Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait- CBK's EOGM approves increase in BoD  Join our daily free Newsletter

MENAFN - Arab Times - 11/02/2013

No. of Ratings : 0
Add to Mixx!


(MENAFN - Arab Times) Fowzi Abdulmohsen Al-Ateeqi, General Manager of Investments - Secretary to the Board and official spokesman of Commercial Bank of Kuwait said that the Extra-Ordinary General Meeting (EOGM) of the Bank was held on 10/2/2013 with 83.78% presence of shareholders representing 1,065,642,337 shares of the original 1,272,022,346 shares comprising the share capital of Commercial Bank of Kuwait.

The shareholders approved the amendment of Item (13) of the Bank's Memorandum of Association, namely to increase the number of the Bank's board of directors from (7) members to (10) members. As such, the text of Item 13 of the Bank's Memorandum of Association will read as follows:
"The Company shall be administered by a Board of Directors comprising at least ten members elected in General Meeting by secret ballot from amongst its members, having due regard to the provisions of related Articles of the Decree Law No. 25/2012.

The Company's General Meeting may also increase the number of the Board Members as deemed appropriate for the interest of the Company along with adhering to the instructions issued by the regulators. If an elected member declines he must inform the Board of Directors in writing within seven days from the date of his election, otherwise he shall assume all the obligations of membership as set out in the Law".

Al -Ateeqi explained that the Extra-Ordinary General Meeting was held with the objective of obtaining the shareholders' approval to increase the number of the Bank's Board of Directors from seven members to ten members so as to allow the Board of Directors form the adequate numbers of board related committees within the requirements of sound corporate governance.

"Subsequent to the approval of the shareholders on the amendment of the above Item and after obtaining the approvals of the regulators and completing the required procedures as per the Central Bank of Kuwait's instructions in this regard, the Bank will invite for election to select additional nominees for the board membership", added Al Ateeqi.


  MENA News Headlines




Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help