QIC Board members during the extraordinary general assembly meeting.
DOHA: The Qatar Insurance Company (QIC) held its Extraordinary General Assembly yesterday. Held under the chairmanship of Abdulla bin Khalifa Al Attiyah, Deputy Chairman of the Board of Directors, the meeting approved the proposed amendment of three Articles of the company’s Articles of Association to be as follows:
Article (6): “All shares of the company are nominal shares. Except the State of Qatar`s government, public authorities, corporations, its affiliated entity and General Retirement & Social Insurance Authority (Civil & Military Pension Fund), no natural or judicial person shall own more than Five percent (5 percent) of the shares of the company, at any time”
Article (36): “The Company shall be managed by a Board of Directors comprising of eleven members. General Retirement & Social Insurance Authority (Civil Pension Fund) shall appoint one director to represent it on the Board of Directors. The other ten directors shall be elected by the General Assembly in the ordinary meeting, through cumulative ballot. The appointee director has no right to participate in the election of the other directors of the Board of Directors.”
Article (41): “If the seat of a member of the Board of Directors becomes vacant, it shall be occupied by the person who held the most votes from the shareholders who did not win the membership of the Board. If there is a prohibition that prevents him to occupy the seat, it shall be occupied by the person succeeding him in order. The new member shall only complete the term of his predecessor. If the vacant seat belongs to the member appointed by the General Retirement and Social Insurance Authority, the Authority shall appoint one to occupy it.”
