Company News

2019-03-20

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 2019 at 3 pm at the Capital Market Authority Meeting Hall. The shareholders (either in person or by proxy) who attended the AGM represented 80.5933% of the capital of the Company.  The following resolutions were passed unanimously at the AGM:

• The Board of Directors’ report for the financial year ended 31 December 2018 was approved.
• The Corporate Governance Report for the financial year ended 31 December 2018 was approved.
• The Auditors’ Report was considered and the financial statements (balance sheet and income statement) for financial year ended 31 December 2018 were approved.
• The related party transactions during the financial year ended 31 December 2018 were notified.
• The Board of Directors was authorized to determine and distribute cash dividends to the Shareholders of the Company in June 2019 and December 2019 out of the retained earnings as per the audited financial statements for the financial year ended 31 December 2018, provided that the aggregate amount shall not exceed 9% of the paid up share capital of the Company (i.e., 9 Baizas per share).
• 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 2018 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 2019 were approved.
• The proposed remuneration for the Board members of a sum of RO 15,200 for the financial year ended 31 December 2018 was approved.
• The donations made by the Company on the account of corporate social responsibility during the financial year ended 31 December 2018 were notified.
• The allocation of an amount of RO 25,000 during the financial year ending 31 December 2019 as corporate social responsibility initiative was approved.
• The following individuals were elected to the Board of Directors of the Company:
  • Mr. Kamal Narayan Mathur
  • Mr. Masahiro Komatsubara
  • Mr. Mohamed Amur Al-Mamari
  • Mr. Mohammad Ribhi Izzat
  • Mr. Muhammad Fawad Akhtar
  • Mr. Pascal Renaud
  • Mr. Ryuji Kikuchi
  • Mr. Saif Abdullah Al-Harthy
  • Mr. Shabib Abdullah Al-Busaidi
  • Mr. Vincent Montanet
  • Mr. Yasser Mohamad Kheir
• The report for the performance appraisal of the Board of Directors carried out during year 2018 was approved.
• It was resolved to conduct performance appraisal of the newly elected Board of Directors once during its 3 years’ term. The criteria and appointment of an independent consultant for carrying out the appraisal for performance of the board of directors shall be approved during the AGM for the financial year ending 31st December 2019.
• The appointment of Ernst & Young as the statutory auditors for the financial year ending 31 December 2019 at a remuneration of RO 9,400 was approved.