Abaad Real Estate Development Company held its Extraordinary General Meeting (EGM) on Thursday, 17 March 2022 at the company’s headquarters, and passed a resolution to amend Article (16) of its Articles of Association as follows: The company is managed by a board of directors consisting of (4) members, and the shareholders elect the members of the board of directors by secret vote.. Every shareholder, whether a natural or legal person, may appoint representatives on the company’s board of directors pro-rata to their shares. 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. 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 duties as the elected members. Shareholders shall be responsible for the work of their representatives towards the company, creditors, and shareholders.  

The board of directors shall appoint a secretary from the company’s employees who shall take the minutes of the meetings. Those minutes of meetings shall be signed by the secretary and all attending board members. The minutes should document all aspects of the meeting, especially any objections to any of the issued decisions taken by the board and the reasons for the objection.

He may also sign certificates issued by the company regarding the decisions taken in the meetings of the board of directors. A record shall be kept for all board meetings in which the minutes of the meeting are recorded in consecutive numbers for the year in which the meeting was held, indicating the place of the meeting, its date and time of it started and ended, without prejudice to the rules of governance issued by the regulatory authorities.