Union Insurance P J S C : Clarifying disclosure regarding the approval of agencies

Clarifying disclosure regarding the approval of agencies

According to Clauses 1 and 2 of Article 40 of the Corporate Governance Manual, we would like to inform the shareholders with the following:

1. Each shareholder who has the right to attend the general assembly may delegate someone from other than the Board members or the staff of the company, or securities brokerage company, or its employees, to attend on his behalf as per a written delegation stating expressly that the agent has the right to attend the general assembly and vote on its decision. A delegated person for a number of shareholders shall not have more than (5%) of the Company issued capital after gaining that delegation. Persons lacking legal capacity and are incompetent must be represented by their legal representatives.
2. The shareholder signature on the power of attorney referred in clause No. (1) shall be the signature approved by any of the following entities:
3. 1. Notary Public.
   2. Commercial chamber of economic department in the state.
   3. Bank or company licensed in the state, provided that the agent shall have account with any of them.
   4. Any other entity licensed to perform attestation works.