Welcome to Jordan Kuwait Bank, Cyprus Branch

Meeting Resolutions

2023

The 46th ordinary General Assembly Meeting.

The Ordinary General Assembly Meeting of Jordan Kuwait Bank was held on Wednesday 26/4/2023 via video and electronic communication tool.

The following decisions were adopted at the Meeting:

  • Approving the minutes of the previous ordinary meeting which was held on 27/4/2022.
  • Approving the Report of the Board of Directors on the activities of the Bank during the year 2022, along with its 2023 business plan.
  • Approving the auditors’ report on the financial statements for the year ended 31/12/2022.
  • Approving the financial statements for the year ended 31/12/2022.
  • Approve the Board of Directors’ recommendation to distribute 8% of the capital as cash dividends to shareholders (0.08 JD /share)  from voluntary reserve.
  • Absolving the Board’s members from their liabilities in respect of the financial year 2022.
  • Re-electing Messrs. PricewaterhouseCoopers (Mr. Hazem H. Sababa, License No. 802) as the Bank’s Auditors for the year 2023, and authorizing the Board of Directors to determine their fees.

2022

The 45th ordinary General Assembly Meeting.

The Ordinary General Assembly Meeting of Jordan Kuwait Bank was held on Wednesday 27/4/2022 via video and electronic communication tool.

The following decisions were adopted at the Meeting:

  • Approving the minutes of the previous ordinary meeting which was held on 4/5/2021.
  • Approving the Report of the Board of Directors on the activities of the Bank during the year 2021, along with its 2022 business plan.
  • Approving the auditors’ report on the financial statements for the year ended 31/12/2021.
  • Approving the financial statements for the year ended 31/12/2021.
  • Approve the Board of Directors’ recommendation to distribute 7% of the capital as cash dividends to shareholders (0.07 JD /share)  from voluntary reserve.
  • Absolving the Board’s members from their liabilities in respect of the financial year 2021.
  • Re-electing Messrs. PricewaterhouseCoopers (Mr. Hazem H. Sababa, License No. 802) as the Bank’s Auditors for the year 2022, and authorizing the Board of Directors to determine their fees.

2021

The 44th ordinary General Assembly Meeting.

The Ordinary General Assembly Meeting of Jordan Kuwait Bank was held on Tuesday, 4/5/2021 via video and electronic communication tool.

The following decisions were adopted at the Meeting:

  • Approving the minutes of the previous ordinary meeting which was held on 4/5/2020.
  • Approving the Report of the Board of Directors on the activities of the Bank during the year 2020, along with its 2021 business plan.
  • Approving the auditors’ report on the financial statements for the year ended 13/12/2020.
  • Approving the financial statements for the year ended 31/12/2020.
  • Absolving the Board’s members from their liabilities in respect of the financial year 2020.
  • Re-electing Messrs. PricewaterhouseCoopers (Mr. Hazem H. Sababa, License No. 802) as the Bank’s Auditors for the year 2021, and authorizing the Board of Directors to determine their fees.
  • Electing the Bank’s Board of Directors for the new term 2021– 2024 as follows:

First: Non-Independent members:

  • Mr. Faisal H. Al Ayyar
  • Al Rawabi United Holding Co. – Kuwait
  • Kuwait Projects Co. (Holding) – Kuwait
  • Social Security Corporation – Jordan (2 seats)
  • Odyssey Reinsurance Co. – U.S.A
  • Safari Development & Real Estate Investment Co.

Second: Independent members:

  • Mr. Nasser A. Lozi
  • H.E. Dr. Marwan J. Muasher
  • Dr. Safwan S. Toqan
  • Mrs. Nadia A. Rawabdeh
  • Mr. Hani K. Hunaidi
  • Dr. Omar M. Al Jazy

2020
The 43rd ordinary and 14th extraordinary General Assembly Meeting.

The General Assembly of shareholders held its 43rd ordinary meeting and 14th extraordinary meeting on May 4, 2020, via video and electronic communication tool.

Resolutions of ordinary meeting:

  • Approve the resolutions from the previous general assembly meeting held on April 29, 2019.
  • Approve the Board of Director’s report for the year 2019 and the business plan for 2020.
  • Approve the Financial Statements for the year ended Dec 31, 2019.
  • Absolve the Board of Directors from liability for the fiscal year 2019.
  • Elect Messrs. PricewaterhouseCoopers (Mr. Hazem H. Sababa, License No. 802) as the Bank’s Auditors for the year 2020, and authorizing the Board of Directors to determine their fees.
  • Authorize the Bank's Board of Directors to execute the above resolutions in the way it deems appropriate. 

