Vodafone Qatar held its Ordinary and Extraordinary General Assembly Meetings virtually on Monday, chaired by Vodafone Qatar’s Chairman Abdulla bin Nasser Al Misnad.
Vodafone Qatar exceeded the quorum of shareholders necessary for meetings to take place.
The outcome of the Ordinary General Assembly Meeting was the approval of all resolutions on the agenda including the Board of Directors proposal to distribute a cash dividend of 6 percent of the nominal share valu (QR0.06 per share).
Under the supervision of Ministry of Commerce and Industry representatives, the election of three Independent members — Abdulla Nasser Al Misnad, Akbar Al Baker and Sheikh Hamad bin Faisal Thani Jassim Al Thani — to the Board of Directors took place, for a term of three years starting in 2022 and ending in 2024. The remaining four Board members — Rashid Fahad Al Naimi, Sheikh Saoud Abdul Rahman Hassan Al Thani, Nasser Jaralla Al Marri and Nasser Hassan Al Naimi — were appointed previously by Vodafone and Qatar Foundation LLC pursuant to Article 29.1 of Vodafone Qatar’s Articles of Association.
The meeting also covered the Board of Director’s report detailing the Company’s activities and its financial position for the financial year ended 31 December 2021.
The shareholders reviewed and endorsed the external auditor’s report on the Company’s Accounts for the financial year ended 31 December 2021 and the external auditor’s reports on the Company’s Corporate Governance and Internal Control over Financial Reporting. It was also approved unanimously that KPMG be re-appointed the Company’s auditors for the financial year 2022, in addition to approving their fees.
The shareholders approved the financial statements of the Company for the financial year ended 31 December 2021 and the Corporate Governance Report of the Company for 2021. Moreover, there was unanimous agreement to discharge the members of the Board from all liabilities and approve their remuneration.
Addressing the shareholders, Abdulla bin Nasser Al Misnad said, “Vodafone Qatar started the year with many investments to enhance and expand its various networks. These developments allowed us to better support all of our customers across Qatar, benefitting both consumers and businesses alike. With the notable progress we made in the services and products offered to both our consumer and corporate clients, we now find ourselves in the right position to explore new horizons for supporting the various social segments and corporate sector of the State of Qatar, by proactively accelerating and promoting the process of Digital Transformation.”
In 2021, the company reported an annual net profit of QR327 million, a 76.9 percent increase compared to the previous year mainly driven by EBITDA growth, despite the impact of COVID-19. Total revenue for the year increased by 14.8 percent year-on-year to reach QR2.5 billion due to continued growth in the company’s postpaid, fixed broadband services, managed services and equipment and related services.”
The outcome of the Extraordinary General Assembly Meeting, subject to obtaining all relevant regulatory approvals, was the approval of the proposed changes to the Company’s Articles of Association in accordance with the Law No. (8) of 2021 amending certain provisions of the Qatar Commercial Companies Law No. (11) of 2015.
Finally, the shareholders authorised the Chairman of the Board and/or the Vice Chairman to sign the amended Articles of Association and to complete the required formalities in this regard, provided that the Chairman of the Board and/or the Vice Chairman shall be entitled to delegate this right to any member of the Board and/ or the CEO of the Company and to allow authorised persons to assign this task to the Company’s employees as they deem appropriate.