Manama: The shareholders of Al Baraka Banking Group B.S.C (ABG) during its Ordinary General Meeting on Thursday, with a quorum of 76.90% have approved the financials and appropriations listed in the agenda.
The Chairman of the Group, Abdulla Saleh Kamel chaired the Meeting, which started with the approval of the minutes of the Ordinary General Assembly meeting held on March 23, 2020. The Group’s shareholders then discussed the Director’s Report submitted by the Board of Directors on the Group’s activities for the financial year ended 31 December 2020, the report of the Unified Shari’a Supervisory Board for the financial year ended 31 December 2020 and the external auditor’s report for the financial year ended 31 December 2020. The Meeting then discussed and approved the consolidated financial statements for the financial year ended 31 December 2020, as well as approved the related parties’ transactions as stated in note No. (25) of the financial statements, which aligns with the Article No. 189 of the Commercial Companies Law.
The General Assembly then approved the Board of Directors’ recommendations, after obtaining the required official approval, with regard to transfer of 10% of the net income attributable to equity holders of the Parent, amounting to US$ 6,657,906 to the statutory reserve and the transfer of US$ 59,921,155 to the retained earnings. It also approved the disbursement of US$ 1.5 million as remuneration to the Members of the Board of Directors for the financial year ended 31/12/2020.
The General Assembly then reviewed the Corporate Governance Report in accordance to the Central Bank of Bahrain regulations in this regard. This included reviewing the evaluation of ABG’s Board, Board Members and Board Committees as well as the Board Members’ attendance percentage report for the board meetings held for the year 2020 (both of these are included in the annual report distributed to shareholders).
Thereafter, the General Assembly ratified the recommendation of the Board of Directors to appoint Tawfig Shaker Mufti in the vacant position in the Board of Directors of Al Baraka Banking Group, subject to the approval from the Central Bank of Bahrain. It also authorized the Management of Al Baraka Banking Group to pay an amount of US$ 1,014,815 as Zakat on behalf of all shareholders as US Cent 0.08 for each 100 shares and the amount to be deducted directly from the retained earnings. The Management has the right to authorize whomsoever it deems appropriate to distribute the Zakat to the entitled parties.
The General Assembly then absolved the Chairman and Directors from liability for the Financial Year ended 31/12/2020 and approved the aggregate benefits and remuneration of the members of the Unified Shari’a Supervisory Board for the financial year ending 31 December 2020. It approved also the recommendation of the Board of Directors to reappoint Messrs. Ernst and Young as External Auditors for Al Baraka Banking Group for the financial year ending on 31/12/2021, and to authorize and empower the Board of Directors or its delegate to determine their remuneration.
At the end of the meeting, the attendees praised the performance of the Group in the year 2020 and the good financial results that it has achieved, despite the negative repercussions from the COVID-19 pandemic on the entire globe, including banks and financial institutions. They also praised the contribution of all the Group’s subsidiary Units towards achieving these results, which enhances the confidence in the future performance of the Group, based on diversity of products, depth of knowledge and commitment to the highest professional and ethical standards.
Shaikh Abdulla Saleh Kamel, Chairman of Al Baraka Banking Group and all members of the Board of Directors expressed their sincere thanks to the Ministry of Industry, Commerce and Tourism, Central Bank of Bahrain, Bahrain Bourse and Nasdaq Dubai for the cooperation and assistance they extended to the Group since it was established. They also extended their thanks to all central banks in the countries in which Group’s banks operate and to all investors and customers for their continuing support. The Board also thanked all the employees for their hard work, dedication and loyalty.