In a move to bolster transparency and shareholder engagement, National Cement Company (P.S.C.), a prominent player in the cement industry of the United Arab Emirates, has issued a clarifying disclosure regarding the approval process for proxy forms. This announcement is rooted in compliance with Clauses 1 and 2 of Article 40 of the Corporate Governance Manual, underscoring the company's commitment to adhering to robust governance practices.

The disclosure outlines the procedures and requirements for shareholders who wish to delegate their voting rights at the general assembly. According to the guidelines, shareholders are permitted to appoint a proxy from outside the board members, company staff, or securities brokerage firms. This appointed proxy must be authorized through a written delegation, explicitly granting them the right to attend and vote at the general assembly meetings. Importantly, no single proxy can represent more than 5% of the company's issued capital, ensuring a balanced representation of shareholder interests.

Furthermore, the disclosure emphasizes the necessity for the shareholder's signature on the proxy form to be verified by one of several authorized entities, including a notary public, the commercial chamber of an economic department, a licensed bank, or any other accredited attestation body. This requirement aims to safeguard the integrity of the proxy process and ensure that all delegations are legally binding and verifiable.

The company has also introduced a standardized proxy form that includes essential details such as the contact information of both the shareholder and the brokerage firm approving the proxy. While this form serves as a guideline, shareholders retain the flexibility to tailor their proxy forms in alignment with their specific preferences and requirements, provided they adhere to the stipulated verification process.

National Cement's proactive approach in clarifying the proxy approval process reflects its dedication to fostering an inclusive and transparent corporate environment. By empowering shareholders with clear guidelines and a streamlined process, the company aims to enhance participation and ensure that all voices are heard during critical decision-making moments.

From an investment perspective, National Cement's commitment to governance and transparency is a positive indicator of its long-term stability and growth potential. The company's strategic initiatives and adherence to best practices in corporate governance make it an attractive option for investors seeking reliable and ethically managed investments. Given these factors, investors might consider holding their positions in National Cement Company, capitalizing on its steady growth trajectory and solid governance framework.