Last checked at 17 Mar 2016 07:00
The following resolutions were passed in the Annual Ordinary General Meeting held on Wednesday 16th March, 2016.
1. Approval of the Report of the Board of Directors for the financial year ended 31st December, 2015.
2. Approval of the Report on Corporate Governance for the financial year ended 31st December, 2015.
3. Approval of the Auditor's Report and approval of the Balance Sheet and Profit and Loss Accounts for the financial year ended 31st December, 2015.
4. Approval of the Report of the Sharia Supervisory Board of Meethaq, the Islamic Banking window of the bank, for the financial year ended 31st December, 2015.
5. Approval of the Board of Directors' recommendation to distribute cash dividend at the rate of (25%) of the issued share capital of the bank for the financial year ended 31st December, 2015.
6. Approval of the Board of Directors' recommendation to distribute stock dividend at the rate of (5%) per share of the issued share capital of the bank (being 5 bonus shares for each 100 shares) for the financial year ended 31st December, 2015. Bonus shares will be distributed to the shareholders as at the date of the meeting. The approval of the distribution of the bonus shares will result in the increase of the issued share capital from (2,291,822,597) shares to (2,406,413,727) shares.
7. Approval of the sitting fees for the Board of Directors and its committees' meetings for the financial year ended 31st December, 2015 and fixing sitting fees for (2016).
8. Approval of the Board of Directors' remuneration of RO. 125,875/- for the financial year ended 31st December, 2015.
9. Approval of the Related Party Transactions for transactions concluded during the financial year ended 31st December, 2015.
10. Approval of the Board of Directors' recommendations to renew lease agreements for two branch premises from related parties for the period from 1st January, 2017 to 31st December, 2021 on yearly renewable lease agreements at the same rental amounts in addition to any increase at the applicable market rates, subject to the requirements of the bank.
11. Approval of the appointment of Shari'a Supervisory Board of Meethaq, the Islamic banking window and fixing their sitting fees and remunerations.
12. Approval of the appointment of PriceWaterHouse statutory auditors and external independent Sharia auditors for Meethaq, the Islamic banking window of the bank, for the financial year ending 31st December, 2016 and fixing their fees, subject to the applicable regulatory approvals.
13. The AGM uncontestedly re-nominated the Board of Directors for a new term of office (2016-2019), subject to regulatory approvals. The new Board comprised of the following members:
Sheikh Khalid bin Mustahail Al Mashani.
Mr. Sulaiman bin Mohamed Al Yahyai.
Brig. General Nasser bin Mohamed Al Harthy.
Mr. Hamoud bin Ibrahim Soomar Al Zadjali.
Mr. K.K. Abdul Razak.
Sheikh Said bin Mohamed Al Harthy.
Sheikh Saud bin Mustahail Al Mashani.
Mr. Khalid Nasser Al Shamsi.
Mr. Jeyaretna Sunderlal George.
Following its election, the new Board of Directors held its (2nd/2016) meeting and elected Sheikh Khalid bin Mustahail Al Mashani as a Chairman, Mr. Sulaiman bin Mohamed Al Yahyai as a Deputy Chairman. The Board of Directors also formed the Board committees and nominated their chairpersons.