Doha Insurance Company announced the results of its Ordinary General Meeting (EGM) and Extraordinary General Meeting (EGM) held on 07/03/2017 at Al Wajba Hall in La Cigale Hotel. The results were as follows:
First: Ordinary General Assembly Meeting:
The Ordinary General Assembly of the Company was held and its agenda was approved as follows:
1. The Board of Directors' report for the financial year ended 31/12/2016 and the Company's business plan for 2017 were heard.
2- The report of the Shari'a Supervisory Board on the Financial Statements of the Islamic Company "Doha Takaful" was approved for the financial year ended 31/12/2016.
3 - The report of the auditor of the company for the financial year ended
31/12/2016.
4. The company's budget and profit and loss account for the fiscal year ended 31/12/2016 have been approved.
5. The Board of Directors' recommendation for the distribution of cash dividend of 6% of the nominal value per share of QR 0.60 (AED 60) was approved.
6. The members of the Board of Directors have been discharged from responsibility for the financial period ended 31 December 2016 and their remuneration has been determined.
7. The corporate governance report for 2016 was adopted.
8. An External Auditor was appointed for the Company for the year 2017 (Deloitte & Touche) and determining the remuneration to be paid to him.
Second: Extraordinary General Assembly Meeting:
The extraordinary general assembly of the company was held and it was:
1. The Extraordinary General Assembly approves the amendment of the Company's name to become the Doha Insurance Group "Qatari Public Shareholding Company" and to authorize the Board of Directors to implement this decision.
"New Items"
2. An additional item has been included on the agenda of the Extraordinary General Assembly at the request of a number of shareholders representing more than 10% of the Company's capital. Shareholders have requested the approval of the shareholders to transfer the Islamic Company's Doha Takaful Company to a limited liability company based on Qatar Central Bank's initial approval in this regard.
The shareholders have agreed to transfer the subsidiary of the Islamic company "Doha Takaful" to a limited liability company and to appoint the Shari'a Supervisory Board headed by Dr. Ali Al Qarah Daghi with two other members to supervise, control and fatwa on the branch's work and to authorize the Chairman of the Board to implement this decision.
3. A new additional item was also included on the agenda of the Extraordinary General Assembly at the request of the Qatar Central Bank for the purpose of amending the Company's Articles of Association with regard to the "Preamble" section of that Regulation by adding the following paragraph:
"Subject to the provisions of the Commercial Companies Law promulgated by Law No. (11) for the year 2015, the financial services provided by the Company shall be applied in the event of merger or liquidation of the provisions of the Central Bank of Qatar Law and the Organization of Financial Institutions Law No. 13 of 2012".
Shareholders have agreed to amend the Articles of Association of the Company in the "Preamble" section in accordance with the above. And to delegate the Chairman of the Board of Directors to the implementation of this resolution.
