The Board of Directors of Al Batinah Power Company SAOG (the “Company”) has the pleasure to invite the respected shareholders to attend the Ordinary Annual General Meeting (“AGM”) of the Company to be held on Thursday, 23 March 2017 at the Capital Market Authority Meeting Hall, situated at Ruwi, Sultanate of Oman, at 5:00 pm, to discuss the following agenda:
To consider and approve the Board of Directors’ report for the financial year ended 31 December 2016.
To consider and approve the Corporate Governance Report for the financial year ended 31 December 2016.
To consider Auditors’ Report and to approve the financial statements (balance sheet and income statement) for the financial year ended 31 December 2016.
To notify the General Meeting of the related party transactions during the financial year ended 31 December 2016.
To consider and approve the proposed transactions and contracts with related parties during the financial year ending 31 December 2017.
To authorize the Board of Directors’ to determine and distribute cash dividends to the Shareholders of the Company in May/June 2017 and November/December 2017 out of the retained earnings as per the audited financial statements for the financial year ended 31 December 2016, provided that the aggregate amount shall not exceed 9% of the paid up share capital of the Company (i.e., 9 Baizas per share).
To ratify the sitting fees paid to directors for the Board meetings and Audit Committee meetings held during the financial year ended on 31 December 2016, approve the proposed sitting fees for Nomination & Remuneration Committee members for the financial year ended 31 December 2016, and determine the proposed sitting fees payable to directors for Board meetings, Audit Committee meetings, and Nomination & Remuneration Committee meetings for the financial year ending 31 December 2017.
To consider and approve the distribution of the proposed remuneration for the Board members of a sum of RO 16,800 for the financial year ended 31 December 2016.
To notify the meeting with the donations made by the Company on the account of corporate social responsibility during the financial year ended 31 December 2016.
To consider and approve the allocation of an amount of RO 20,000 during the financial year ending 31 December 2017 as corporate social responsibility initiative.
To consider and approve that a director of the Company is allowed to participate in the management of another company which is conducting business competitive to the business of the Company.
To approve the criteria to appraise the performance of the Board of Directors.
To appoint an independent consultant to carry out annual appraisal for the performance of the Board of Directors during the financial year ending 31 December 2017 and determine its fee.
To approve the appointment of Statutory Auditors for the financial year ending 31 December 2017 and determine their remuneration.
According to the Articles of Association of the Company the Shareholders have the right to nominate a proxy to attend and vote on their behalf on decisions/resolutions of the meeting, such proxy must be on the proxy form attached to this agenda and notice. The natural shareholder shall enclose a copy of the ID card, or the passport copy for females and minors who don’t have an ID card, residence card or passport copy for non-Omanis along with the proxy form. The juristic shareholder’s proxy must be signed by an authorized signatory and sealed with entity’s stamp, and should be submitted along with a commercial registration certificate and the authorized signatories list.
Respected shareholders are requested to attend at the AGM venue half an hour before the meeting.
For further information, please contact Mr. So Murakami on telephone no.(+968)24393300.