TECOM Group Clarifies Proxy Appointment Rules
TECOM Group has issued a clarifying disclosure regarding the appointment of proxies for its General Assembly meeting.
Summary
TECOM Group clarifies the process for appointing proxies for the General Assembly, ensuring transparency and compliance with corporate governance regulations.
TECOM Group P.J.S.C., a prominent developer of strategic business districts in Dubai, recently released a clarifying disclosure regarding the appointment of proxies for its upcoming General Assembly meeting. This move aligns with the Corporate Governance Guide, emphasizing the company's commitment to transparency and regulatory compliance.
The disclosure outlines specific guidelines for shareholders who wish to delegate their voting rights. According to the release, a shareholder may appoint a proxy from outside the Board members, company employees, or securities brokerage firms. This proxy must be formalized through a written special proxy, explicitly stating the representative's right to attend and vote at the General Assembly.
Importantly, the proxy holder cannot represent more than 5% of the company's issued capital, ensuring that voting power is not overly concentrated. Furthermore, individuals lacking legal capacity must be represented by their legal guardians, ensuring that all shareholder interests are adequately protected.
The disclosure also specifies the authorities responsible for authenticating the shareholder's signature on the proxy. These include the notary public, chambers of commerce, banks, licensed companies, financial markets, and other licensed entities in the UAE. This comprehensive approach ensures that the proxy process is both secure and accessible to shareholders.
TECOM Group's proactive approach to clarifying proxy appointment rules reflects its dedication to maintaining robust corporate governance standards. By providing clear guidelines and ensuring compliance with local regulations, the company fosters trust and transparency among its shareholders.
As TECOM Group continues to play a pivotal role in Dubai's development as a global business hub, its focus on governance and transparency will likely enhance investor confidence. However, given the neutral outlook on the company's future, potential investors might consider holding their positions for now, awaiting further developments that could impact TECOM Group's market performance.
Source
Summary
The document provides clarifications regarding the appointment of proxies for attending the General Assembly meeting of TECOM Group PJSC. According to the Corporate Governance Guide, a shareholder eligible to attend the General Assembly can delegate someone, who is not a board member, company employee, or part of a securities brokerage company, to attend on their behalf via a written proxy. The proxy must explicitly state that the representative can attend and vote at the meeting. A person representing multiple shareholders cannot hold more than 5% of the company's issued capital. Individuals lacking legal capacity must be represented by their legal representatives. The shareholder's signature on the proxy must be authenticated by a recognized authority such as a notary public, chamber of commerce, economic department, licensed bank or company, financial market, or any other licensed authority in the UAE.
Summary
The Board of Directors of TECOM Group PJSC invites shareholders to attend the Annual General Assembly Meeting on March 10, 2025, at 3:00 p.m. The meeting will be held at the company's offices in Dubai Internet City and will also be accessible remotely. The agenda includes the following items for consideration and approval: the Board of Directors' report on the company's activities and financial position for the year ending December 31, 2024; the external auditors' report on the company's financial position for the same period; the company's balance sheet and profit and loss account for the year ending December 31, 2024; and the Board of Directors' recommendation to distribute a cash dividend of AED 400 million for the second half of the financial year, totaling AED 800 million for the entire year.
Summary
The text is a proxy form for shareholders of TECOM Group PJSC, allowing them to appoint another person as their proxy to attend and vote on their behalf at the company's General Assembly Meeting scheduled for March 10, 2025, or any adjourned meetings. The form requires details such as the shareholder's name, shareholding, the proxy's name and mobile number, and signatures. It also includes a section for approval or attestation by a relevant authority, along with contact information.
