Al Baraka Group B.S.C (ABG) held its Annual General Meeting (AGM) on Wednesday, 20 March 2024 via the e-AGM audiovisual communication platform. A quorum of 85.2% was achieved for the meeting which was chaired by Mr. Mohamed Alshroogi, Vice Chairman of the Group’s Board of Directors. The meeting was held in the presence of Members of the Board of Directors, including the Group Chief Executive Officer, Mr. Houssem Ben Haj Amor, and the Executive Management team. Representatives from regulatory bodies including the Central Bank of Bahrain (CBB), the Ministry of Industry and Commerce (MOIC), and the Bahrain Bourse were also in attendance.
The Meeting commenced with the approval of the minutes of the previous AGM held on 22 March 2023. The Group’s report on activities for the financial year ended 31 December 2023 was presented, discussed, and subsequently approved. Attendees further viewed the report of the Unified Shari’ah Supervisory Board and the auditor’s report for the financial year ended 31 December 2023. The audited financial statements for the year ended 31 December 2023 were then discussed and subsequently approved, followed by the approval of related party transactions under Article 189 of the Commercial Companies Law.
After that, the Shareholders approved other recommended resolutions by the Board of Directors after receiving the necessary clearances from relevant regulatory bodies. As per the approvals, 10% of the net income attributable to shareholders’ equity of the parent company, amounting to US$ 14,350,885, will be transferred to the statutory reserve. A cash dividend of 1% of the par value per share will be distributed to the registered shareholders on the record date, excluding treasury shares with an amount equals to US$ 12,357,047. The remaining US$ 116,800,916 will be transferred to the retained earnings.
Shareholders also approved the Board’s recommendation for the remuneration payment of US$ 1.5 million to the members of the Board of Directors for the financial year ended 31 December 2023, taking into consideration that the mentioned remuneration has been approved by the Minister of Industry and Commerce. Moreover, they viewed the report on implementing the corporate governance requirements, as stipulated by the Central Bank of Bahrain’s rule book, and authorized the Group’s management to disburse US$ 576,295 at a rate of 0.05 cents as Zakat on behalf of all shareholders.
Then, the shareholders absolved the Board members from liability during the financial year ended 31 December 2023. Additionally, approval was received on the aggregate benefits and remuneration of US$ 105,000 to the members of the Unified Shari’ah Supervisory Board for the financial year ended 31 December 2023.
Finally, the shareholders ratified the Board of Directors’ recommendation to re-appoint Messrs. PricewaterhouseCoopers as External Auditors for Al Baraka Group for the financial year ending on 31 December 2024 and authorized and empowered the Board of Directors or its delegate to determine their remuneration. This re-appointment has been approved by the Central Bank of Bahrain.