Resolutions of extraordinary meeting:

  • Approve the Board’s recommendation to increase the bank’s capital from 100 million dinars to 150 million dinars, by capitalizing 50 million dinars from the voluntary reserve and distributing them as bonus shares for the shareholders registered in the bank’s records as on March 17, 2020, at half a share for each share held, and amend Article (4) of the Memorandum of Association and Article (2) of the Articles of Association to read as follows:

“The authorized and fully paid capital of the company consists of one hundred and fifty million Jordanian dinars, divided into one hundred and fifty million shares. The value of each share is one Jordanian dinar ............ Article”.

  • Authorize the Board of Directors to take all necessary measures to implement the provisions of the above clause.

2019
The 42nd Ordinary General Assembly Meeting.

The Ordinary General Assembly Meeting of Jordan Kuwait Bank was held on Monday 29/4/ 2019 at the Bank’s headquarters in Abdali, the shareholder's participation in the meeting was ( 86.07%). 

The following decisions were adopted at the Meeting:

  • Approving the minutes of the previous ordinary meeting which was held on 23/5/2018.
  • Approving the Report of the Board of Directors on the activities of the Bank during the year 2018, along with its 2019 business plan.
  • Approving the auditors’ report on the financial statements for the year ended 13/12/2018.
  • Approving the financial statements for the year ended 31/12/2018.
  • Approving the Board of Directors’ recommendation to distribute 20% of the capital as cash dividends to shareholders (0.2 JD /share).
  • Recite a brief report on the work of the  Board committees during 2018.
  • Approving the Board’s recommendation to appoint H.E Mr. Marwan Awad as independent board member effective 23/5/2018 till the end of the current board term.
  • Discharging the Board’s members from their liabilities in respect of the financial year 2018.
  • Electing Messrs. PricewaterhouseCoopers (Mr. Hazem H. Sababa, License No. 802) as the Bank’s Auditors for the year 2019, and authorizing the Board of Directors to determine their fees.
2018

The 41st ordinary General Assembly Meeting.

The Ordinary General Assembly Meeting of Jordan Kuwait Bank was held on Wednesday 23 /5 / 2018 at the Bank’s headquarters in Abdali, the shareholders participation in the meeting was ( 87%). 

The following decisions were adopted at the Meeting:

  • Approving the minutes of the previous ordinary meeting which was held on 15/5/2017.
  • Approving the Report of the Board of Directors on the activities of the Bank during the year 2017, along with its 2018 business plan.
  • Approving the auditors’ report on the financial statements for the year ended 13/12/2017.
  • Approving the financial statements for the year ended 31/12/2017.
  • Approving the Board of Directors’ recommendation to distribute 20% of the capital as cash dividends to shareholders (0.2 JD /share).
  • Read a summary report on the work of the  Board committees during 2017.
  • Discharging the Board’s members from their liabilities in respect of the financial year 2017.
  • Electing Messrs. PricewaterhouseCoopers (Mr. Hazem H. Sababa, License No. 802) as the Bank’s Auditors for the year 2018, and authorizing the Board of Directors to determine their fees.
 
 
2017

The 40th ordinary General Assembly Meeting.

The Ordinary General Assembly Meeting of Jordan Kuwait Bank was held on Monday 15 /5 / 2017 at the Bank’s headquarters in Abdali, the shareholders participation in the meeting was ( 85.6 %). 

The following decisions were adopted at the Meeting:

  • Approving the minutes of the previous ordinary meeting which was held on 25/4/2016.
  • Approving the Board’s recommendation to appoint Dr. Safwan Toqan as independent board member effective 7/12/2016 till the end of the current board term.
  • Approving the Report of the Board of Directors on the activities of the Bank during the year 2016, along with its 2017 business plan.
  • Approving the auditors’ report on the financial statements for the year ended 13/12/2016.
  • Approving the financial statements for the year ended 31/12/2016.
  • Approving the Board of Directors’ recommendation to distribute 20% of the capital as cash dividends to shareholders (0.2 JD /share).
  • Discharging the Board’s members from their liabilities in respect of the financial year 2016.
  • Electing the Bank’s Board of Directors for the new term 2017 – 2020 as follows:
    • Al Rawabi International Real Estate Services Co. –Kuwait: 3 members.
    • Kuwait Projects Co (Holding) -: 1 member
    • Social Security Corp. : 1 member
    • Odyssey Re insurance Co. – USA:   1member
    • Strategic Co. for Investments: 1 member
    • Mr. Faisal Hamad Al Ayyar
    • Mr. Tareq Mohd. Abdul Salam
    • Dr. Marwan Jameel Muasher
    • Mr. Hani Khalil Hunaidi
    • Dr. Safwan Samih Toqan
    • Mr. Majed Fayyad Burjak
  • Electing Messrs. Deloitte and Touche M.E. (Mr. Karim Nabulsi, License No. 611) and Messrs. PricewaterhouseCoopers (Mr. Hazem H. Sababa, License No. 802) as the Bank’s Auditors (Joint Audit) for the year 2017, and authorizing the Board of Directors to determine their fees.

