United Oil Projects Company will hold its Annual General Meeting (AGM) on Sunday, 7 May 2023, to discuss the Board of Directors’ report, the auditors’ report, the report issued on the violations monitored by the regulatory authorities (if any), and any penalties (financial or non-financial) issued regarding those violations, as well as dealing with related parties that took place during the financial year ended 31 December 2022.
The AGM will also discuss the financial statements and final accounts for the financial year ended 31 December 2022, and the recommendation of the Board of Directors regarding the distribution of 12% of the nominal share value (i.e., 12 fils per share) cash dividends for the financial year ended 31 December 2022, to shareholders registered in the company’s records as of the AGM date.
Furthermore, the AGM will discuss the Board of Directors’ recommendation to pay remunerations to board member for FY 2022 in the amount of KWD 30,000, and to absolve them from any liabilities regarding their legal actions for the financial year ended 31 December 2022.
The AGM is also going to discuss transferring 10% of the net profit of the financial year 2022 towards the statutory reserve and approving the transfer of 10% of the net profit of the financial year 2022 to the voluntary reserve to support the company's financial position. The AGM will also discuss authorizing the company’s board of directors to deal with up to 10% of the company’s shares (buy, sell, or dispose of the company’s shares) in accordance with the provisions of Law No. 7 of 2010 and its executive regulations, as amended.
The Company’s AGM will also discuss allocating the equivalent of 1% of the net profits achieved in the financial year ended 31 December 2022 to be donated to charitable organizations through the Good Charity Foundation Projects, appointing or reappointing the company's auditor for the financial year ending 31 December 2023, and authorizing the Board of Directors to determine their fees.