Telecom Egypt S Regulatory News (TEEG)

14 Aug 2006 07:01

Telecom Egypt S.A.E14 August 2006 Telecom Egypt Resolutions of the Ordinary General Assembly Of Telecom Egypt S.A.E. Convened on August 12, 2006 1) Approval of the election of the of the members of the Board of Directorsfor a new term for 3 years in accordance with Article 22 of the Statutes and theboard members are: (1) Akil Hamed Beshir (2) Azza Mohamed Torky (3) Mokhtar Abdel Moneim Khattab (4) Bahaa El Din Helmy (5) Adel Rashad Danash (6) Sayed Mohamed El Prince (7) Amr Mohamed Abdel Kader Hashem (8) Farghaly Bakry Seleem And the election of three Independent Members to the Board consisting of: (1) Neveen Hamdy El Tahri (2) Tarek Mohamed Moharram (3) Hesham Mekkawy who fulfill the requirements set forth under Article 21 of the Statutes,providing as follows: The three Independent Members shall be nominated for election by the GeneralAssembly by shareholders, other than the Government, holding 1% or more of theoutstanding share capital of the Company or by a decision of the Board ofDirectors. The Independent Members must meet the following criteria: (1) he has not been an employee of the Company or any of its subsidiarieswithin the last five years; (2) he has not had within the last three years, a material businessrelationship with the Company either directly, or as a partner, shareholder,director or senior employee of a body that has such a relationship with theCompany; (3) he has not received or receives additional remuneration from theCompany apart from a director's fee, participates in the Company's share option,if any, or a performance-related pay scheme, or is a member of the Company'spension scheme; (4) he does not have close family ties (i.e. up to the fourth degree)with any of the members of the Company's Board of Directors or the ChiefExecutive Officer and the Deputy Chief Executive Officers; (5) he does not hold cross directorships or have significant links withother directors through involvement in other companies or bodies; (6) he does not represent a significant shareholder of the Company; and (7) he has not served on the Board of Directors for more than nine yearsfrom the date of their first election. This is with due consideration to the fact that the former members of the Boardof Directors shall be released from liability in connection with theirmanagement of the Company on the basis of the resolution of the Ordinary GeneralAssembly approving the financial statements for the year ending December 31,2006. 2. Approval of the appointment of Akil Hamid Beshir to hold the positionof the Managing Director (the Chief Executive Officer) for another one year termin accordance with Article 25 of the Statutes, the provisions of which state,inter alia, that: • The Board of Directors may appoint from among its members aManaging Director to be named the Chief Executive Officer of the Company; and • The Chief Executive Officer who is above the age of 60shall be appointed and re-appointed annually by virtue of a resolution of theOrdinary General Assembly. 3. Approval of the exchange of a plot of land allocated to the Companyin the Smart Village (Plot A-1) for another plot of land of equal area in theSmart Village and such exchange shall be carried out with the Ministry ofCommunication and Information Technology. Chairman Eng. Akil Hamed Beshir This information is provided by RNS The company news service from the London Stock Exchange