EGM and AGM Resolutions

 

Date: 20^th May 2020

 

RESOLUTIONS

 

Extraordinary General Meeting of the Shareholders of bank muscat held on Tuesday, 19^th May, 2020:

 

 

1.     Approved the renewal of Meethaq Sukuk Program(s) (as approved at the extraordinary general meeting held by the Bank on 18^th March, 2015) of up to RO. 500 million or its equivalents in USD.

 

2.     Approved the amendments of the Articles of Association of the Bank in view of the new Commercial Companies Law no. (18/2019).  The proposed amendments of the Articles of Association shall not, however, be effective and valid unless has been approved by the regulatory bodies.

 

Annual Ordinary General Meeting of the Shareholders of bank muscat held on Tuesday, 19^th May, 2020:

 

1.      Considered and approved the Report of the Board of Directors for the financial year ended 31^st December, 2019.

 

2.     Considered and approved the Report on Corporate Governance for the financial year ended 31^st December, 2019.

 

3.         Considered and approved the Board and its Committees Appraisal and Evaluation for the financial year ended 31^st December, 2019.

 

4.         Considered the Auditor's Report and approval of the Balance Sheet and Profit and Loss Accounts for the financial year ended 31^st December, 2019. 

 

5.         Considered the report of the Shari'a Supervisory Board of Meethaq, the Islamic Banking window, for the financial year ended 31^st December, 2019.

 

6.         Notified the general meeting of the cash dividends distributed to the shareholders on 24^th March, 2020, at a rate of 35 Baiza for each share. 

 

7.         Notified the general meeting of the distributed stock dividend to the shareholders on 24^th March, 2020 at a rate of (5%) per share of the issued share capital of the Bank (being 5 bonus shares for each 100 shares), and this distribution resulted in an increase of the issued share capital of the Bank from (3,094,783,371) shares to (3,249,522,539) shares.

 

8.         Considered and ratified the sitting fees for the Board of Directors and its committees' meetings for the financial year ended 31^st December, 2019 and fixing sitting fees for the current financial year.

 

9.         Considered and approved the Board of Directors' remuneration of RO. 122,200/- for the financial year ended 31^st December, 2019. 

 

10.       Considered the Related Party Transactions for transactions concluded during the financial year ended 31^st December, 2019.

 

11.       Considered and approved the Related Party Transactions that will be concluded during the financial year ending 31^st December, 2020.

 

12.       Notified the general meeting of donations spent during this year to contribute to the efforts to combat the outbreak of the Corona Virus (Covid 19) with an amount of RO. One million.

 

13.        Approved the appointment of Ernst & Young the statutory auditors for the Bank and the external independent Sharia auditors for Meethaq, the Islamic banking window of the Bank, for the financial year ending 31^st December, 2020 and fixing their fees, subject to the applicable regulatory approvals.

 

 

 

 

 

Ayman Ambusaidi

Secretary to the Board of Directors