CmaBoardReleases
Title: Circular No. (01) of 2024 to All Listed Companies in the Main Market Regarding Providing the Electronic System of Participation in General Assemblies
In reference to Circular No. (10) of 2022 to All Listed Companies in the Premier Market in Boursa Kuwait Regarding Providing the Electronic System of Participation, and to Circular No. (03) of 2023 Regarding the Impact of Official Holidays on the Specified Time Periods of Resolution No. (139) of 2022 , and pursuant to Article (1-11) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments, which stipulates the following:
“Listed Companies may use the electronic system to attend the general assemblies.
In order to achieve its objectives, especially within the context of protecting minority interests, the Authority may obligate whomever it deems appropriate from the Listed Companies to use the Electronic System of Participation.
In all cases, the right to attend and vote through the electronic system is for the shareholders registered in the company’s registries at the end of the tenth Business Day preceding the date of the general assembly.”
To expand the scope of using the electronic system for attendance and participation in general assemblies, the CMA calls on all companies listed in Boursa Kuwait within the main market to commit to providing the electronic system for participation in general assemblies, starting from the assemblies whose right to attend falls after 02/03/2024. It is also necessary adhere to the associated procedures according to the Executive Bylaws of the Capital Markets Authority and the policies and procedures manual for general assemblies through electronic systems issued by Kuwait Clearing Company. This is in addition to the existing requirement of companies listed on the Premier Market in accordance with Circular No. (10) of 2022 mentioned above.
The CMA advices all the companies that intend to hold their general assemblies during the upcoming period to encourage and facilitate the participation of their shareholders in the general assemblies, considering the activation and protection of their rights, mainly the minority shareholders, provided by this system. In addition, companies can communicate and coordinate with the relevant team at the CMA in case of any inquiries through the following email address: mrd@cma.gov.kw.
Prof. Ahmad Almelhem
Issued on: 17/01/2024
We use cookies to ensure you get the best experience on our website.