This is to inform that the Annual General Meeting of OIFC shareholders was held on Thursday, the 26th June 2014 at 03.30 PM at the “Businessman Hall”, Muscat Securities Market Building & CMA. The Quorum at the meeting was 59.4 % and the important resolutions adopted at the meeting are as under:
1. The Board of Directors’ report for the financial year ended 31.03.2014 was approved.
2. The Corporate Governance Report for the financial year ended 31.03.2014 was approved.
3. The Auditor’s report and the Company’s balance sheet and profit and loss account for the period ended 31.03.14 were approved
4. Cash Dividend of 25% of the Capital, equal to 25 Baizas per share for the period ended 31st March 2014, was approved.
5. Payment of sitting fees for the Board and sub committees for the past year and sitting fees proposed for the coming financial year ending on 31.03.2015 were approved.
6. Directors’ remuneration of RO. 168,500/- for the financial year ended 31.03.201 4was approved.
7. Related Party transactions made during the financial year ended 31.03.2014 were approved.
8. Proposed related party transactions for the financial year ending on 31.03.2015 were approved.
9. Amount spent on donations for the financial year ending 31.03.2014 was approved.
10. A sum of RO. 25,000/- for donations for the financial year ending 31.03.2015 was approved.
11. Messrs. PriceWaterHouseCoopers (PWC) was appointed as the External Auditors for the financial year ending 31.03.2015, and their fees were approved.
12. The following members were elected to the Board of Directors for a period of three years:
- Mr. Ahmed Hamed Al Subhi (Independent)
- Shaikh Salah Hilal Al Maawali (Independent)
- Mr. Tariq Abdul Hafidh Al Ujaili (Non-Independent)
- Mr. Majid Sultan Al Toky (Independent)
- Mr. Faiz Ahmed Khan (Non-Independent)
- Mr. Deepak Atal (Independent)
- Mr. Said Ahmed Safrar (Independent)