First Securities Brokerage Company (Oula Wasata)  will hold its Annual General Meeting (AGM) Monday, 22 May 2023 online to discuss and approve the governance reports, including the remunerations paid to board members, the Executive Management’s report, and the Audit Committee’s report for the financial year ended 31 December 2023, in addition to discussing and approving the Board of Directors’ report and the external auditor’s report for the financial year ended 31 December 2022, as well as the financial statement for the financial year 2022, and approve profit distributions.

The AGM will also discuss the consolidated audited financial statement and final accounts, and the Board of Directors’ recommendation to distribute 8% (8 fils per share) cash dividend for the financial year ended 31 December 2022, for an aggregate amount of KWD 1,019,318.

The AGM will also review any violations monitored by the regulatory authorities, and any (financial and non-financial) penalties issued as a result of those violations for the financial year ended 31 December 2022 (if any), and review the transactions that took place with related parties in the financial year 2022, in addition to agreeing to allow the company to deal with directly related parties that will take place during the fiscal year that will end as on December 31, 2023.

The AGM is also scheduled to discuss and approve the Board of Directors’ recommendation to pay KWD 30,000 in remunerations to board members for the financial year ended 31 December 2022, and to approve the payment of board and committee meetings attendance allowance for the non-executive members of the Board of Directors and the independent member for the financial year ended 31 December 2022, absolving and releasing board members from all matters related to their legal, financial and administrative actions for the financial year ended 31 December 2022, and elect a new Board of Directors for the next three years  (2023-2024-2025).

Finally, the AGM will discuss appointing or re-appointing the company’s auditor, provided that the auditing firm is accredited by the Capital Markets Authority (CMA), taking into account the period of mandatory change of the auditor and authorizing the Board of Directors to determine their fees.