DOHA: Complying with government’s efforts to promote private sector in Qatar, Gulf International Services (GIS) has decided to elect four of its seven board members from the private sector.
In line with that the Board of Directors of GIS recently held an extraordinary general assembly meeting recently and approved the amendments to the company’s Articles of Association relating to reorganisation of the board. The meeting was convened on the request of Qatar Petroleum (QP), the special shareholder in the company’s capital.
As per the amendments in the Articles of Association of GIS, now Qatar Petroleum will be authorised to appoint only three board members. Earlier, all the seven GIS board members were appointed by Qatar Petroleum.
The new board members are expected to be elected during the company’s annual general meeting in March 2015 after the due completion of all needful formalities.
GIS, a listed company in the Qatar Exchange, is the largest service group in Qatar with interests in a broad cross-section of industries, ranging from insurance, re-insurance, fund management, onshore and offshore drilling, accommodation barge, helicopter transportation, and catering services.
Saeed Mubarak AI Mohannadi, Vice Chairman, GIS, who chaired the meeting, said: “Convening this meeting is based on the request from Qatar Petroleum, as the special shareholder in the company’s capital, to look into and approve the proposed amendments to the Company’s Articles of Association which are related to the
reorganisation of the Company’s Board of Directors to include Board Members that are elected according to certain requirements.”
AI Mohannadi said that the amendments are in line with the keenness of expanding the contribution of the private sector in the economic life and encouraging it to be a real partner not only in shareholding, but also through enhancing its role in managing the listed companies on Qatar Exchange, which in turn reaps benefits for the national economy overall through the exchange of experiences and competencies, as well as the exchange of opinions between representatives of the public and private sectors, and utilising the opportunities available to both sectors, which provides the private sector rights and responsibilities that qualifies it to participate in economic and social decision-making, and placing the interests of the nation at the top of its priorities, and adopting Qatar’s principle through real participation in the comprehensive development process, and meeting the demands of civil society.The Peninsula
