As a publicly listed Joint Stock Company, every year the Bank holds a Shareholders’ General Assembly (“GA”) whereby shareholders and executives interact. It is a mandatory annual meeting primarily held to allow the Bank’s interested shareholders with voting rights to vote on the Bank’s high level issues and to re-elect the Bank’s Board of Directors. The GA is convened under an invitation by the Board of Directors, within four months following the end of the fiscal year, at a time and location arranged by the Group Board Secretary. Shareholders who do not attend the meeting in person may usually vote by proxy. The GA is also attended by a representative of the Bank’s regulator SCA
and the Bank’s external auditors.
The agenda of the GA covers the Board of Directors report on the Bank’s activity and financial position, the external auditors’ report, distribution of profits/dividend distribution, the remuneration of the Board of Directors and the election of the Board of Directors. Shareholders representing at least 10% of the share capital of the company may requisition an item to be listed on the agenda. All shareholders are entitled to address questions to the directors and the auditor. It is a key opportunity for shareholders to gain direct access to the Board and senior management. Any decisions are passed by a simple majority of shareholders present at the meeting and are binding on all shareholders whether assented to or not.
The GA resolutions are disclosed to the Abu Dhabi Stock Exchange (“ADX”) and the signed minutes of the GA meeting are sent to SCA.