Qatar, Doha, June 6 2017,Qatar Fuel (WOQOD) held its Postponed Extra Ordinary General Assembly meeting, Chaired by Mr. Ahmed Saif Al-Sulaiti, Chairman of the Board of Directors, where certain provisions of the company Articles of Associations have been amended in line with the recent legal and substantive developments witnessed by the company, including requisites of Corporate Governance System, The following amendments has been approved:
- Exempting the state of Qatar, Qatar Foundation for Education, Science and Community Development, Qatar Investment Authority and Qatar Holding Company from the requirement for maximum limit of company shares ownership at 0.000333 of the share capital, currently equaling (33.140) shares.
- Increasing the membership of the Board of Directors from 7 members to 9 members, by giving the National Retirement & Social Insurance Fund the right to appoint 2 more Board members, maintaining Qatar Petroleum right to appoint 3 members including the Chairman and the Vice Chairman, and also the General Assembly right to elect 4 members.
- The amendments comprised a change in the mechanism for issuing resolutions in the Extra Ordinary General Assembly, where such mechanism has been unified to allow for the endorsement of the resolutions by simple majority instead of the 66% majority of the members present.
- The timings for holding the two alternate Extra Ordinary General Assembly meetings have been amended, whereupon, the second meeting will be within 30 days from the date of the first meeting, and the third (last) meeting will be after 30 days from the date of the second meeting.
- Amending Company Article of Associations by adding a new sub - article providing that Board Resolution by Circulation when duly signed by Board members is deemed as if it has been taken in a formally convened meeting.
- Finally, Mr. Al-Muhannadi, CEO, pointed out that the amendments included rectification of the name of the entity representing the General Retirement & Social Insurance Authority to be the "Civil & Military Funds" of the General Retirement and Social Insurance Authority.
