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      OMAN UNITED INSURANCE

       Resolutions of Annual General Meeting

      Mar 30, 2015 06:45 PM

      The Board of Directors of Oman United Insurance Company SAOG have the pleasure to inform the honorable Investors’ Community  and  shareholders with the most important decisions which have been approved by shareholders at the Annual General Meeting held yesterday on Monday 30th  March 2015, at 4:30 p.m. at the company’s Head Office at Al-Khuwair:

      1. The AGM approved the Directors report for the year ended 31st December 2014.
      2. The AGM approved the company’s Corporate Governance Report for the year ended 31st December 2014.
      3. The AGM approved the Auditors’ Report and approved the Financial Position and the statement of income for the financial year ended 31st December 2014.
      4. The AGM approved the Board proposal to distribute cash dividends of 22% of paid up capital i.e 22 Baizas per share.
      5. The AGM notified the sitting fees paid to the board of directors and board's subcommittees during the year ended 31/12/2014, and approved the proposed sitting fees for the year 2015  at the amount of RO. 500/- per meeting for each director without any increase.
      6. The AGM approved the Board remuneration fees of RO.49,000 (Rial Omani Forty Nine Thousands  only) for the year 2014.
      7. The AGM have been notified and approved the related party transactions during the year 2014.
      8. The AGM approved the related party transactions, which will be executed during the year 2015.
      9. The AGM have been notified with the social responsibility contribution of RO. 16,482/-  for the year 2014.
      10. The AGM approved the Board  proposal to allocate  RO. 30,000 (Rial Omani Thirty Thousand) for social responsibility in the year 2015.
      11. The AGM elected 9 directors for the new Board by unopposed for the next board term from 2015 to 2018 as the following:-

      Sr.   No.

      Director   Name

      Basis   of Membership

      Capacity of membership

      1. 

      Sayyid Salim Bin  Nassir Al Busaidi

      In   personal capacity

      Non   Executive

      Non-Independent

      Shareholder

      2. 

      Mr. Saud  Bin Ahmed Al-Nahari

      In   personal capacity

      Non   Executive

      Independent

      Non-   Shareholder

      3. 

      Mr. Nassir bin   Khamis Al Hashar

      In   personal capacity

      Non   Executive

      Independent

      Non-   Shareholder

      4. 

      Sayyid Khalid Bin   Mahfoudh Al Busaidi

      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  Salim Bin Ahmed Al Busaidi

      In   personal capacity

      Non   Executive

      Independent

      Non-   Shareholder

      7. 

      Mr. Mustafa Ahmed   Salman

      In   personal capacity

      Non   Executive

      Independent

      Non-   Shareholder

      8. 

      Mr. Ahmed Alawi   Abdullah Al Ibrahim

      In   personal capacity

      Non   Executive

      Independent

      Shareholder

      9. 

      Mr. Rahul Kar

      Representative   of juristic person

      Non   Executive

      Independent

      Shareholder

       12. The AGM approved the appointment of PriceWaterHouseCoopers as StatutoryAuditors for the year 2015 and approved their fees of RO. 14,500 for annual and quarterly auditing.

       

      Wesam Yousef Obaid

       Legal Advisor/ Secretary of the meeting

       

      Enclosed is short brief profile on the Board of Directors:

      Brief   Summery on Board C.V

      Name

      Sr. No.

      He is a Certificate  holder in Civil Aviation from British   Government Technical Assistance – 1971.Certificate holder in Civil Aviation   Safety, Lebanon – 1972. Honorary Ambassador to State of Louisiana – 1977.   He  a holder of Light Aircraft Pilot   License. Currently he is retired Minister and Previously  occupied many positions such as:- Director   General of Civil Aviation, Under Secretary of Ministry of Communications and   12 years  as Minister of   Communications. President of State Consultative Council, for 4 years. State   Advisor to His Majesty, for 5 years. Chairman of Gulf Air,  Chairman Oman Arab Bank (S.A.O.C.), Board   Director in Oman Investment & Finance co. (SAOG), Board Director in Gulf   Hotels Company Limited (SAOG) Currently he is the Chairman and major   shareholder in Oman United Insurance Co. SAOG Chairman of Saad Establishment   for General Trading ,  Chairman of Oman   Trading for Oil Products L.L.C.

      Sayyid Salim Bin Nassir Al   Busaidi

      Chairman

      1.

      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 and occupied different positions. Currently he is the   CEO of Port Services Corporation.  He   is Board member in various SAOG companies namely Omantel, Al Hassan   Engineering Company and previously vice president of  Oman Investment & Finance Company   &.  He is also a Board Member of   Arab Sea Federation and International Association of Ports & Harbors.

       

      Mr. Saud Bin Ahmed Al   Nahari

      Deputy Chairman

      2.

      Holder of Master/business Management from USA. He   worked in managerial position in the Ministry of  Civil Services. He occupied many  positions in OUIC and now he is the Managing Director of the company.

      Sayyid Nassir Bin Salim Al   Busaidi

      Managing Director

      3.

      He worked for 6 years in the field of police   in UAE. Thereafter 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 Chairman of Al-Hajri LLC Company.

      Mr. Nassir Bin Khamis Al   Hashar

      Board Member

      4.

      He holds a master's degree in Engineering   - Water Hydrology. 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

      5.

      He holds a Bachelor of Civil Engineering.   And works in the management of road projects with an experience of more than fifteen years.

      Sayyid Salim Bin Ahmed Al   Busaidi

      Board Member

      6.

      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 Financial & Administration Manager in Oman   Portfolio Company and currently works as  CEO and   Chairman of Unites Securities Company LLC. He is a board member in both Majan Glass  Company SAOG and Muscat Clearance &   Registration Co. SAOC

      Mr. Mustafa Ahmed Salman

      Board Member

      7.

      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. Chairman of Rysut Cement.

      Mr. Ahmed Bin Alawi Al   Ibrahim

      Board Member

      8.

      He   is a Chartered Accountant with over 25 years of corporate experience having   worked in various capacities. He is currently working as Financial Advisor in   Suhail Bahwan Group Holding LLC in Muscat, Oman.

      He   is also Director and Member of the  audit committee in Oman Ceramics SAOG,   National Pharmaceutical Industries SAOG and Al Suwadi Power Company SAOG.

       

      Mr. Rahul Kar

      Board Member

      9.

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