Company News

2018-03-20

Resolutions of the Ordinary Annual General Meeting (AGM)

Al Batinah Power Company SAOG (the Company) is pleased to advise the Capital Market Authority, the Muscat Securities Market and the investor community that the Ordinary Annual General Meeting (AGM) of the Company was held on 20 March 2018 at 5 pm at the Capital Market Authority Meeting Hall. The shareholders (either in person or by proxy) who attended the AGM represented 85.642% of the capital of the Company.  The following resolutions were passed unanimously at the AGM:

1. The Board of Directors’ report for the financial year ended 31 December 2017 was approved.
2. The Corporate Governance Report for the financial year ended 31 December 2017 was approved.
3. The Auditors’ Report was considered and the financial statements (balance sheet and income statement) for financial year ended 31 December 2017 were approved.
4. The related party transactions during the financial year ended 31 December 2017 were notified.
5. The proposed transactions and contracts with related parties during the financial year ending 31 December 2018 were approved.
6. The Board of Directors was authorized to determine and distribute cash dividends to the Shareholders of the Company in May/June 2018 and November/December 2018 out of the retained earnings as per the audited financial statements for the financial year ended 31 December 2017, provided that the aggregate amount shall not exceed 9% of the paid up share capital of the Company (i.e., 9 Baizas per share).
7. The sitting fees paid to directors for the Board meetings, Audit Committee meetings and Nomination & Remuneration Committee meetings held during the financial year ended 31 December 2017 were ratified, and the proposed sitting fees payable to directors for Board meetings, Audit Committee meetings, and Nomination & Remuneration Committee meetings for the financial year ending 31 December 2018 were approved.
8. The proposed remuneration for the Board members of a sum of RO 16,800 for the financial year ended 31 December 2017 was approved.
9. The donations made by the Company on the account of corporate social responsibility during the financial year ended 31 December 2017 were notified.
10. The allocation of an amount of RO 25,000 during the financial year ending 31 December 2018 as corporate social responsibility initiative was approved.
11. The participation of a director of the Company in the management of another company which is conducting business competitive to the business of the Company was approved.
12. The criteria to appraise the performance of the Board of Directors were approved.
13. The report for the performance appraisal of the Board of Directors carried out during year 2017 was approved.
14. The appointment of Keynote Services LLC as an independent consultant to carry out annual appraisal for the performance of the Board of Directors during the financial year ending 31 December 2018 at a fee of OMR 3,200 was approved.
15. The appointment of Ernst & Young as the statutory auditors for the financial year ending 31 December 2018 at a remuneration of RO 9,400 was approved.