Annual report eng.2019

OF ACHIEVEMENTS Eighth Rule Observing Shareholders’ Rights •Protection of the general rights of shareholders to ensure justice and equality among all shareholders The implementation of the governance rules achieves balance between the Company’s objectives and the objectives of its shareholders, protects the rights of shareholders and establishes justice and equality among them. The Company treats all shareholders equally without any discrimination. Under no condition the Company conceals any information or any of the shareholders’ rights. In this respect, the Company complies with all the provisions of the law and executive regulation, as well as the instructions and regulatory conditions. Further, the Company’s articles of association and the corporate governance framework approved by the board of directors, its internal regulations, procedures and controls required to ensure that all the shareholders exercise their rights to achieve justice and equality, in a manner which does not contradict with the applicable laws and regulations, decrees and instructions issued in this respect. Among the gen- eral rights of shareholders guaranteed by the Company are the following: - Register the value of the shareholders’ equity in the Company’s records. - The shareholders’ right to transact with the shares including the registration of ownership, its transfer and/or assignment. - The right of shareholders to obtain the determined share in the profits distributions. - The right of shareholders to obtain a share of the Company assets in the event of liquidation. - The right of shareholders to obtain the data and information concerned with the Company activity, operational and investment strategy in a regular and convenient manner. - The right of shareholders to access the shareholders’ register. - The right of shareholders to participate in the meetings of the general assembly of shareholders and voting on its decrees. - The right of shareholders to elect members of the board of directors. - The right of shareholders to control the Company’s performance generally and the board of directors’ operations in particular. - The right of shareholders to call into account members of the Company board of directors or executive management, in the event they fail to perform the tasks entrusted to them. •Taking into consideration precision and continuous follow up of the shareholders’ data - For the purpose of continuous follow up of all matters related to the shareholders’ details, the Company keeps a register kept with the clearing agency, in which the names of shareholders, their nationalities, domicile and the number of shares owned by each one of them are recorded. The shareholders’ register is marked with any changes on the details recorded therein according to the details received by the Company or clearing agency. Every concerned party may request the Company or clearing agency to furnish it with details from this register. - The details set forth in the Company shareholders’ register are dealt with the maximum degrees of protection and confidentiality, in a manner which does not contradict with the law and executive regulation and the instructions and regulatory controls issued by the Authority. • Encourage shareholders to participate and vote in the Company general assembly meetings. The Company regulates a mechanism of participation in the shareholders general assembly meetings, whereby it takes the following into consideration upon organizing the general meetings of shareholders: - Address the invitation to shareholders to attend the general assembly meeting, comprising the agenda, time, and venue of organizing the meeting, through announcement according to the mechanism outlined in the executive regulation of the Companies Law. - The Company illustrates and indicates to shareholders that the shareholder is entitled to authorize another person to attend the general assembly meeting according to a particular power of attorney or authorization prepared by the clear- ing agency for this purpose. - The Company permits shareholders before convening the general assembly meeting by a sufficient time to obtain all the information and details relevant to the agenda items to enable shareholders to take their decisions properly.