+ A
A -
Asif Iqbal
Doha
Qatar International Islamic Bank (QIIB) shareholders have approved the recommendation of its board to amend some of the articles of association in order to comply with the corporate governance law and the legal entities listed in the main market number (five) of 2016 issued by Qatar Financial Markets Authority.
The shareholders agreed to amend Article 32 of the Articles of Association to add the tasks of the board, during the extraordinary general meeting (EGM) in Doha on Tuesday. The EGM was presided over by the QIIB Chairman Sheikh Khalid bin Thani bin Abdullah al Thani,
According to the amended Article 32, the board will exert the necessary due diligence in the management of the company in an effective and productive manner and shall bear the responsibility to protect the shareholders from illegal and arbitrary acts and practices or any acts or decisions that may cause harm to them or discriminate between them or privilege a group on the expense of others.
The shareholders also agreed that a board member will perform his duties with responsibility, good faith, seriousness and attention and his information shall be based on adequate information from the executive management or from any other reliable source.
"The board member represents all the shareholders. He shall abide by the interests of the company and not the interest of his representative or the one who voted for his appointment to the board," the amended article said.
Furthermore, shareholders approved the determination of the authority delegated to the executive management, the decision-making procedures, the duration of the mandate, as well as the subjects to which it shall retain the power of decision.
Setting procedures for introducing new board members to the bank's work, shareholders gave their nod to the board to ensure that the bank provides sufficient information on its work to all members of the board of directors, in particular non-executive members, to enable them to carry out their duties and functions efficiently.
The EGM also ratified the amendment of Article 39 of the Articles of Association, which states that the shareholder or the shareholders holding not less than 10 percent of the capital of the bank, and for serious reasons, shall have the right to request the convening of the general assembly.
Shareholders also approved the amendment of Article 46, which stated that every shareholder shall have the right to object to any decision which he considers to be issued for the benefit of a particular group of shareholders or for its detriment or bring special benefit to some of the board members or others without taking into account the interest of the bank.
In yet another amendment, shareholders approved the recommendation of the board to add a new article to the articles of association under number 77, which comprises the right of the shareholder to obtain information.
The addition of the new article said that shareholders shall have the right to obtain information enabling them to exercise their rights in full without prejudice to the rights of other shareholders or harming the interests of the bank. It said the bank will be obliged to provide adequate information for the exercise of these rights and this information shall be available on the bank website.
The last agenda that was approved by the EGM was the addition of a new article to the Articles of Association under (78) concerning shareholders'rights in the major transactions.
