Union Properties Clarifies Shareholder Proxy Rules
Union Properties PJSC issues a clarifying disclosure regarding shareholder proxy rules in accordance with corporate governance standards.
Summary
Union Properties PJSC clarifies its shareholder proxy rules, ensuring compliance with corporate governance standards and maintaining shareholder rights.
Union Properties PJSC, a prominent real estate development company in the United Arab Emirates, has issued a clarifying disclosure regarding the approval of shareholder proxies. This announcement comes in alignment with Clauses 1 and 2 of Article 40 of the Corporate Governance Manual, emphasizing the company's commitment to transparency and regulatory compliance.
According to the disclosure, shareholders who have the right to attend the general assembly may delegate someone to attend on their behalf. This person can be from outside the company's board members, staff, or any securities brokerage company. The delegation must be a written document explicitly stating the agent's right to attend and vote on decisions. However, a delegated person cannot represent more than 5% of the company's issued capital.
Furthermore, the shareholder's signature on the power of attorney must be approved by recognized entities such as a Notary Public, Chamber of Commerce, banks, or licensed financial markets in the UAE. This ensures the authenticity and legality of the delegation process.
The move by Union Properties to clarify these rules highlights its dedication to maintaining a robust governance framework. By ensuring that proxy rules are clear and adhered to, the company protects the rights of its shareholders and upholds its reputation for transparency.
Union Properties has been a key player in the UAE's real estate sector since its incorporation in 1993. The company has consistently demonstrated resilience and adaptability in a dynamic market environment. This latest announcement is part of its ongoing efforts to enhance corporate governance practices, which are crucial for investor confidence and long-term growth.
Investors should view this development positively, as it underscores Union Properties' commitment to governance and shareholder rights. With a stable governance framework, the company is well-positioned to capitalize on growth opportunities in the real estate market.
Given the company's proactive approach to governance and its strong market presence, investors may consider a hold strategy for Union Properties' shares. This approach allows investors to benefit from potential future gains as the company continues to strengthen its governance and operational practices.
Source
Summary
The text is a disclosure regarding the approval of proxies, based on Clauses 1 and 2 of Article 40 of the Corporate Governance Manual. It informs shareholders that they can delegate someone, who is not a board member or company employee, to attend the general assembly on their behalf. The delegated person must have a written authorization stating their right to attend and vote, and they cannot represent more than 5% of the company's issued capital. Shareholders lacking legal capacity must be represented by their legal representatives. The shareholder's signature on the power of attorney must be approved by specific entities such as a notary public, a chamber of commerce, a licensed bank or company, financial markets, or any licensed entity for attestation. The proxy form should include the contact details of the shareholder and the brokerage firm that approved the proxy.
Summary
A proxy form allows a shareholder to appoint someone to represent and vote on their behalf at the Annual General Assembly meeting on April 18, 2024, at 2:00 PM, either remotely via e-voting or in person. The form requires the shareholder's and proxyholder's details, such as names, investor number, and mobile numbers. After completing the form, it should be uploaded with supporting documents to the specified website. The registrar may contact shareholders to verify the information provided.
Summary
Union Properties PJSC is inviting its shareholders to attend the Annual General Assembly Meeting on April 9, 2025, at the Ritz Carlton Hotel in Dubai and virtually. The meeting agenda includes authorizing the appointment of the meeting's Secretary and vote collector, reviewing and approving reports from the Board of Directors, CEO, and auditors, discussing the company's financial statements and capital reduction plan, and addressing accumulated losses. Shareholders will also vote on discharging or dismissing auditors and Board members, appointing new auditors, and approving Board remuneration. Special resolutions regarding capital reduction to address accumulated losses will be considered. Shareholders can register and vote electronically, and proxies can be appointed under certain conditions. The meeting requires a quorum of shareholders representing at least 50% of the company's capital, with a second meeting scheduled if the quorum is not met. Shareholders can access financial and governance reports on the company's and Dubai Financial Market's websites.
