Regulatory Alerts2022-09-04
A circular dated September 4, 2022 amending the periodicity of Board of Directors meetings
Hello, In compliance with the guidelines issued by central bank authorities on August 23rd, 2011 and in accordance with relevant provisions regarding those matters during multiple board meetings throughout the year, it is possible for board members to participate in board meetings remotely either through phone calls or video conferencing. Efforts are being made to streamline the procedures of holding these board meetings, especially if there's a need to convene more than six times a year. In light of this, it was decided during the Extraordinary General Assembly held on August 30th, 2022 that: - The attendance for board members will be physical unless otherwise stated. In case a member is unable to attend physically, they may participate remotely, either through phone calls or video conferencing, up to twice a year, subject to the approval of the chairman and secretary of the board. A minimum of half of the board members should be present in person at each meeting. - The existing procedures will continue as per the guidelines set out in the minutes of September 20th, 2018, unless otherwise stated in the resolution. Secondly, the existing guidelines issued on March 17th, 2020, and any provisions relevant to these matters during multiple board meetings throughout the year shall be followed with high regard, starting from the day of their issuance. Thank you for your cooperation and kind consideration. Respectfully, [Chairman's Name]