Vodafone Qatar EGA approves change in accounting year
20 Oct 2017 - 0:00
Shareholders of Vodafone Qatar yesterday gave their nod to all the items on the agenda of the Extraordinary General Assembly (EGA) meeting, including approval for the change of the Company’s financial year-end to start on January 1 and end on December 31.
This change in the financial year reporting (from April-March to January-December) will ensure alignment of the Company’s results announcements and other reporting requirements with the local market.
The EGA was chaired by Vodafone Qatar’s Chief Executive Officer Ian Gray, and attended by Board Member Nasser Al Marri and Chief Financial Officer, Brett Goschen.
The Company exceeded the quorum of shareholders necessary for the EGA meeting and the outcome was that all resolutions proposed on the agenda in relation to the amendments to the Company’s Articles of Association (AoA) were unanimously approved, subject to obtaining the relevant regulatory approvals.
In his opening address to the Company’s shareholders, Ian said: “The proposed changes to the Company’s Articles of Association will closer align the Company to other listed companies in Qatar, allow us to incorporate the recently issued Corporate Governance Rules for Companies and Legal Entities listed on the Stock Exchange issued by the Qatar Financial Markets Authority (QFMA) and enable us to set the company for future growth.”
Vodafone Qatar clarified that it is considering various options for securing additional funds to grow the company. In order to provide security to a potential financier, additional wording to Article 3 of the Company’s AoA was proposed that would give it the necessary flexibility to do so.
Other proposals included the introduction of a limit of 5 percent on individual shareholdings in the Company and for voting in the General Assemblies, excluding the Founding Shareholders, Vodafone Group Plc and relevant Qatari Government entities. Moreover, the procedures for the election of the Chairman and the requirements for new board membership conditions were addressed at the meeting.
The shareholders also authorised the Chairman of the Board, the Vice-Chairman, the Company’s CEO or whomever they may delegate individually to complete the required formalities.