United Development Co.: The AGM and EGM Endorses items on it’s agenda
United Development Co. announces the results of the AGM and EGM. The meeting was held on 09/03/2022 and the following resolution were approved
The Board of Directors’ report on the Company’s performance, future plans and its financial position for the fiscal year ending December 31, 2021.
The Auditor’s report, the Company’s balance sheet, and the loss and profit accounts, for the fiscal year ending December 31, 2021.
The Company’s balance sheet, and the loss and profit accounts, for the fiscal year ending December 31, 2021.
The Board of Directors’ recommendation regarding the distribution of QR 194,747 million as dividends, equivalent to 5.5 % of the initial value of QR 5.5 for each share.
Discharge the members of the Board of Directors from liability for the year ending December 31, 2021 and approve their remuneration.
Approve Corporate Governance Report for the year 2021.
Appointment of Ernest & Young as External Auditor for the fiscal year 2022 and determining their fees.
Board of Directors Elections for the years 2022, 2023, 2024.
In regards to AGM Agenda item No (8) please note that (3) seats were allocated to the General Retirement & Social Insurance Authority Retirement as per Article No (99) in Company Law No (11) for the year 2015 and its amendments in law No (8) for the year 2021.
As for the rest of the seats the below names were elected as Board Members.
Mr. Ali Hussein Alfardan
Shaikh. Faisal bin Fahad Al-Thni
Mr. Ibrahim Jassim Al-Othman
Mr. Abdullaziz Mohammed Al -Mana
Mr.Abdulrahman Saad AlShathri
Mr. Hassan Abdulla Al-Hammadi
As for the UDC EGM Results, kindly note that the EGM Approved / Endorsed Amending the company’s Article of Association to Comply with Company Law Amendments mentioned in Law No (8) for the year 2021 and approved Delegating to the Chairman the Authority to Approve it.