Hussain Alfardan, Commercial Bank’s Vice-Chairman with other officials during the Extraordinary and Ordinary General Assembly meeting.
Doha: Shareholders of The Commercial Bank (the Bank) approved at the Extraordinary and Ordinary General Assembly held yesterday, all items on the agenda including certain amendments to the Bank’s Articles of Association to comply with the Corporate Governance Guidelines issued by Qatar Central Bank under Circular No. 25 of 2022 and other general amendments and to authorise the Board of Directors to undertake all the necessary formalities to obtain the relevant regulatory approvals on the amendments.
The meeting was chaired by Hussain Alfardan, Commercial Bank’s Vice-Chairman and also attended by other officials.
The amendment of Article 22 says: Board members shall be elected for a period of three years. A Board member may be re-elected more than once unless the member fails to fulfill any of the conditions set forth in Article (97) of the Commercial Companies Law.
The term of membership of an independent Board member shall not exceed two terms. A Board member may withdraw from the Board provided that such withdrawal is made at an appropriate time, otherwise she or he shall be held accountable to the Company.
To authorise the Chairman and/or Vice-Chairman of the Board Directors or any other person authorised by the Chairman of the Board from among the Board members or the Senior Executive Management separately to take the required actions concerning the mentioned amendments to the Articles of Association, including signing the amended Articles of Association before the competent official authorities, including the Authentication Department at the Ministry of Justice of Qatar, subject to obtaining all necessary approvals from the competent regulatory authorities.
The amendments also included approving the Company’s Policy relating to Board Membership and Selection Criteria and to approve the Company’s Board remuneration policy.
