Commercial Bank of Kuwait holds Extra-Ordinary General Meeting
- Kuwait: Monday, February 11 - 2013 at 15:41
- PRESS RELEASE
Mr. Fowzi Abdulmohsen Al-Ateeqi, General Manager of Investments - Secretary to the Board and official spokesman of Commercial Bank of Kuwait, said that the Extra-Ordinary General Meeting of the Bank was held on 10/2/2013 with 83.78% presence of shareholders representing 1,065,642,337 shares of the original 1,272,022,346 shares comprising the share capital of Commercial Bank of Kuwait.
"The Company shall be administered by a Board of Directors comprising at least ten members elected in General Meeting by secret ballot from amongst its members, having due regard to the provisions of related Articles of the Decree Law No. 25/2012. The Company's General Meeting may also increase the number of the Board Members as deemed appropriate for the interest of the Company along with adhering to the instructions issued by the regulators. If an elected member declines he must inform the Board of Directors in writing within seven days from the date of his election, otherwise he shall assume all the obligations of membership as set out in the Law."
Mr. Al-Ateeqi explained that the Extra-Ordinary General Meeting was held with the objective of obtaining the shareholders' approval to increase the number of the Bank's Board of Directors from seven members to ten members so as to allow the Board of Directors form the adequate numbers of board related committees within the requirements of sound corporate governance.
"Subsequent to the approval of the shareholders on the amendment of the above Item and after obtaining the approvals of the regulators and completing the required procedures as per the Central Bank of Kuwait's instructions in this regard, the Bank will invite for election to select additional nominees for the board membership," added Al-Ateeqi.
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / 4C. AME Info FZ LLC / 4C is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.