As part of its efforts to enhance investor awareness and educate investors about their rights, the Securities and Commodities Authority (SCA), in collaboration with the Ajman Chamber of Commerce and Industry (ACCI), held a seminar to raise awareness of shareholders rights in relation to general meetings of public joint-stock companies.
Held in Fairmont Ajman Hotel, the seminar comes as part of the efforts to put into effect the terms of the MoU signed between the two parties this March, to develop a joint regulatory framework that supports domestic development, and to lay the foundations for a strategic partnership that ensures more protection to investors.
Among the participants in the seminar were Mohammed Al Noukhatha, Head of International Relations and Organizations; Ali Al Abdouli, Awareness and Financial Inclusion Section Head; Ahmed Khalifa Al Muwaiji, Director of Legal Services at ACCI; and a number of government officials, representatives from law firms, financial auditors, and law students.
The seminar, delivered by Dr. Yousef Al Tal, a senior legal specialist at SCA, addressed key matters pertinent to the rights of shareholders in relation to general meetings of public joint-stock companies, including the right to attend the meetings, the appointment of proxies, proxy appointment conditions, who can attend the meeting, and who calls the meeting. Dr. Al Tal went on to acquaint the participants with the cases in which SCA requires the general meeting to be called, the methods in which the notice is delivered, the required quorum, and who presides over the meeting.
Dr. Al Tal talked about the powers of the general meeting and the matters not listed on the agenda. He highlighted shareholders right to discuss the agenda, to vote on resolutions, and to examine the minutes of the meeting. He also defined special resolutions, saying that they are resolutions that require to be passed no less than a three-fourths majority of the shareholders present at the meeting.
The lecturer pointed to the importance of notifying SCA, the financial market, and the local competent authority of the resolutions passed at the meeting. He highlighted matters relating to the election of members to the board and the cases in which SCA appoints interim board members.