QIIB EGM held at 5:00 pm, Tuesday 19th April 2016 in Alroushana Hall at Diplomatice club to consider the amendment of the Bank's Articles of Association in accordance with the Commercial Companies Law No. 11 of 2015 and the reference model issued by the Ministry of Economy and Commerce.
The EGM discussed and approved the agenda of the meeting as follows:
- EGM approve the new Articles of Association template according to the new Commercial Companies Law No. 11 of 2015, which includes all amendments required as per the reference model adopted by the Ministry of Economy and Commerce.
2- EGM approved the amendments to some of the Articles of Association clauses as follow :
- Amendment of Article -23- (of the new amended model) regarding the number of board members where the company is managed by a board of directors consisting of (9) members elected by the Ordinary General Assembly via secret voting instead of 11 members; amendment of the board membership's conditions where a non-independent board member must own 200 thousand shares (instead of 0.25% ratio); and add a paragraph to allow the appointment of independent members appointed by one-third (three members) according to the content of the amended Articles of Association.
- Cancellation of Article -25- (of the old Article) regarding the grant of loans or mortgage or sale of the Bank's Real Estate. Amendment of Article -62- (of the new amended model) where the Legal Reserve should determined by 100% of the issued and paid-up capital instead of 50% as per the old Articles of Association
- Amendment of Article -75- (of the new amended model) regarding the appointment of the Shariah Supervisory Board of the Bank.
- The EGM authorized the QIIB Chairman/MD and Vice Chairman to sign the new Articles of Association after the new amendments and to complete all the procedures to publicize the new amendments.