Commercial Bank of Dubai: A Closer Look at the Recent Proxy Voting Announcement
In this article, we delve into the recent press release by the Commercial Bank of Dubai (CBD) regarding the approval of agencies for proxy voting, and explore the implications of this decision for shareholders. We also provide an optimistic outlook for the future of the company.
Summary
Commercial Bank of Dubai recently released a statement clarifying its stance on proxy voting, allowing shareholders to delegate voting rights to non-board members. This decision, in line with Article 40 of the Corporate Governance Manual, opens up new possibilities for shareholder participation. Coupled with CBD's solid financial performance, this decision paints an optimistic future for the company.
Source
Summary
The text is a clarification disclosure regarding the approval of agencies according to Clauses 1 & 2 of Article 40 of the Corporate Governance Manual. It informs shareholders that they have the right to delegate someone other than Board members, staff, or securities brokerage company employees to attend the general assembly and vote on their behalf. The delegated person cannot represent more than 5% of the company's issued capital. Incompetent persons must be represented by their legal representatives. The shareholder's signature on the power of attorney should be approved by entities such as a Notary Public, commercial chamber of economic department in the state, a bank or company licensed in the state, or any other entity licensed to perform attestation works. The proxy form must include the shareholder's name and contact number(s), and the brokerage firm or the authority that approved the proxy.
Summary
The Board of Directors of the Commercial Bank of Dubai (PSC) has invited all shareholders to attend the Annual General Assembly Meeting on Wednesday, March 6, 2024. The meeting will be held at the bank's Head Office in Dubai and will include discussions and approvals of various reports and financial statements for the year ending December 31, 2023. The board will also consider a recommendation for a cash dividend distribution equivalent to 50% of the net profit for 2023, amounting to 44.38% of the paid-up capital as of December 31, 2023, totaling AED 1,324,828,187.
