National Cement Clarifies Proxy Approval Process
National Cement Company provides clarity on its proxy approval process to enhance transparency and shareholder participation.
Summary
National Cement Company has issued a clarifying disclosure regarding the approval of proxy forms, aiming to enhance shareholder participation and transparency.
In a move to bolster transparency and shareholder engagement, National Cement Company (P.S.C.), a prominent player in the cement industry of the United Arab Emirates, has issued a clarifying disclosure regarding the approval process for proxy forms. This announcement is rooted in compliance with Clauses 1 and 2 of Article 40 of the Corporate Governance Manual, underscoring the company's commitment to adhering to robust governance practices.
The disclosure outlines the procedures and requirements for shareholders who wish to delegate their voting rights at the general assembly. According to the guidelines, shareholders are permitted to appoint a proxy from outside the board members, company staff, or securities brokerage firms. This appointed proxy must be authorized through a written delegation, explicitly granting them the right to attend and vote at the general assembly meetings. Importantly, no single proxy can represent more than 5% of the company's issued capital, ensuring a balanced representation of shareholder interests.
Furthermore, the disclosure emphasizes the necessity for the shareholder's signature on the proxy form to be verified by one of several authorized entities, including a notary public, the commercial chamber of an economic department, a licensed bank, or any other accredited attestation body. This requirement aims to safeguard the integrity of the proxy process and ensure that all delegations are legally binding and verifiable.
The company has also introduced a standardized proxy form that includes essential details such as the contact information of both the shareholder and the brokerage firm approving the proxy. While this form serves as a guideline, shareholders retain the flexibility to tailor their proxy forms in alignment with their specific preferences and requirements, provided they adhere to the stipulated verification process.
National Cement's proactive approach in clarifying the proxy approval process reflects its dedication to fostering an inclusive and transparent corporate environment. By empowering shareholders with clear guidelines and a streamlined process, the company aims to enhance participation and ensure that all voices are heard during critical decision-making moments.
From an investment perspective, National Cement's commitment to governance and transparency is a positive indicator of its long-term stability and growth potential. The company's strategic initiatives and adherence to best practices in corporate governance make it an attractive option for investors seeking reliable and ethically managed investments. Given these factors, investors might consider holding their positions in National Cement Company, capitalizing on its steady growth trajectory and solid governance framework.
Source
Summary
The National Cement Company has issued a clarifying disclosure regarding the approval of proxies, in line with Clauses 1 and 2 of Article 40 of the Corporate Governance Manual. Shareholders who have the right to attend the general assembly can delegate someone, who is not a board member, company employee, or employee of a securities brokerage company, to attend and vote on their behalf. This delegation must be in writing and explicitly state the agent's rights. The delegated person must not hold more than 5% of the company's issued capital. The shareholder's signature on the power of attorney must be verified by a notary public, a commercial chamber, a licensed bank or company, or any licensed attestation entity. The proxy form should include the contact details of both the shareholder and the brokerage firm that approved the proxy. The form serves as a guideline, allowing the shareholder to issue the proxy according to their preferred limits and powers, provided the signature is verified by one of the mentioned authorities. For further information or clarification, contact details are provided.
Summary
The National Cement Company (PSC) is inviting its shareholders to attend the Annual General Meeting (AGM) scheduled to take place both physically at the company's headquarters in Al Quoz 3, Dubai, and virtually on March 17, 2025, at 10:00 AM. The agenda includes reviewing and approving the Directors' Report, Auditors' Report, and Consolidated Financial Statements for the year ending December 31, 2024. Other items include considering a cash dividend distribution of 20% of the nominal value of shares, approving the Board of Directors' remuneration, absolving the Board and Auditors from liability, appointing auditors for 2025, and approving a Board decision to appoint a new member. Additionally, there is a special decision regarding the deduction of an amount from the statutory reserve to retained earnings for 2025. Shareholders can appoint representatives to attend the meeting on their behalf, provided they adhere to specific conditions and limitations.
