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CMA LAW: Circular No. (12) of 2019 to All Licensed Persons and Companies Listed in Boursa Kuwait Regarding Holding the Annual Ordinary General Assembly Following the End of the Financial Year
Date Publish
05 September 2019
Chairman of the Board of Directors
Greetings,
With reference to the subject above, and within the framework of the Capital Markets Authority in regulating securities activities and ensuring compliance with the laws and regulations, including regulating the work of licensed persons and listed companies, especially implementing Clause (7) of Article (1-18) of Module Five (Securities Activities and Registered Persons), and Clause (d) of Article (1-15) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments.
CMA draws the attention of all licensed persons and listed companies that it is necessary for the licensed unlisted company to hold its annual ordinary general assembly following the end of the financial year within two months from the date of providing the Authority with its annual audited financial statements, and it shall be quorate in order to take decisions regarding its agenda. Companies listed in Boursa Kuwait shall hold their annual ordinary general assembly following the end of the financial year within two months from the disclosure date of its audited annual financial statements, and it shall be quorate in order to take decisions regarding its agenda. Not complying with the above mentioned will result in holding the Company’s Board of Directors accountable.
Prof. Ahmad A. Al-Melhem
Issued on: 05/09/2019
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