Islamic Arab Insurance Company (SALAMA) Announces General Assembly Meeting and Key Board Changes
Islamic Arab Insurance Company (SALAMA) has scheduled a General Assembly meeting to discuss significant board changes and other crucial decisions.
Summary
Islamic Arab Insurance Company (SALAMA) invites shareholders to a General Assembly meeting on July 22, 2024, to elect new board members, discharge resigned directors, and approve a new board member appointment.
Islamic Arab Insurance Company (SALAMA) Announces General Assembly Meeting and Key Board Changes
Islamic Arab Insurance Company (SALAMA), a leading provider of general and family takaful insurance in the UAE, has announced a General Assembly meeting to be held on July 22, 2024. The meeting will take place at the company's headquarters on Sheikh Rashid Road, Spectrum Building, 4th Floor, Block A, Oud Metha, Dubai, and will also be accessible via virtual presence technology.
The agenda for the meeting includes several key items that are crucial for the company's governance and future direction. Shareholders will be asked to elect two new board members to fill vacant seats until the end of the current board's term in April 2026. This election is essential to ensure that the board remains fully staffed and capable of making strategic decisions for the company.
Another significant item on the agenda is the discharge of the resigned board members, H.E. Saeed Mubarak AlHajeri, Chairman of the Board, and H.E. Mohammed bin Abdulaziz AlShehhi, Vice Chairman of the Board, from liability. This step is a formal procedure to ensure that the outgoing members are officially released from their responsibilities.
Additionally, the shareholders will be asked to approve the appointment of Mr. Mohammed Al Hashemi as a new member of the Board of Directors, replacing Mr. Ajit Joshi, who resigned on March 11, 2024. Mr. Al Hashemi's appointment will be valid until the end of the current board's term in April 2026. This appointment is expected to bring fresh perspectives and expertise to the board, potentially benefiting the company's strategic initiatives.
The General Assembly meeting is a pivotal event for SALAMA, as it will shape the company's leadership and governance structure for the coming years. The decisions made during this meeting will have a lasting impact on the company's operations and strategic direction.
For investors and shareholders, the upcoming General Assembly meeting is an opportunity to influence the company's future by participating in the decision-making process. Given the importance of the agenda items, active participation is highly encouraged.
While the company's market cap stands at AED 375,835,599, the outcome of the General Assembly meeting could affect investor sentiment and the company's stock performance. Therefore, shareholders should closely monitor the developments and consider their investment strategy accordingly.
In conclusion, the General Assembly meeting of Islamic Arab Insurance Company (SALAMA) is a significant event that will address crucial governance issues and board appointments. Shareholders are advised to participate actively and stay informed about the outcomes to make well-informed investment decisions.
Source
Summary
The Board of Directors of Islamic Arab Insurance Company (SALAMA) invites shareholders to attend the General Assembly meeting on Monday, July 22, 2024, at 3:00 PM. The meeting will be held at the company's headquarters in Dubai or via remote presence technology with video participation and electronic voting. The agenda includes: 1. Electing two Board Members to fill vacant seats until April 2026. 2. Discharging the resigned Board Members H.E. Saeed Mubarak AlHajeri (Chairman) and H.E. Mohammed bin Abdulaziz AlShehhi (Vice Chairman) from liability. 3. Approving the appointment of Mr. Mohammed Al Hashemi as a new Board Member, replacing Mr. Ajit Joshi, who resigned on March 11, 2024. Mr. Al Hashemi will serve until April 2026.
Summary
SALAMA has issued a clarifying disclosure regarding the approval of proxies in accordance with Clauses 1 and 2 of Article 40 of the Corporate Governance Manual. Key points include: 1. Shareholders eligible to attend the general assembly can delegate a representative who is not a board member, company employee, or securities brokerage company employee. The written power of attorney must explicitly state the proxy’s right to attend and vote. A proxy cannot represent more than 5% of the company’s issued capital on behalf of multiple shareholders. Legal representatives must represent those lacking legal capacity. 2. The shareholder’s signature on the power of attorney must be approved by one of the following entities: Notary Public, Commercial chamber of economic department, a licensed bank or company in the state (provided the shareholder has an account with them), or any other licensed attestation entity. 3. The proxy form must include the shareholder’s name and contact number(s) and the brokerage firm that approved the proxy. This form serves as a guideline, and the shareholder can issue the proxy according to their deemed appropriate limits and powers, ensuring the signature is approved by one of the mentioned authorities. For further inquiries or clarifications, contact SALAMA at 00971 4 4040202 or via email at khaled.barakat@salama.ae.
