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30/11/2017 08:22 AST
Al Khalij Commercial Bank (Al Khaliji) held its deferred ordinary and extraordinary general assembly meetings at the Marriot Marquis yesterday.
At the ordinary general assembly meeting, the shareholders discussed and adopted the board nomination and election policy as presented to the meeting.
The policy was developed to comply with the applicable corporate governance laws and regulations, based on which the next board elections will take place.
At the extraordinary general assembly meeting, the shareholders approved the proposed amendments to the bank's Articles of Association (AoA) as recommended by the board of directors to comply, amongst others, with certain requirements of the Circular (68) of 2015 on Governance of Banks and Financial Institutions issued by the Qatar Central Bank and the Corporate Governance Code of Companies and Legal Entities listed on the primary market issued by Board Resolution No. (5) of 2016 of Qatar Financial Markets Authority. The shareholders authorised the following persons to complete the necessary formalities in respect of the amended AoA: the chairman of the board, vice-chairman, and/or other board delegates subject to the necessary regulatory approvals.
The extraordinary general assembly also approved the board's proposal to release the establishment fees reserve of QR167mn and authorised the board of directors to utilise such reserve as it deems necessary and in the best interest of the bank, subject to the necessary regulatory approvals.
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