Events

Global’s OGM/EGM for the fiscal year ending 31 December 2016

Date and Time: 
22 June 2017 - 12:00 PM
Location: 
Auditorium 2 - Public Authority of Industry - South Surra

Ordinary General Meeting Articles for the fiscal year ended 31 December 2016

First

Listen to the report of the Board of Directors for the financial year ended 31 December 2016 and ratifying the same.

Second

Reading the monetary and non-monetary penalties imposed by the Capital Markets Authority or any regulator for the financial year ended 31 December 2016.

Third

Reading the corporate governance report and the Audit committee report for the financial year ended 31 December 2016.

Fourth

Reading the report pertaining to the remunerations and benefits offered to the board members and executive management for the financial year ended 31 December 2016.

Fifth

Listen to the report of the Company’s auditors Al Aiban and Al Osaimi (Ernst and Young) for the financial year ended 31 December 2016 and ratifying the same.

Sixth

Ratifying the balance sheet and income statements for the financial year ended 31 December 2016.

Seventh

Approving the deduction of 10% of net profit to be appropriated to the voluntary reserve account amounting to KD 353,115.

Eighth

Approving to authorize the Board of Directors to buy or sell up to 10% of the Company’s Treasury shares in accordance with the provision of articles of the Law no 7 of 2010 and the executive regulations and any amendments thereto.

Ninth

Approving Board of Directors to transact with related parties for the year ending 31 December 2017

Tenth

Discharging the members of the Board from any liability pertaining to their legal and financial actions in the financial year ended 31 December 2016.

Eleventh

Approving to pay the Company’s Board of Directors sitting and attendance fees for attendance of board meetings and meetings of the various sub-committees.

Twelfth

Appointing or reappointing the Company’s Auditors for the financial year ending 31 December 2017 from CMA’s accredited list of external auditors taking into consideration the mandatory change of auditors’ term, and authorizing the Board of Directors to determine the auditor’s remuneration for the services performed in the financial year ending 31 December 2017.

 

 

 

Extra Ordinary General Meeting Articles for the fiscal year ended 31 December 2016

First

Approval of the reduction of authorized, issued and paid-up capital from KWD 79,923,398 (Seventy-nine million nine hundred and twenty-three thousand three hundred and ninety-eight Kuwaiti Dinars) to KWD 57,016,898 (fifty-seven million, sixteen thousand eight hundred and ninety-eight Kuwaiti Dinars).

Second

Amendment of Article (5) of the Articles of Association and Article (6) of the Memorandum of Association, which states:

"The Company's capital has been set at KWD 79,923,398 (Seventy nine million, nine hundred and twenty-three thousand three hundred and ninety-eight Kuwaiti Dinars) distributed over 799,233,980 shares of KWD 0.100 each.

Modified Text:

"The company's share capital has been set at KWD 57,016,898 (Fifty seven million, sixteen thousand eight hundred and ninety-eight Kuwaiti Dinars) distributed over 570,168,980 shares of KWD 0.100 each. All being cash shares”.

Third

Amendment of Article (23) of the Articles of Association of the Company which states:

"The Company shall have one or more CEOs appointed by the Board of Directors from the members of the Board or from others assigned to manage the Company. The Board shall determine the CEO’s remuneration and authority to sign on behalf of the Company. The positions of Chairman and Chief Executive Officer of the Company may not be combined”.

Modified Text:

"The Company shall have one or more CEOs appointed by the Board of Directors from the members of the Board or from others assigned to manage the Company. The Board shall determine the CEO’s remuneration and authority to sign on behalf of the Company. The positions of Chairman and Chief Executive Officer of the Company may be combined”.

Fourth

Amendment of Article (28) of the Articles of Association of the Company which states:

"Without prejudice to the provisions of Decree Law No. 25 of 2012 issuing the Companies Law, the Ordinary General Assembly shall determine the remuneration of the members of the Board of Directors."

Modified Text:

"Without prejudice to the provisions of the Companies Law No. 1 of 2016, the Ordinary General Assembly shall determine the remuneration of the members of the Board of Directors."

Fifth

Amendment of Article (55) of the Company's Articles of Association which states:

"The company shall terminate for one of the reasons stipulated in Decree Law No. 25 of 2012 issuing the Companies Law."

Modified Text:

"The Company shall terminate for one of the reasons stipulated in the Companies Law No. 1 of 2016."

Sixth

Amendment of Article (57) of the Articles of Association of the Company which states:

"The provisions of the Commercial Companies Law No. 15 of 1960 and its amendments shall apply in all cases for which no special provision has been provided in the Memorandum of Association or these articles."

Modified Text:

"The provisions of the Companies Law No. 1 of 2016 shall apply in all cases for which no special provision has been made in the Memorandum of Association or these articles."

 

 

To access the Annual Report, Arabic / English 

To access OGM/EGM agenda Arabic Version, click here