29.1.1 Shareholders should have the opportunity to participate effectively and vote in general shareholder meetings and should be informed of the rules, including voting procedures that govern general shareholder meetings includes:
A- Shareholders will be furnished with sufficient and timely information concerning the date, location and agenda of general meetings, as well as full and timely information regarding the issues to be decided at the meeting.
B- Opportunity will be provided for shareholders to ask questions of the board and to place items on the agenda at general meetings, subject to reasonable limitations.
C- Shareholders will be able to vote in person or in absentia, and equal weight will be given to votes whether cast in person or in absentia.
D- Processes and procedures for general shareholder meetings should allow for equitable treatment of all shareholders. Company procedures should not make it unduly difficult or expensive to cast votes.
E- The minutes of the AGM will be taken, checked independently and distributed to shareholders. In addition, electronic recordings can be made.
F- Resolutions made by shareholders in the shareholder meeting will be announce in the presence of shareholders attending that meeting.
29.1.2 All board members should participate in the general assembly meetings to ensure its effectiveness as follows:
A- The Chairman of the board should preside over the AGM. B- Ideally all Directors, but especially the Chairmen of key committees, should always be present at the AGMs and prepared to answer specific questions of the shareholders. C- The company’s auditors should also attend the AGM to answer questions of shareholders.
29.2 Proxy proposals
29.2.1 shareholders are allowed for proxy voting as per the established rules. In case of mortgaged shares proxy voting is also allowed according to the conditions of the mortgagor and in compliance with the associated established procedures. The board shall approve the appropriate implementation procedures.
29.2.2 Clear and transparent procedures for proxy voting will be established this should include: A- The proxies’ votes can be accepted based on the legal consent from the shareholders stated clearly unlimited right to vote on behalf of the shareholder unless otherwise stated.
B- Custodians must declare shareholders if they have a conflict of interest, custodian has the right to propose to shareholder on the proposed direction of vote, and refrain from voting without receiving clear instructions from the shareholder.
C- Voting will be conducted by polling rather than rising of hands in order to reflect ownership of shares rather than attendance.
D- The company should count all proxy votes, including the balance for and against the resolutions and the abstentions.
E- Electronic voting is allowed within the voting room for easier access.
