Doha: Salam International Investment Ltd. (SIIL) has elected a new Board of Directors (BoD) during its Annual General Assembly’s (AGM) Ordinary Meeting yesterday.
During the event, the AGM named Issa Abdulsalam Mohammed Abu Issa as Chairman, Hussam Abdulsalam Mohammed Abu Issa as Vice-Chairman, while Abdulsalam Issa Abu Issa was named a Board Member and Chief Executive Officer of the company. Other elected Board Members included Sheikh Nawaf Nasser Khaled Ahmed Al Thani (Doha Insurance Co.), Nasser Suleiman Haidar Mohammed Al Haidar, Bassam Abdulsalam Mohammed Abu Issa (Board Member and Managing Director), Ali Haidar Suleiman Haidar (Suleiman Brothers Co.), Sheikh Thani bin Ali bin Saoud Al Thani, Badr Ali Hussein Ali Al Sada, Sheikh Ali bin Jassim bin Mohammad Al Thani, and Ahmad Rashid Al Mseifry.
The BoD also appointed Dr. Adnan Ali Steitieh as an Advisor and Secretary of the Board of Directors. Based on the resolution enacted by the General Assembly, the new BoD will serve their term of office for a period of three years.
During the meeting, the AGM also renewed its approval to authorise the Board to enter into joint ventures with the sister company Salam Bounian, as well as to execute loan contracts and issue necessary letters of guarantees and securities with the company.
The Board’s report on the Company’s performance and its financial position for the year ended December 31, 2020, in addition to the Company’s future plans were also approved during the event. Furthermore, the AGM approved the auditors’ report, detailing the Company’s consolidated balance sheet and Profit & Loss Statement for the financial year, which showed a net loss of QR160m. The AGM decided not to distribute any dividends for the year 2020.
After the review of the offers received from international auditing firms, which are licensed by the Qatar Financial Markets Authority (QFMA), and as per the recommendation of the Board of Directors, the AGM decided to appoint Ernst & Young as the Company’s auditors for 2021.
