Despite the great efforts exerted by the Minister of Commerce and his team to develop the work of the ministry after decades of lapse that still cast a shadow on many of the actions that need to be developed and laws and regulations overhauled.
There are complaints for example about shortcomings in ordinary and extraordinary general assembly meetings of the shareholding companies that needs to be looked into which sometimes cause damage to the shareholders, often without their knowledge or they realize when it is too late.
The board of directors of the joint stock company calls for the General Assembly meeting. Upon the completion of the quorum, the resolutions shall be voted in public, and usually by show of hand, and what is agreed upon shall be written down to end the meeting and then the decisions of the Assembly are sent to the Ministry of Commerce after a few days for information only because its representatives no longer attend the General Assemblies, and then the company work on those decisions.
The problem begins when a party discovers, often by chance and when it is too late, that what was agreed upon in the General Assembly does not exactly match what was recorded in the minutes of the meeting, and what the ministry was informed of, either intentionally or because of human error.
Therefore, it is important to correct this chaos and put an end to this almost blind trust in those who record the minutes of the meetings of the General Assemblies. The human error is very strong and the Ministry of Commerce must therefore impose all or some of the following precautions:
One, at the end of the meeting, the president of that meeting or the secretary general must read all that was agreed at that meeting, and both must sign the minutes of the meeting before all the attendees and put the record at their disposal for photocopying.
Two, a copy of the Ordinary or Extraordinary General Assembly resolutions shall be made available to each shareholder for knowledge.
Three, the Board of Directors should send the minutes of the meeting to the Ministry of Commerce within three or four working days, and not leave the matter at random as is currently being done.
Four, the President of the General Assembly, or whoever signed the minutes of the meeting, shall explicitly state in the record that the resolutions of the Assembly have been read out again to the attendees of the General Assembly (ordinary and extraordinary) and have them ratified.
We wish the Ministry of Commerce to adopt this proposal and impose it on the meetings of the General Assemblies.
I also ask the shareholders of the companies to be careful in future meetings, and to make sure that what was agreed and voted at the meeting exactly matches what was recorded in the minutes of the meeting.
By Ahmad Al-Sarraf