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Executive Bylaws - CMA

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Executive Bylaws

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9-10 Mechanism of Voting in Shareholders’ General Assembly Of Module Fifteen: Corporate Governance
Section: Chapter Nine: Rule VIII: Respect the Rights of Shareholders
  • Wednesday, 15 February 2017

    The company shall allow all shareholders to exercise the right of voting without placing any obstacles preventing such voting, as voting shall be an important right for shareholders and it shall not be cancelled under any circumstances. The company shall ensure that all shareholders exercise such rights through the following: 1. Shareholders shall exercise the right of voting granted thereto with equal treatment by the company. 2. Shareholders shall vote as principal or by proxy, with providing shareholders with the same rights and duties, whether as principal or by proxy. 3. Shareholder shall be informed with all the standards that govern the voting process. 4. Provide all information related to voting rights for current shareholders and potential investors and ensure availability of information for all shareholders. 5. All shareholders owning the same type of Shares shall be entitled to vote on any changes related to the rights of shareholders through a call for holding the shareholders’ general assembly. 6. Vote to elect Members of a Board of Directors in the general assembly through mechanisms set forth by the company memorandum of association and articles of association and in context of those set forth in the Companies Law and its Executive Bylaws, with taking into consideration the permission included in the Companies Law to adopt the Accumulative Voting system in this regard, considering this one of the governance best practice. In addition, it is necessary to develop a mechanism providing a brief introduction of candidates for the Members of a Board of Directors before voting. This will give shareholders a clear concept of the professional and technical skills of candidates and other experience and qualifications thereof. 7. All categories of shareholders shall have an opportunity to hold the Board of Directors accountable for the roles entrusted thereto. 8. No fees shall be charged for attendance by any category of shareholders to the general assembly and no preferential advantage shall be exclusively granted to any category of shareholders.

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