20-03-2025
Commercial Bank announces the results of the AGM and EGM. The meeting was held on 20/03/2025 and the following resolution were approved
Resolutions of The Commercial Bank (P.S.Q.C.) AGM Held on 20 March 2025
The Ordinary General Assembly approved all items listed on its Agenda as follows:
1. The Ordinary General Assembly discussed and approved the report of the Board concerning the Company’s activities and its financial position for the financial year ended 31 December 2024, and the future plans of the Company.
2. The Ordinary General Assembly discussed and approved the External Auditors’ report in accordance with Article 24 of the QFMA Governance Code for Companies and Legal Entities Listed on the Main Market issued pursuant to the QFMA’s Board Decision number 5 of 2016, and the Report on the Company's financial statements presented by the Board for the financial year ended 31 December 2024.
3. The Ordinary General Assembly discussed and approved the Company’s financial statements, balance sheet and the profit and loss accounts for the year ended 31 December 2024.
4. The Ordinary General Assembly approved the dividend distribution policy which was published on the Bank’s website. The General Assembly also approved the Board of Director’s recommendation to distribute a cash dividend of 30% of the nominal value of the share to the Shareholders of QAR 0.30 for each share held.
5. The Ordinary General Assembly agreed to absolve the members of the Board from liability for the financial year ended 31 December 2024 and agreed on their remuneration for the year ended 31 December 2024.
6. The Ordinary General Assembly approved the policy defining the basis of the calculation of the remuneration granted to the Board of Directors as well as the employee remuneration policy. The two policies were published on the Bank’s website.
7. The Ordinary General Assembly approved the appointment of KPMG as the External Auditors for the year 2025 and approved their remuneration.
8. The corporate governance report for 2024 was presented, discussed and approved by the Ordinary General Assembly and was published on the Bank’s website.
9. The Ordinary General Assembly approved the adoption of a new Global Medium Term Notes programme (the “GMTN Programme”) in compliance with Rule 144A of the US Securities Act of 1933 to allow for issuances in the US markets by the Company directly or through an SPV for up to USD 2,000,000,000 or its equivalent in Qatari Riyals with a maximum maturity of 30 years provided that they are issued in the global markets or in the form of private placements subject always to obtaining all regulatory approvals and complying with any applicable restrictions under the Qatar Companies Law 11 of 2015 (as amended) (the “Companies Law”) for any direct issuances by the Company itself, and the General Assembly authorised the Board to decide on the size and terms and conditions of such programme and any issuances thereunder (within the prescribed limit) and to negotiate and execute the GMTN Programme documents and any other agreement or arrangements relating to the GMTN Programme and any issuances thereunder on behalf of the Company in this regard and authorised the Board to delegate such authority to officers within the Company. This proposed GMTN programme was also approved in the general assembly meetings held each year from 2017 to 2024, respectively, but was not required for funding in the past years.
10. Further to the USD 5,000,000,000 Euro Medium Term Note Programme established in 2011 (the “EMTN Programme”) approved by the Shareholders in the general assembly meetings held on 21 February 2011, and again each year from 2016 to 2024, respectively, the Ordinary General Assembly approved the issuance of debt notes under the EMTN Programme with a maximum