assembly approved the establishment and launch of a new Global Medium Term Notes (GMTN) programme in compliance with Rule 144A of the US Securities Act of 1933 to allow for issuances in the US markets by the Company directly or through an SPV for up to USD 2 billion or its equivalent in Qatari Riyals with a maximum maturity of 30 years provided that they are issued in the global markets or in the form of private placements subject always to obtaining all regulatory approvals and complying with any applicable restrictions under the Commercial Companies Law for any direct issuances by the Company itself and authorised the Board to decide on the size and terms and conditions of such programme and any issuances thereunder (within the prescribed limit) and to negotiate and execute the programme documents and any other agreement or arrangements relating to the programme and any issuances thereunder on behalf of the Company in this regard and authorised the Board to delegate such authority to officers within the Company. This proposed GMTN programme was also approved in the 4 April 2017, 21 March 2018, 20 March 2019, 23 March 2020 and 10 March 2021 general assemblies, but was not required for funding in the past years.

10. Further to the USD 5,000,000,000 Euro Medium Term Note Programme established in 2011 (the Programme) approved by the Company’s shareholders in the general assemblies of 21 February 2011, 23 March 2016, 4 April 2017, 21 March 2018, 20 March 2019, 23 March 2020 and 10 March 2021, the General Assembly approved the issuance of debt notes for up to USD 2 billion under the Programme with a maximum maturity of 30 years. These notes may be issued in various currencies (including but not limited to US Dollars, Japanese Yen, Australian Dollars, Swiss Francs, Thai Baht, Chinese Renminbi, Canadian Dollars and Taiwanese Dollar) and may be listed on global markets. These notes may be issued through global markets or in the form of private placements subject always to obtaining all regulatory approvals and complying with any applicable restrictions under the Commercial Companies Law for any direct issuance by the Company itself and authorised the Boa.



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