Disclosure: Resolutions of the Annual Ordinary General Meeting
Sohar Power Company SAOG is pleased to inform the Muscat Securities Market and the investors’ community on the resolutions adopted in the AOGM held on 29 March 2017 at Bahla and Nizwa Hall at Muscat Intercontinental Hotel in Muscat:
- The Board of Director’s Report for the financial year ended 31 December 2016 was approved.
- The Corporate Governance Report for the financial year ended 31 December 2016 was approved.
- The Auditors’ Report and the financial statements (balance sheet and profit and loss account) for the financial year ended 31 December 2016 were approved with CMA reservation.
- The transactions and contracts entered into with the related parties during the financial year ended 31 December 2016 were notified.
- The shareholders approved the proposed transactions and contracts with related parties during the financial year ending 31 December 2017.
- The Shareholders were notified of the donations made by the Company on account of corporate social responsibility during the financial year ended 31 December 2016.
- The Board of Directors' recommendation to allocate up to OMR 40,000 (OMR Forty thousand) for Corporate Social Responsibility activities for the year ending 31 December 2017 was approved.
- The criteria to appraise the Company's Board of Directors were approved.
- Capital Advantage were appointed as Independent Firm to appraise the performance of the Company's Board of Directors and its members for the financial year ending 31 December 2017 for fees of OMR 4,235 .
- The AOGM approved for the member of the Board of Directors Mr. Navneet Kasbekar to participate in the management of another company conducting competitive business to the business of the Company.
- KPMG were appointed as Statutory Auditors for the financial year ending 31 December 2017 for fees of OMR 11,500 ( OMR Eleven Thousand Five Hundred).
- Ms. Gunay Demir was elected as member in the Board of Directors.