Hermes IFA will hold its Annual General Meeting (AGM) on 28 May 2023 to discuss and approve the Board of Directors’ report and the auditor’s report for the financial year ended 31 December 2022. The AGM will also discuss the company's financial statement for the financial year ended 31 December 2022 and the Board's recommendation to distribute 15% cash dividend, up to a maximum of 15 fils per share, for an aggregate amount of KWD 1.5 million, shareholders registered in the company’s records as of the AGM date. 

The AGM will also review and approve the violations and penalties monitored by the regulatory authorities against the company for the financial year 2022 (if any), and the report on transactions that took place with related parties for the financial year ended 31 December 2022, in addition to authorizing the Board of Directors to carry out transactions with related parties in the financial year ended 31 December 2022.

Moreover, the AGM will discuss the deduction of 10% of this year’s net profits, for an aggregate amount of KWD 173,056 towards the statutory reserve, and to withhold the deductions towards the voluntary reserve, as well as discussing the Board of Directors’ recommendation to pay the board members’ remuneration in the amount of KWD 3,000 for each independent and non-independent board members, and to absolve board members and release them from all matters related to their financial, legal and administrative actions for the financial year ended 31 December 2022.

The AGM will also discuss appointing or re-appointing the company's auditor for the financial year ending 31 December 2023, 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.