Title: Press Release: Correction of Resolution No. (104) of 2024 Regarding The Development of the Mechanism of Participation in the General Assemblies of Companies Listed on Boursa Kuwait Securities Exchange (Second Phase)

Kuwait, 22 December 2024 – Based on the Capital Markets Authority’s (CMA) role in ensuring the sound implementation of Resolution No. (104) of 2024 Regarding The Development of the Mechanism of Participation in the General Assemblies of Companies Listed on Boursa Kuwait Securities Exchange (Second Phase).

Following the implementation of the aforementioned Resolution for general assemblies where the date of the right to attend falls after 31/10/2024, and in coordination and follow-up with the concerned parties and companies listed on Boursa Kuwait Securities Exchange, the CMA has issued Resolution No. (00) of 2024 regarding Correction of Resolution No. (104) of 2024 Regarding The Development of the Mechanism of Participation in the General Assemblies of Companies Listed on Boursa Kuwait Securities Exchange issued on 18/08/2024 by changing the definition of “Date of the Right to Attend the General Assembly” and postponing it to the following business day in the event that this day falls on a holiday or official day off. The definition after amendment will become as follows:

“the date specified for the purpose of identifying the shareholders registered in the registry of the Listed Company’s shareholders held with the Clearing Agency, and who have the right to attend and participate in the company’s general assembly, as well as any postponed general assembly, provided that such date shall be the   tenth day prior to the date of the general assembly.

In the event that this day falls on a holiday or official day off, the following Business Day shall be considered.”

*An illustrative example of the aforementioned definition is attached.

In conclusion, the CMA continuously works on updating and developing the provisions of the Executive Bylaws with regard to listed companies, which aims to protect markets’ traders and investors and enable minority shareholders to practice their rights in taking decisions relevant to the company.

Ends-
Notes to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the CMA shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance regulations, and protect investors from unfair practices which violate the CMA's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.
For further information, please contact:
Public Relations & Media Office
Tel: 1888898
Email: pr-media@cma.gov.kw