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      OMAN UNITED INSURANCE

       Most Important Decisions taken at the AGM dated 24th March 2012

      Mar 25, 2012 10:42 AM
      The Board of Directors of Oman United Insurance Company SAOG have the pleasure to inform CMA, MSM & the honorable shareholders on the most important decisions which have been approved by shareholders at the Annual General Meeting held on Saturday 24th March 2012, at 4:30 p.m in the company’s Head Office at Al-Khuwair:
      1.     The AGM approved the Directors report for the year ended 31st December 2011.
      2.     The AGM approved the company’s Corporate Governance Report for the year ended 31st December 2011.
      3.     The AGM approved the Auditors Report and approved the Balance Sheet and the statement of income for the financial year ended 31st December 2011.
      4.     The AGM approved the proposal to distribute cash dividends of 7.5 Baizas per share.
      5.     The AGM approved the sitting fees paid to board of directors and board's subcommittees during the year ended 31/12/2011, and approved the proposed sitting fees for the year 2012  at the amount of RO.500/- without any increase.
      6.     The AGM notified the shareholders with the related party transactions during the year 2011.
      7.     The AGM approved the related party transactions, which will be executed during the year 2012.
      8.     The AGM elected 9 Board members by unopposed for the next Board term 2012-2015, as following:
       
       
       
       
       
       
       
       
       
       
      Sr.
      Name
      Basis of Membership
      Capacity of membership
      1-
      Sayyid Salim Bin  Nassir Al Busaidi
      In personal Capacity
      Non-Executive
      Non- Independent
      Shareholder
      2-
      Mr. Mukesh Kumar Sawhney
      Representative of juristic person
      Non-Executive
      Independent
      Shareholder
      3-
      Mr. Saud Bin Ahmed Al Nahari
      In personal Capacity
      Non-Executive
      Independent
      Non- Shareholder
      4-
      Mr. Nassir Bin Khamis Al Hashar
      In personal Capacity
      Non-Executive
      Independent
      Non- Shareholder
      5-
      Sayyid Nassir Bin Salim Al Busaidi
      In personal Capacity
      Executive
      Non- Independent
      Non- Shareholder
      6-
      Sayyid Khalid Bin Mahfoudh Al Busaidi
      In personal Capacity
      Non-Executive
      Independent
      Non- Shareholder
      7-
       Sayyid Salim Bin Ahmed Al Busaidi
      In personal Capacity
      Non-Executive
      Independent
      Non- Shareholder
      8-
      Mr. Mustafa Ahmed Salman
      In personal Capacity
      Non-Executive
      Independent
      Non- Shareholder
      9-
      Mr. Ahmed Alawi Abdullah Al Ibrahim
      In personal Capacity
      Non-Executive
      Independent
      Shareholder
       
      9.     The AGM approved appointing PriceWaterHouseCoopers as Statutory Auditors for the year 2012 and approved their fees of RO. 9,250 for annual Audit fees and RO. 3,750 for quarterly auditing fees. Accordingly the total audit fees amounting to RO. 13,000.
       
       
      Wesam Yousef Obaid
       Legal Advisor/ Secretary of the meeting   
       
      Enclosed short brief profile on the Board of Directors
      The Curriculum Vitea of Board Members of Oman United Insurance Co. SAOG 
       
      Name
      S. No.
      Holder of a degree in aviation science and served as Undersecretary and then as the Minister of the Ministry of Transport and Communications and Chairman of the Advisory Board of the State. Currently,   He is the Chairman of Oman United Insurance Company.
      Sayyid Salim Bin Nassir Al Busaidi
      Chairman
      1.      
       He holds a Bachelor of Commerce and the Fellowship of Chartered Accountants and has an  experience of almost 38 years in investments and financial domains. Currently he works as the General Manager in  Suhail Bahwan Holding Group, and represents Middle East investment Co.
      Mr. Mukesh Kumar Sawhney
      D. Chairman 
      2.              
      He holds a Higher Diploma in the management of ports and shipping.  He worked at  the Central Bank of  Oman Salalah Branch until 1980 and then joined the Port Services Corporation  as he occupied many  positions in Port Services Corporation.  Currently he  is the CEO of Port Services. Board member of the Union of Arab Ports and Management  of the World Association of Ports and Harbors,
      Mr. Saud Bin Ahmed Al Nahari
      Board Member
      3.              
      Holder of Master/business Management from US. He worked in managerial position in the Ministry of  Civil Services. He occupied many  positions in OUIC and mow he is the Managing Director of the company.
      Sayyid Nassir Bin Salim Al Busaidi
      Board Member
      4.              
      He worked for 6 years in the field of police in the UAE. Thereafter after he worked in the  financial and administrative affairs in  public sector and in the private sector in the Sultanate of Oman. Currently he is the Chief Executive Officer, Al-Hajri
      Mr. Nassir Bin Khamis Al Hashar
      Board Member
      5.              
      He holds a master's degree in Engineering - Water Hydoro-logy. He served as a manager in the Ministry of Regional Municipalities and Water Resources and currently he is the President Office of the Minister of Housing.
       
      Sayyid Khalid Bin Mahfoudh Al Busaidi
      Board Member
      6.              
      He holds a Bachelor of Civil Engineering. And works in the management of road projects with an experience of nearly fourteen years.
      Sayyid Salim Bin Ahmed Al Busaidi
      Board Member
      7.              
      He holds a BA in Accounting and a certificate of global financial markets. He also acts as an intermediary authorized and licensed broker in  Muscat Securities Market. He worked in accounting domain in the government and  also worked as a Director in Oman portfolio Company and currently works as  CEO and Chairman of Unites Securities Company SAOC.
      Mr. Mustafa Ahmed Salman
      Board Member
      8.              
      He holds a diploma in professional specialty mechanical engineering in 1974 from the vocational training center in Qatar - was a Board member of some public shareholding companies and currently is a businessman and investor in  Muscat Securities Market.
      Mr. Ahmed Bin Alawi Al Ibrahim
      Board Member
      9.              
       
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