17.03.2016, 06:49
THE AGM OF QATAR GENERAL INSURANCE ENDORSES ALL ITEMS ON ITS AGENDA AND APPROVES THE DISTRIBUTION OF 15% CASH DIVIDEND AND 10% BONUS SHARES
OREANDA-NEWS. Qatar General Insurance and ReinsuranceCompany announces the results of the Ordinary and Extraordinary General Assembly Meetings held on March 15th, 2016 and has approved thefollowing resolutions:
● The Shareholders reviewed and approved theBoard of Directors report, independent auditor’s report, the balance sheet andprofit and loss accounts as well as the future plans of the Group as includedin the Group’s Annual Report.
● The Shareholders followed the Board ofDirectors proposal to increase the Company’s capital by 10% from QAR795,515,490 to QAR 875,067,039 by issuing bonus shares to existing shareholdersequivalent to one (1) new share for every ten (10) shares held. Thedistribution of cash dividends of 15% equivalent to QAR 1.5 for each share heldwas also approved.
● The Shareholders followed the Board ofDirectors proposal to decrease board members’ required percentage ownership ofcompany shares from 1% to 0.5%. It was also agreed that one third of the boardmembers may be independent members with adequate expertise and shall beexempted from the requirement of share ownership.
● The Shareholders followed the Board ofDirectors proposal to amend the Company’s Articles of Association according tothe Companies Law No. (11) of the year 2015 and Qatar Central Bank Law No. (13)of the year 2012.
● The Chairman and members of the Board ofDirectors were granted discharge of responsibility for the financial year 2015and their remuneration as proposed by the Compensation and RemunerationCommittee was approved.
● The shareholders reviewed and approved theCompany’s Corporate Governance Report for the year 2015.
● Ernst & Young were appointed as Auditorsof the Group for the year 2016.
● The Shareholders reviewed and approved theBoard of Directors report, independent auditor’s report, the balance sheet andprofit and loss accounts as well as the future plans of the Group as includedin the Group’s Annual Report.
● The Shareholders followed the Board ofDirectors proposal to increase the Company’s capital by 10% from QAR795,515,490 to QAR 875,067,039 by issuing bonus shares to existing shareholdersequivalent to one (1) new share for every ten (10) shares held. Thedistribution of cash dividends of 15% equivalent to QAR 1.5 for each share heldwas also approved.
● The Shareholders followed the Board ofDirectors proposal to decrease board members’ required percentage ownership ofcompany shares from 1% to 0.5%. It was also agreed that one third of the boardmembers may be independent members with adequate expertise and shall beexempted from the requirement of share ownership.
● The Shareholders followed the Board ofDirectors proposal to amend the Company’s Articles of Association according tothe Companies Law No. (11) of the year 2015 and Qatar Central Bank Law No. (13)of the year 2012.
● The Chairman and members of the Board ofDirectors were granted discharge of responsibility for the financial year 2015and their remuneration as proposed by the Compensation and RemunerationCommittee was approved.
● The shareholders reviewed and approved theCompany’s Corporate Governance Report for the year 2015.
● Ernst & Young were appointed as Auditorsof the Group for the year 2016.
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