• • Results of the Board Of Directors meeting for the period ending from 30 September 2022

Board of Directors roles and responsibilities

The Board of Directors of the Company shall establish and approve the Company's vision, mission and objectives, work on the formulation of general policies and strategies, and impose appropriate control procedures to ensure the rights of shareholders and all related parties. The Company shall select, appoint, supervise and control the management of the Company.
Rights of Shareholders and Stakeholders:
Shareholder: Any natural or legal person who owns one or more shares of the Commercial Facilities Company shall be called.
Stakeholder: Any person or entity that has a relationship with a Commercial Facilities Company is known as a "stake holder". Among the stakeholders with the Company are shareholders, creditors, customers, suppliers and other related parties, except for the external auditors.
  • Protect the rights of all shareholders, as well as the interests of various stakeholders of Commercial Facilities in the Company's rights to provide accurate information in a timely manner.
  • Encourage shareholders to participate actively in the meetings of the General Assembly and give them their rights in accordance with the regulations and the relevant laws.
  • Encourage stakeholders to participate actively in the follow-up of the company's activities.
  • Provide disclosures to shareholders and regulatory authorities as scheduled and depending on the requirements issued by various regulatory bodies and relevant laws.
  • Provide appropriate ways that enable shareholders and stakeholders to report cases of infringement of their rights while taking corrective and legal procedures necessary with appropriate protection of the parties that are reporting.
Shareholder rights:

Subject to the provisions of the Commercial Companies Law, the Capital Market Authority Law, the Executive Regulations and their amendments, all classes of shareholders shall enjoy equal rights and are subject to one's obligations in a manner that does not harm the interests of the Company or conflicts with the relevant laws and regulations and these include:

  • Consideration and participation in the amendment of the Memorandum of Association and the system.
  • Participate in the general assemblies and make observations, recommendations and reservations in the performance of the Company.
  • To appoint other persons to attend the meetings of the General Assembly under a special power of attorney.
  • To vote in the elections of members of the Board of Directors and run for membership of the Board of Directors in accordance with the rules and mechanisms governing this.
  • Obtaining the necessary information and reports to assist in making investment decisions.
  • Earned profits and bonus shares to be distributed.
  • Registering the ownership of the shareholders in the Company's records.
  • Freedom of action in the stock buy / sell / transfer.
  • Acquire a share of the Company's assets in case of liquidation and after the fulfillment of the obligations.
  • Hold members of the Board of Directors and Executive Management accountable in the event of failure to perform their duties in the Company
Stakeholder rights:
  • Equality and non-discrimination in transactions parties to the stakeholders of the Company and not obtaining any advantage by dealing in contracts and deals within the Company's activities.
  • Access to information and data related to their activities so that they can be relied upon in different transactions with them.
  • The company is committed to maintaining the confidentiality of data and information related to stakeholders.
  • The Company receives complaints of stakeholders by e-mail or letters that are presented to the owner and the complaint is handled within the framework of the obligations of the two parties in order to preserve the rights of the Company and the owner of interest to the e-mail (Complaints@cfc-kw.com).
  • Transactions and agreements with stakeholders shall be in accordance with the internal policies and procedures adopted by the Company.
  • Contracts and agreements between stakeholders and the Company shall include the procedures that will be followed in the event of breach of its obligations by any party as well as mechanisms for payment of damages in case of violation of the rights of the stakeholders in accordance with the laws in force in the State of Kuwait and establish good relationship with customers and suppliers
Role of the Board of Directors:
  • The Board of Directors shall bear full responsibility for protection of the legitimate rights of shareholders and stakeholders by following prudent management practices and ensuring the soundness of the Company’s financial position.
  • Ensure that the internal policies, procedures and regulations of the Company respect the rights of shareholders and stakeholders in accordance with the laws, regulations and instructions issued by the relevant regulatory bodies and correct any violations of their rights.
  • All categories of shareholders and stakeholders are dealt with without any preferential conditions.
  • Ensure the efficiency and effectiveness of the Company's performance in order to preserve the rights of shareholders and stakeholders in the long term.
  • Ensure the risks that may affect the Company's business, especially shareholders and stakeholders, have been identified and managed.
  • To encourage shareholders to participate actively in the meetings of the General Assembly and following the call for the meeting and the rules of voting mechanisms in accordance with the instructions governing it.
    • Encourage cooperation between the Company and stakeholders in many areas where contributions are an important resource for building the Company's competitiveness.
  • Ensure that data on shareholders and stakeholders is accurate, updated periodically and handled to the highest degree of protection and confidentiality.
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