Kuwait Medical Services Company held its Extraordinary General Meeting on Thursday, August 26, 2021, and approved to reduce the number of board members. Accordingly, a resolution was passed to amend Article (13) of its Articles of Association as follows: The board of directors consists of (3) three members elected by the Annual General Meeting by secret ballot. The AGM, at the request of the regulatory authorities, may choose one or more experienced and competent independent member, provided that independent members won’t exceed half of the members of the Board. They are not required to be shareholders in the company.
Shareholder, individuals, or legal entities may cast their votes to elect board members pro rata to the number of shares they own. Shareholders who are represented on the Board of Directors may not participate with the other shareholders in the election of the remaining members of board members except within the remaining available limits for the appointment of their representatives”. This resolution has been approved subject to receiving regulatory approvals. A group of shareholders may jointly agree to appoint one or more board members by adding their collective number of shares. These representatives shall have the same rights and responsibilities as elected members. The shareholder shall be responsible for the actions of his representatives towards the company, its creditors and its shareholders.