Al Wathba National Insurance Co.

On 23rd April 2024, Al Wathba National Insurance Company (PJSC) held a meeting from 12 PM to 12.45 PM at The St. Regis Dhabi, with electronic participation available. The meeting was chaired by Vice Chairman Mr. Rashed Darwish AlKetbi and had a quorum of 87.44%. The General Assembly approved several decisions including the appointment of the meeting secretary and vote collector, the Board of Directors' report on the company's activities and financial position for the fiscal year ended on 31/12/2023, the Auditors' report for the same period, the balance sheet and P&L accounts for the fiscal year ended on 31/12/2023, a 25% cash dividend distribution from the company's capital amounting to AED 51,750,000 (AED 0.25 per share), and a suggested remuneration for the Board of Directors amounting to AED 4.5 M.

On 23rd April 2024, Al Wathba National Insurance Company (PJSC) held a meeting from 12 PM to 12.45 PM. The meeting was chaired by the Vice Chairman, Mr. Rashed Darwish AlKetbi, and had a quorum of 87.44%. The attendees participated both in person and through electronic voting. The General Assembly approved all decisions and resolutions, including the appointment of the meeting secretary and the vote collector. They also approved the Board of Directors' report on the company's activities and financial position for the fiscal year ended 31/12/2023, the Auditors' report, and the balance sheet and P&L accounts for the same period. The Board's recommendation for a 25% cash dividend distribution from the company's capital, amounting to AED 51,750,000 (AED 0.25 per share), was also approved. The proposed AED 4.5 M remuneration for the Board of Directors was reviewed.

On April 23, 2024, Al Wathba National Insurance Company (PJSC) held a meeting chaired by Vice Chairman Mr. Rashed Darwish AlKetbi. The meeting, which took place at The St. Regis Dhabi and remotely, started at 12 PM and ended at 12.45 PM. The quorum was 87.44% of total attendance, including personal attendance, proxies, and electronic voting. The General Assembly approved decisions including the appointment of the meeting secretary and vote collector, approval of the Board of Directors' report and Auditors' report for the fiscal year ended on 31/12/2023, approval of the balance sheet and P&L accounts for the same period, the distribution of 25% cash dividends from the company’s capital amounting AED 51,750,000, and the proposed remuneration for the Board of Directors amounting AED 4.5 M.

On 23/04/2024, Al Wathba National Insurance Company (PJSC) held a board meeting with 8 members in attendance, achieving an 89% quorum. The board reviewed and approved the minutes of the previous meeting, discussed the results of the 2023 general assembly meeting, and elected the Chairman and Vice Chairman of the Board of Directors. The members also appointed board committee members and reviewed and approved updates to the company's policies, including the Board Remuneration and Its Committees. The renewal of authorizations granted by the Board of Directors to the Executive Management was approved, and other operational matters relating to the company's activities were discussed. The meeting began at 01:00 PM and ended at 02:00 PM.

On 18th April 2024, a letter was sent from the Disclosures and Compliance Section of the Market Operations Surveillance Department in Abu Dhabi, UAE. The letter was regarding the list of candidates for the membership of directors of Al Wathba National Insurance. It was noted that the nomination period for membership applications had ended and the names of the nominees were attached. It was also mentioned that the list of candidates is subject to the approval of the Central Bank of the United Arab Emirates. The letter was signed by Muralikrishnan R, the Acting General Manager. A copy of the letter was also sent to Dr. Maryam Al Suwaidi, the Chief Executive Officer of the Securities & Commodities Authority in Abu Dhabi, UAE.

The Board of Directors of Al Wathba National Insurance Company (PJSC) will convene for meeting number 03/2024 on 23rd April 2024. The agenda includes the approval of previous meeting minutes, discussion of 2023 general assembly meeting results, election or re-election of the Chairman and Vice Chairman of the Board, appointment or reappointment of sub-board committee members, review and approval of company policy updates, renewal of authorizations for the Executive Management, and discussion of general matters related to the company's operations and projects.

Resolution No. (358) of 2024 announces the temporary suspension of trading on the shares of Al Wathba National Insurance Co. This decision is made in accordance with Article No. (16) of the Regulations Concerning the Listing of Securities on ADX. The suspension is due to coincide with the company's AGM, which is scheduled for 12:00 on 23-Apr-2024, a time that overlaps with the trading session at ADX. As a result, trading in AWNIC shares will be halted from 09:00 on 23-Apr-2024 until ADX receives the AGM results. The resolution instructs all heads of departments in ADX to execute this resolution in their respective fields and circulate it to SCA, the concerned company, all departments at ADX, and all brokers accredited by ADX. The resolution has been approved by the authorized person and was issued on 03/04/2024.

The proposed amendments to the basic system of Al Wathba National Insurance Company P.S.C. are due to Federal Decree-Law No. (32) of 2021 regarding commercial companies, which replaced Federal Law No. (2) of 2015, and Federal Decree-Law No. (48) of 2023 regarding the regulation of insurance business, which replaced Federal Law No. (6) of 2007. These laws required public joint-stock companies to modify their basic systems to comply with their provisions. On April 23, 2024, the company's general assembly agreed to amend the provisions of the company's basic system to comply with the Federal Law No. (32) of 2021 and its amendments regarding commercial companies. Definitions were also amended, including the term "related parties", which now refers to the chairman, board members, their relatives, and top executive management of the company, among others. The term "executive board member" refers to a member who holds a position or receives a monthly or annual salary from the company, while a "non-executive board member" has no administrative responsibilities within the company.