 

2016

The 39th ordinary and 13th extra ordinary General Assembly Meeting.

The General Assembly of shareholders, held its 39th ordinary meeting and 13th extra ordinary meeting on April 25, 2016.

Resolutions of ordinary meeting:

  • Approve the Board of Director’s report for the year 2015 and the business plan for 2016.
  • Approve the Financial Statements for the year ended Dec 31, 2015 and the Board of Director's recommendation to the General Assembly to distribute cash dividends (JD 20 Millions) equivalent to 20% of the capital to the shareholders.
  • Exonerate the Board of Directors’ liability for the activities performed during the financial year 2015.
  • Elect Messrs. Deloitte & Touche (M.E.) as the Bank’s Auditors for the year 2016, whereby the auditor responsible for auditing the Bank’s accounts is Mr. Karim Nabulsi (License No. 611), and authorize the Bank’s Board of Directors to determine their remuneration.
  • Authorize the Bank's Board of Directors to execute the above resolutions in the way it deems appropriate. 

Resolutions of extra – ordinary meeting:

  • Increase the number of board members to be (13) instead of (9) members, and amend (Article 6) of the Memorandum of Association and (Article 39) of the Articles of Association as follows:

Amended text: “The Company to be managed by a Board of Directors consisted of 13 members to be elected by the General Assembly of the Company …”

  • Elect four new independent board members to occupy the aforementioned positions and they are:
    1. H.E. Dr. Marwan Jamil Muasher
    2. H.E. Mr. Marwan Mahmoud Awad
    3. Mr. Hani Khalil Hunaidi
    4. Mr. Majed Fayyad Burjak
  • Authorize the Bank's Board of Directors to take the necessary actions to implement the decisions of the general assembly regarding to the aforementioned items. 
2015

The 38th ordinary and 12th extra ordinary General Assembly Meeting.

The General Assembly of shareholders, held its 38th ordinary meeting and 12th extra ordinary meeting on May 13, 2015.

Resolutions of ordinary meeting:

  • Approve the Board of Director’s report and the Financial Statements for the year ended Dec 31, 2014.
  • Exonerate the Board of Directors’ liability for the activities performed during the financial year 2014.
  • Approve the Board of Director's recommendation to the General Assembly to distribute cash dividends (JD 20 Millions) equivalent to 20% of the capital to the shareholders.
  • Elect Messrs. Deloitte & Touche (M.E.) as the Bank’s Auditors for the year 2015 and authorize the Bank’s Board of Directors to determine their remuneration.
  • Authorize the Bank's Board of Directors to execute the above resolutions in the way it deems appropriate. 

 Resolutions of extra – ordinary meeting:

  • A decision was not taken with regards to the agenda item pertaining to the amendment of the number of Board of Directors.
  • Authorize the Bank’s Board of Directors to call for a general assembly meeting at a later date in order to increase the number of Board Directors and to elect the new members within the same meeting.
2014

The 37th ordinary General Assembly Meeting

The General Assembly of shareholders, held its 37th ordinary meeting on April 20, 2014.

Resolutions of ordinary meeting:

  • Approve the Board of Director’s report and the Financial Statements for the year ended Dec 31, 2013.
  • Approve the Board of Director's recommendation to the General Assembly to distribute cash dividends (JD 20 Millions) equivalent to 20% of the capital to the shareholders.
  • Elect Messrs. Deloitte & Touche (M.E.) as the Bank’s Auditors for the year 2014 and authorize the Bank’s Board of Directors to determine their remuneration.
  • Authorize the Bank's management to execute the above resolutions in the way it deems appropriate. 
2013

The 36th ordinary General Assembly Meeting

The General Assembly of shareholders, held its 36th ordinary meeting on April 7, 2013.

