Commercial Bank of Kuwait holds its Annual Ordinary & Extraordinary General Assembly Meetings
Commercial Bank of Kuwait held its Annual Ordinary & Extraordinary General Assembly Meetings for the Year ended 31 December 2020 with presence representing 90.46 % of shareholders. The Shareholders at the General Assembly Meetings approved all the items on the agenda as well as the distribution of treasury shares as bonus shares at 3% of the outstanding shares.
The Chairman of the Bank’s Board of Directors Sheikh/ Ahmad Duaij Al-Sabah started the meeting welcoming the shareholders and attendees. He presented the key achievements of Al-Tijari as at the end of the Financial Year 2020, the Year marking the 60th Anniversary of the incorporation of the Commercial Bank of Kuwait, the second oldest Kuwaiti bank.
The Chairman further noted that the Bank demonstrated its solid and resilience in encountering the challenges during the past year. The Bank not only maintained non-performing loans at Zero % for the third year in row but also enjoyed robust capital and liquidity positions. “No financial penalties were imposed by the Central Bank of Kuwait on Al-Tijari during the Financial Year ended 31 December 2020” added, Sheikh/ Ahmad Al-Sabah.
The shareholders at the Annual General Assembly Meetings have elected members of the Board of Directors until 30 June 2022 consisting of 11 members, including two independent members. Al-Tijari is the first local bank to apply the cumulative voting mechanism that enhances minority shareholders’ opportunities for being represented in the Board of Directors.