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   2020
   
 

Annual Ordinary General Meeting Results

 

The AGM of Al Baraka Banking Group B.S.C. was held on Monday 23 March 2020 at 11:00 AM Manama, Kingdom of Bahrain with a quorum of 82.78%. The following items in the agenda have been approved:

 

1.            The report of the Board of Directors on the activities of the Bank for the Financial Year ended 31/12/2019.

 

2.            The Sharia Supervisory Board's report for the financial year ended 31/12/2019.

 

3.            The External Auditors' report for the financial year ended 31/12/2019.

4.             

a.    Approved the consolidated financial statements for the financial year ended 31/12/2019.

b.   Approved the related parties' transactions as stated in note No. (25) of the financial statements in (a) above.

 

5.            Approved the proposed distribution of profits  for the financial year ended 31/12/2019, after obtaining the required official approvals, as follows:

a.    The transfer of 10% of the Net Income amounting to US$ 10,567,218 to the Statutory Reserve.

b.   The distribution of US$ 24,857,595 as cash dividend to the shareholders registered on the record date as per the below table (except of  the treasury share), amounting to 2 US cent for each share equal to 2% of the par value of the share:

Event

Date

Cum-Dividend Date

(Last day of trading with entitlement to dividends)

24 March 2020

Ex-Dividend Date

(First day of trading without entitlement to dividends)

25 March 2020

Record Date

(The Day on which all shareholders whose names are on the share register will be entitled to dividends)

26 March 2020

Payment Date

(The Day on which the dividends will be paid to the entitled shareholders)

08 April 2020

 

c.    The transfer of US$ 70,247,367 to the Retained Earnings.

 

6.            Approved to absolve the Chairman and Directors from liability for the Financial Year ended 31/12/2019.

 

7.            Approved the remuneration of US$ 1.5 Million to the Members of the Board of Directors for the financial year ended 31/12/2019 after obtaining the required approval from the Minister of Industry, Commerce and Tourism.

 

8.            Approved the recommendation of the Board of Directors to reappoint Messrs. Ernst and Young as External Auditors for Al Baraka Banking Group for the financial year ending on 31/12/2020, and to authorize and empower the Board of Directors or its delegate to determine their remuneration, subject to the approval of the Central Bank of Bahrain.

 

9.            Elected the following board members for a new term of three years 2020-2023 from the date of the election subject to the approval of the Central Bank of Bahrain:

 

1.  Shaikh Saleh Abdullah Kamel

2.  Mr. Abdullah Saleh Kamel

3.  Mr. Adnan Ahmed Yousif

4.  Mr. Abdul Elah Sabbahi

5.  Mr. Saud Saleh Al Saleh

6.  Dr. Khaled Abdulla Ateeq

7.  Mr. Fahad Abdullah Al Rajhi

8.  Dr. Jehad Abdul Hamid El-Nakla

9.  Mrs. Dalia Hazem Khorshid

10.  Mr. Naser Mohamed Al Nuwais

11.   Prof. Mohamed Cheikh Rouhou

12.   Dr. Ziad Ahmed Bahaaeldin

13.  Mr. Mohamed Ebrahim Alshroogi

10.         Approved the reappointment of the Unified Sharia Supervisory Board Members for a new term of three years period, subject to the approval of the Central Bank of Bahrain, and to authorize and empower the Board of Directors to determine their remuneration and approve their charter.

 

 

11.         Reviewed the Corporate Governance Report as per CBB instructions.

- Reviewed the evaluation of ABG's Board, Board Members, Board Committees, and P&CE.

- Reviewed the board members attendance percentage Report for the board meetings for the year 2019.

 

12.         Approved the payment of the shareholder's Zakat for the distributable profits as of 31 Dec, 2019 as follows:

a.    US Cent 0.52 for each 1000 shares to be paid by the shareholders for the profits distributed and received in cash.

b.   To authorize ABG management to pay USD 1,656,267 as Zakat on behalf of the shareholders and to be deducted directly from the retained earnings.

 

13.         No matters were raised according to Article 207 of Commercial Companies Law No. 21/2001 and its amendments.

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