Sharq Investment Company will hold its Annual General Meeting (AGM) on Monday, 27 March 2023, at the Company’s headquarters to discuss and approve the Board of Directors’ report, the auditors’ report, the corporate governance report, the audit committee’s report, and the remunerations report for the financial year ended 31 December 2022.
The AGM will discuss the Company's financial statements, review any violations or penalties issued by the regulatory authorities (if any) for the financial year ended 2022, and review the related parties’ transactions report for all transactions that have taken place or that will take place in the following year.
The AGM will also discuss deducting 10% or KWD 227,392 towards the statuary reserve and 10% or KWD 227,392 towards the voluntary reserve out of the net profits registered in 2022.
Moreover, the AGM will discuss the Board of Directors’ recommendation to distribute 4% (4 fils per share) cash dividends to shareholders registered in the Company’s records as of the AGM date. The AGM will discuss the Board of Directors’ recommendation to distribute KWD 15,000 in renumerations to board members for the financial year ended on 31 December 2022.
Other topics to be discussed include to discuss absolving board members and releasing them from all matters related to their legal, financial and administrative actions for the financial year 2022, and discuss allocating up to KWD 2,000 towards social responsibility initiatives, as well as authorizing the Board of Directors to determine the related activities to be implemented throughout the year. The AGM will also discuss the re-appointment of the external auditor (Adnan Mohammad Al-Hazeem) from Moore International to audit the Company’s accounts for the financial year ending 31 December 2023 as listed on the approved auditors by the Capital Markets Authority and approve their recommended fees pursuant to the recommendation issued by the Internal Audit Committee in its meeting No. 11/ 2022.