As per the Articles of Association of the bank, a Shareholder shall have the rights provided in Article 168 of the Commercial Companies Law No. 21 Year 2001, which stipulate the following:
Article (168): The shares shall confer equal rights and obligations. The member shall in particular have the following rights:
Shareholders of the Same Class:
- All shareholders of the same type, class and series shall be treated equally and will carry the same rights.
- All investors shall be able to obtain information about the rights attached to all types, series or classes of shares before they purchase, where applicable. Any changes in voting rights shall be subject to approval by those shareholders which are negatively affected
- Bank shall protect the interests of minority shareholders and ensure their equitable treatment.
- The Bank shall encourage the attendance of shareholders at all shareholder meetings.
- Where shareholders are unable to attend, the Bank will make provision for such shareholders to vote by proxy, subject that such proxy is revocable and provides for two-way voting item.
- Any impediments to cross border voting shall be eliminated.
- Processes and procedures for general meetings shall allow for equitable treatment of all shareholders.
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Other Shareholders Rights
The Bank will protect all rights of shareholders in keeping with the Memorandum and Articles of Association of the Bank, Article 168 of the Commercial Companies Law No. 21 of 2001 and other legal and regulatory provisions
Basic shareholders rights include but are not limited to:
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- Secure methods of ownership registration
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- The transfer of shares
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- Obtaining relevant and material information on the Bank on a timely and regular basis
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- Electing and removing members of the Board
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- Sharing in the profits of the Bank and receiving profit dividends decided for the shareholders
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- Receiving a share of the Bank’s total property on liquidation
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- Participating in the Bank’s management, whether through the general assemblies and as a member of the Board of Directors, according to the Articles of Association
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- Obtaining information/details comprising the Bank’s balance sheet for the past financial year, the profit and loss account and the reports of the Board of Directors and the Auditor, in hard copy format or in soft copy as available on the website
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- Filing lawsuits to invalidate any resolution issued by the general assembly or by the Board in contravention of the law, the public order or theMemorandum or the Articles of Association
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- Disposing of the shares and having a priority in subscribing for new shares in accordance with the provisions of the law
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- Sharing in the profits of the Bank and receiving profit dividends decided for the shareholders
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- Receiving a share of the Bank’s total property on liquidation
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- Participating in the Bank’s management, whether through the general assemblies and as a member of the Board of Directors, according to the Articles of Association
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- Examine the Bank’s records and obtain copies according to the conditions and procedures defined in the Articles of association, provided that the use shall not prejudice the Bank’s interests or financial position or third parties
Shareholders shall also have the right to participate in, and to be sufficiently informed on decisions concerning fundamental corporate changes, such as:
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- Amendments to the statutes, or articles of incorporation or similar governing documents of the Bank;
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- The authorization and approval of additional or new shares or securities;
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- Extraordinary transactions, including the transfer of all or substantially all assets that in effect result in the sale of the Bank
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