Annual General Meeting (AGM) and Extraordinary General Meeting (EGM)
A general meeting is a meeting of the shareholders of United Arab Bank (“UAB” or “the Bank”) and is the supreme governing body of the Bank. The Articles of Association of the Bank (Section V) provides the statutory framework for the calling and the conduct of general meetings.
There are two types of general meetings: the Annual General Meeting (AGM) and the Extraordinary General Meeting (EGM).
Annual General Meeting
The AGM is held during the first four months of the year. The usual business of an AGM is as follows:
- To receive the end of year financial statements and the Board of Directors’ report and External Auditor’s Report
- To consider and approve the proposal of the Board of Directors regarding the distribution of cash dividends
- To absolve the Board members and the external auditors from any liability for the previous year
- To consider and approve the Directors’ Remuneration
- To appoint the External Auditors for the next financial year
- To elect the Board of Directors
Extraordinary General Meeting
An EGM is any meeting that is called to take decisions on items other than those falling under the remit of the AGM. The statutory framework for the calling, conduct and remit of the EGM is stipulated under the Articles of Association of the Bank.