Extraordinary and Ordinary General Meeting of Commercial Bank Approves Changes to Company Policies

Hussain Alfardan, Vice President of Commercial Bank with other officials during the Extraordinary and Ordinary General Assembly meeting.

Doha: The shareholders of The Commercial Bank (the Bank) approved at the Extraordinary and Ordinary General Meeting 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 the Central Bank of Qatar pursuant to Circular No. 25 of 2022 and other general amendments and to authorize the Board of Directors to undertake all necessary formalities to obtain regulatory approvals relevant to the changes.

The meeting was chaired by Hussain Alfardan, Vice President of Commercial Bank and also attended by other officials.

The amendment to article 22 reads: The members of the Council are elected for a period of three years. A Board member may be re-elected more than once unless the member fails to fulfill one of the conditions set out in Section (97) of the Companies Act.

The term of office of an independent director may not exceed two terms. A Board member may withdraw from the Board provided that such withdrawal is made in a timely manner, failing which he will be held liable to the Company.

Authorize the chairman and/or the vice-chairman of the board of directors or any other person authorized by the chairman of the board from among the members of the board or the general management to separately take the necessary measures concerning the aforementioned amendments to the articles of association, including the execution of the amended articles of association before the competent official authorities, including the authentication service of the Ministry of Justice of Qatar, subject to obtaining all necessary approvals from the competent regulatory authorities.

The amendments also included the approval of the company’s policy relating to board composition and selection criteria and the approval of the company’s board compensation policy.

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