Resolutions of ordinary meeting:

  • Approve the Board of Director’s report and the Financial Statements for the year ended Dec 31, 2012 and approve the Board of Director's recommendation to the General Assembly to distribute cash dividends of 20% of the capital (equivalent JD 20 Million) to the shareholders.
  • Discharge the Board of Directors’ liability for the activities performed during the financial year 2012.
  • Elect the Board members for the term 2013-2016 as follows:
    1. H.E. Mr. Abdel Karim Kabariti
    2. Strategy Company for Investments
    3. Social Security Corporation
    4. Burgan Bank - Kuwait
    5. United Gulf Bank – Bahrain
    6. Al- Futtooh Holding Co. - Kuwait
    7. Kuwait Projects Co. (Holding) – Kuwait
    8. Odyssey Reinsurance Co. – U.S.A
    9. Mr. Farouk Aref Al-Aref
  • Elect Messrs Deloitte & Touche (M.E.) - Jordan as the Bank’s Auditors for the year 2013 and authorize the BOD to determine their fees.
  • Authorize the Bank's Board of Directors to execute the above resolutions in the way it deems appropriate. 
2012

The 35th ordinary General Assembly Meeting.

The General Assembly of shareholders, held its 35th ordinary meeting on March 27, 2012.

Resolutions of ordinary meeting:

  • Approve the Board of Director’s report and the Financial Statements for the year ended Dec 31, 2011.
  • Approve the Board of Director's recommendation to the General Assembly to distribute cash dividends (JD 20 Millions) equivalent to 20% of the capital to the shareholders.
  • Elect Messrs. Deloitte & Touche (M.E.) as the Bank’s Auditors for the year 2012 and authorize the Bank’s Board of Directors to determine their remuneration.
  • Authorize the Bank's management to execute the above resolutions in the way it deems appropriate. 
2011

The 34rd ordinary General Assembly Meeting.

The General Assembly of shareholders, held its 34th ordinary meeting on March 23, 2011.

Resolutions of ordinary meeting:

  • Approve the Board of Director’s report and the Financial Statements for the year ended Dec 31, 2010.
  • Approve the Board of Director's recommendation to the General Assembly to distribute cash dividends (JD 20 Millions) equivalent to 20% of the capital to the shareholders.
  • Elect Messrs. Deloitte & Touche (M.E.) as the Bank’s Auditors for the year 2011.
  • Elect Messrs. Odyssey Reinsurance Co. a new member in the Board of Directors.
  • Authorize the Bank's management to execute the above resolutions in the way it deems appropriate. 
2010

The 33rd ordinary General Assembly Meeting.

The General Assembly of shareholders, held its 33rd ordinary meeting on March 3, 2010.

Resolutions of ordinary meeting:

  • Approve the Board of Director’s report and the Financial Statements for the year ended Dec 31, 2009.
  • Approve the Board of Director's recommendation to the General Assembly to distribute cash dividends (JD 15 Millions) equivalent to 15% of the capital to the shareholders.
  • Elect Messrs. Deloitte & Touche (M.E.) as the Bank’s Auditors for the year 2010.
  • Authorize the Bank's management to execute the above resolutions in the way it deems appropriate.
2009

The 32nd ordinary General Assembly Meeting.

The General Assembly of shareholders, held its 32nd ordinary meeting on March 15, 2009.

Resolutions of ordinary meeting:

  • Approve the Boards of Director’s report and the Financial Statements for the year ended Dec 31, 2008.
  • Approve the Board of Director's recommendation to the General Assembly to distribute cash dividends (JD 10 Millions) equivalent to 10% of the capital to the shareholders.
  • Elect Messrs. Deloitte & Touche (M.E.) as the Bank’s Auditors for the year 2009.
  • Authorize the Bank's management to execute the above resolutions in the way it deems appropriate.
  • Elect the Board members for the term 2009-2012 as follows:
    • Mr. Abdel Karim Kabariti
    • United Gulf Bank / Bahrain
    • Burgan Bank / Kuwait
    • Social Security Corporation / Jordan
    • Strategy Company for Investments / Jordan
    • Kuwait Projects Holding Company / Kuwait
    • Al-Futtooh Holding Company / Kuwait
    • Mr. Moh'd Ahmad Abu-Ghazaleh
    • Mr. Farouk Aref Al-Aref