13-03-2025
Mannai Corporation announces the results of the AGM. The meeting was held on 13/03/2025 and the following resolution were approved
1. Approving the Board of Directors Report on the Corporation activities, future plan, financial position and final accounts for the year ended 31 December 2024.
2. Approving External Auditor’s Report on the Balance Sheet, Final Accounts and Financial Statements of the Corporation for the year ended 31 December 2024, Independent Limited Assurance Report and the ICOFR Report as recited before the Assembly.
3. Approving the Corporation’s annual balance sheet and profit and loss account for the year ended 31 December 2024.
4. Approving the Board of Directors’ proposal for a cash dividend payment for year ended 31 December 2024 of QR0.25 per share, being 25% of the nominal share value.
5. Approving the Corporate Governance Report of the Corporation for the year ended 31st December 2024.
6. Absolving the Chairman and members of the Board of Directors for the year ended 31 December 2024 and approving their remuneration of QR6.4 million.
7. In accordance with provisions of Article (5) of the Corporate Governance Code of Companies and Legal Entities Listed on the Main Market, the Corporation has sent a list of names and details of the nominees for membership of the Board of Directors to Qatar Financial Markets Authority (the “Authority”) for approval over two weeks ahead of the date set for Board Elections. On Tuesday, 11th March, 2025, the Corporation received the reply of the Authority advising that the nomination of 5 non-independent nominees, executive and non executive, has been approved. The nomination of independent nominees for membership of the Board was not approved for not satisfying independency requirements. One non-independent executive nominee was also not approved on grounds that a company shall be represented by only one nominee. The Authority, therefore, requested re-election of the full Board. Under such developments, and since the Authority’s reply was only received by the Corporation two days ahead of the date of holding the General Assembly meeting, the Authority has agreed to granting the Corporation upon its request a two-month grace period for adjusting its status.
The General Assembly, accordingly, approved the two-month extension to enable the Corporation to consult with the Authority, Ministry of Commerce & Industry, and legal advisors of the Corporation, and the extension of the mandate of the Board with its current constitution and formation for the two-month period.
8. Appointing KPMG as the Corporation’s External Auditors for the year 2024 and fixing their remuneration for an amount of QR1.01 million.
9. Authorizing Mr. Khalid Ahmed Al Mannai with all the powers to take the procedures necessary for execution of Assembly resolutions before all the official authorities and entities in Qatar.