PHOTO
One of Abu Dhabi’s most valuable holding companies has removed the stipulation that its board should have a majority of UAE nationals.
In a statement to Abu Dhabi Securities Exchange (ADX) today, changes to articles of association showed that International Holding Company PJSC (IHC) had removed a previous requirement, which said of the company’s five board members: “In all cases, the majority of the Board of Directors’ members, including the chairman, shall be from UAE nationals.”
The proposed changes also added an extra provision that a board member can be removed if his membership is in violation of the Commercial Companies Law.
The company has issued capital of AED 2.193 billion ($597 billion) according to the statement, with total assets worth AED 163.69 billion (unaudited), according to its Q2 2022 financial report.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
