GWC gets shareholders’ nod to amend AoA
31 Oct 2017 - 0:00
By Mohammad Shoeb / The Peninsula
The shareholders’ of GWC yesterday gave their nod to all the items on the agenda of the Extraordinary General Assembly (EAG) Meeting, including approval for the change in company’s Articles of Association (AoA).
The amendment of portions of its AoA and its by-laws were required to comply with the newly updated regulations stated in the Corporate Governance Regulations issued by Qatar Financial Markets Authority (QFMA). The EGA meeting was chaired by GWC Chairman Sheikh Abdullah bin Fahad bin Jassem bin Jabor Al Thani, and was attended by representatives of the Ministry of Economy and Commerce, GWC’s external auditors KPMG, and the company’s shareholders. “We gather here today following a year that has proven the strong capabilities of the nation, and its ability to deal with any challenge it comes across,” said Sheikh Abdulla.
He added: “GWC is maintaining its position as the leading logistics provider in Qatar, and has proven itself a reliable partner to the nation, capable of handling all situations the nation faces.”
The proposed articles for amendment pertained to a number of key functions of the company, including the amendment of Article (32) of the AoA adding all the responsibilities of the Board of Directors in compliance with the requirements of Article (9) of the governance code; amending Articles (25), (28), and (30) of the AoA to comply with Article (35) of the governance code regarding the drawing of a secret ballot for board member and managing director elections; the amendment of Article (26) of the AoA to comply with Article (5) of the governance code controlling the requirements to become a board member; the amendment of Article (45) of the company by-laws to comply with Article (32) of the governance code concerning the right of every shareholder to object to certain board decisions; the amendment of Article (56) of the company by-laws to comply with Article (37) of the governance code regarding the protection of minority shareholder rights; in addition to a number of minor corrections in Articles 5, 31, 47, and 49 of the company by-laws. These amendments were presented to the shareholders during the meeting, where they signalled their approval of the intended amendments. GWC recently announced its financial results for the third quarter of 2017, achieving QR157.26m during this period.