Last checked at 13 Jun 2011 10:36
TRANSLATION
Summary of the Ordinary General Assembly Meeting
The Ordinary General Assembly Meeting of EFG Hermes Holding Company was held today 13th of June, 2011 and resolved the following:
1. Ratified the Board of Directors' report for the fiscal year ending 12/31/2010;
2. Ratified the auditor's report on the Financial Statements for the fiscal year ending 12/31/2010;
3. Ratified the Financial Statements for the fiscal year ending 12/31/2010;
4. Approved the appropriations account for the fiscal year ending 12/31/2010;
5. Approved the transfer of EGP191,357,000 (EGP one hundred ninety one million three hundred and fifty seven thousand) from the retained earnings account as at 12/31/2010 to the share capital account, through the distribution of 1 bonus share for every 10 shares held by each shareholder; the AGM also approved to increase the bonus shares to become ¼ share for each share held, subject to the approval of the Egyptian Financial Supervisory Authority and after abiding by all regulations necessary for this additional increase;
6. Approved the release of the Board of Directors' from liability for management for the fiscal year ending 12/31/2010;
7. Approved the Board of Directors' remuneration and allowances for the fiscal year 2011;
8. Approved the re-appointment of the auditors for the fiscal year 2011 and determining their fees;
9. Re-appointed and re-formed the Board of Directors to become as follows:
1- | Ms. Mona Zulficar | Chairperson | Non-Executive |
2- | Mr. Yasser El Mallawany | Board Member and CEO | Executive |
3- | Mr. Hassan Heikal | Board Member and CEO | Executive |
4- | Mr. Ramsay Zaki | Board Member and COO | Executive |
5- | Mr. Takis Arapoglou | Board Member and CEO of Commercial Banking | Executive |
6- | Mr. Charles McVeigh | Board Member | Non-Executive |
7- | Mr. Robert Eichfeld | Board Member | Non-Executive |
8- | Mr. William Garrett | Board Member | Non-Executive |
9- | Mr. Sanjeev Doshi | Board Member | Non-Executive |
10- | Mr. Khalifa Al Dabbous (representing Dubai Financial Group) | Board Member | Non-Executive |
11- | Mr. Marwan Lutfi (representing Dubai Financial Group) | Board Member | Non-Executive |
12- | Mr. Thomas Volpe | Board Member | Non-Executive |
In addition to giving the Board the authority to form all Committees that fall under its umbrella.
10. Ratified the donations that took place during 2010 (mainly EGP 12 million to the EFG-Hermes Foundation) and approving authorization to the Board of Directors to donate during the fiscal year 2011 amounts greater than EGP1,000 including up to a maximum of EGP12 million to the EFG Hermes Foundation.
TRANSLATION
Summary of the Extraordinary General Assembly Meeting
The Extraordinary General Assembly Meeting of EFG Hermes Holding Company was held today 13th of June, 2011 and resolved the following:
11. 1. Ratified the increasing of the Company's issued capital from EGP1,913,570,000 (EGP one billion nine hundred and thirteen million five hundred and seventy thousand) to EGP2,104,927,000 (EGP two billion one hundred and four million nine hundred and twenty seven thousand) through the distribution of 38,271,400 bonus shares, one bonus share for every 10 shares held by each shareholder; after receiving the AGM's ratification on the appropriations account; the EGM also approved to increase the bonus shares to become ¼ share for each share held, subject to the approval of the Egyptian Financial Supervisory Authority and after abiding by all regulations necessary for this additional increase.
2. Amended Articles (6) and (7) of the Company's Statutes in light of the proposed capital increase.