Salama Clarifies Proxy Approval for Shareholders
Islamic Arab Insurance Co. (Salama) provides clarity on proxy approvals for shareholder meetings, reinforcing its commitment to transparency and governance.
Summary
Salama clarifies the process for proxy approvals in shareholder meetings, highlighting its adherence to corporate governance and transparency.
Islamic Arab Insurance Co. (Salama), a leading takaful provider in the UAE, has issued a clarifying disclosure regarding the approval of proxies for its general assembly. This move underscores the company's commitment to corporate governance and transparency, aligning with the principles of Islamic Shari’a.
The disclosure, in accordance with Clauses 1 & 2 of Article 40 of the Corporate Governance Manual, allows shareholders to delegate a proxy to attend the general assembly on their behalf. However, the proxy cannot be a board member, company employee, or affiliated with a securities brokerage firm. The proxy is also restricted from holding more than 5% of the company’s issued capital in this capacity, ensuring a balanced representation.
For the proxy to be valid, the shareholder's signature must be authenticated by a recognized entity such as a Notary Public, the Commercial Chamber of the Economic Department, or a licensed bank where the shareholder holds an account. This ensures the authenticity and legality of the proxy process, safeguarding the interests of all parties involved.
Salama's proactive approach in clarifying these procedures reflects its dedication to maintaining a transparent and equitable environment for its shareholders. This is particularly crucial as the company operates within the framework of Islamic finance, where ethical and transparent business practices are paramount.
From an investment perspective, Salama’s adherence to stringent governance protocols enhances its reputation and stability in the market. Investors looking for ethical investment opportunities may find Salama's commitment to governance and transparency appealing. Given the company's solid foundation and strategic focus on corporate governance, the recommendation is to hold the stock for potential long-term benefits.
Source
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. Shareholders eligible to attend the general assembly can delegate a representative, who is not a board member, company employee, or securities brokerage company employee, through a written power of attorney. This document must explicitly state the proxy's right to attend and vote at the assembly. The proxy cannot represent shareholders holding more than 5% of the company's issued capital. Legal representatives must represent those lacking legal capacity. The shareholder's signature on the power of attorney must be approved by a Notary Public, a commercial chamber or economic department, a licensed bank or company with which the agent has an account, or any entity licensed to perform attestation. The proxy form should include the shareholder's and brokerage firm's contact details. For further inquiries, contact SALAMA at the provided phone number or email address.
Summary
The Board of Directors of Islamic Arab Insurance Company (SALAMA) invites shareholders to attend the annual General Assembly meeting on Friday, April 25, 2025, at 3:00 PM. The meeting will be held at the company's headquarters in Dubai or can be attended virtually through remote presence technology. Shareholders will receive a link to participate via email, text messages, and the Dubai Financial Market website. The agenda includes appointing the meeting secretary and vote collector, reviewing and approving the Board of Directors' report, the Auditor's report, the internal Sharia Supervisory Committee report, the company's balance sheet, and profit & loss account for the year ending December 31, 2024. Additionally, the appointment of the internal Sharia board of supervision members is subject to the Central Bank's prior approval.
