Shareholders of Al Baraka Banking Group (ABG) have approved the board of directors’ recommendation to transfer $14,311,590 (10 per cent of the net income) to the statutory reserve, allocate $609,589 as zakat on behalf of all shareholders and to transfer $128,804,312 to the retained earnings.
The announcement follows annual and extraordinary general meetings (EGM) yesterday held via e-AGM audiovisual communication technology with a quorum of 76.11 per cent.
Led by vice-chairman Mohammed Alshoroogi, the meeting was held in the presence of the group chief executive Houssem Amor, as well as the board of directors and executive management, with the participation of shareholders, representatives of the Sharia Supervisory Board (SSB), the external auditors, and supervisory authorities (CBB and MOIC).
The board of directors’ report on the bank’s business activities for the year ended 31 December 2022, the Sharia Supervisory Board (SSB) and external auditors’ reports were discussed and approved.
The shareholders approved the consolidated financial statements for 2022 and the related parties’ transactions as stated in note No. (26) of the financial statements, which aligns with the Article No. 189 of the Commercial Companies Law.
They also viewed the Corporate Governance report for 2022, alongside the bank’s compliance with other requirements of the Central Bank of Bahrain (CBB).
Shareholders approved the disbursement of $1.5m as remuneration to the board members for 2022.
They also approved the aggregate benefits and remuneration of $105,000 to the members of the Unified Sharia Supervisory Board for 2022.
The election of 12 members out of 13 to the group board of directors for a new term of three years from the date of election (March 2023-March 2026).
They also approved the appointment of the group’s CEO as the 13th member; subject to the approval of the Central Bank of Bahrain, (the CEOs appointment at the board as an ‘executive member’ based on his capacity as CEO and is according to the Article No. 24 of the group’s articles of association).
The general assembly also approved the appointment of the Unified Sharia Supervisory Board for a new term of three years (2023-2026) from the date of appointment based on the recommendation of the board of directors.
It also approved authorising and empowering the board to determine the aggregate annual benefits and remuneration for the members of the Unified Sharia Supervisory Board.
Mr Alshroogi thanked all the employees for their hard work, dedication and loyalty that contributed to the group’s results and performance in 2022.
&uuid=(email))