Latest news with #ExtraordinaryGeneralAssemblyMeeting
NDTV
3 days ago
- Politics
- NDTV
India Secures International Institute Of Administrative Sciences Presidency
New Delhi: In a marker of India's internal governance reforms and the country's rising stature in global governance, the country has been elected to lead the prestigious International Institute of Administrative Sciences (IIAS) for the 2025-2028 term. This is the first time in the nearly 100-year history of the Belgium-based institute that India will hold the presidential post. This marks a significant recognition of India's administrative evolution and reform-oriented governance, sources said. A Resounding Mandate The election took place at the Extraordinary General Assembly Meeting of the IIAS held on June 3, 2025, in Brussels. V Srinivas, Secretary of India's Department of Administrative Reforms and Public Grievances (DARPG), contested the presidency and won decisively with 87 votes, defeating Austria's candidate who received 54 votes. Experts see Srinivas' election as an endorsement of India's governance model and its recent strides in administrative modernisation. He will preside over the global body that connects practitioners and scholars of public administration across continents. This will also help India understand and adopt best practices of governance reforms from across the world. India's Role in IIAS: A Longstanding Journey India has been an institutional member of IIAS since 1998, actively contributing to its mission of promoting good governance, innovation, and evidence-based policy reforms globally. Over the years, India has become increasingly active in the IIAS ecosystem, both as a participant and host of major conferences. In February 2025, India hosted the IIAS-DARPG India Conference in New Delhi under the theme "Next Generation Administrative Reforms - Empowering Citizens and Reaching the Last Mile." The event saw participation from over 750 delegates representing 58 countries, emphasising inclusive, transparent, and technology-driven governance. The win is also seen as a validation of the "Maximum Governance, Minimum Government" approach promoted by Prime Minister Narendra Modi's administration. India's pitch this year focused on the need to democratise global administrative practices, bridging the North-South divide in governance models, and ensuring last-mile delivery of public services through modern tools and localised solutions. What the Presidency Means With India assuming the IIAS presidency, it is poised to shape global discourse on public administration reforms, especially those aligned with sustainable development, digital governance, and equity in service delivery. V Srinivas has said that under India's leadership, the IIAS will work to promote inclusive governance frameworks, foster cooperation, and help build capacity in developing nations through knowledge sharing, training programs, and collaborative research. A Soft Power Milestone This victory is being hailed as an important soft power milestone for India. As geopolitical influence increasingly includes thought leadership in public policy and administration, India's leadership of IIAS is likely to provides a global platform to project its governance innovations and reinforce its image as a credible partner in institutional reforms, sources said.
Kuwait Times
15-05-2025
- Business
- Kuwait Times
Khaled Al-Falah: NIC's AGM approves 22% cash dividend based on share nominal value
National Investments Company achieves distributable profits of KD 23.8 million, equivalent to 30 fils KUWAIT: National Investments Company held its Ordinary AGM for the fiscal year ended December 31, 2024, and immediately following this, the Extraordinary General Assembly Meeting was convened on Wednesday, May 14, 2025, at the company's headquarters in Al-Khaleejia Business Tower, with an attendance rate of 78.688 percent. Shareholders approved the hybrid meeting format, enabling participation both in person and online. The Ordinary AGM approved all agenda items, including the Board of Directors' recommendation to distribute cash dividends at 22 percent of the company's capital—equivalent to 22 fils per share (excluding treasury shares)—for the fiscal year ended December 31, 2024. These dividends will be distributed to shareholders registered in the company's records in accordance with applicable entitlement dates and regulatory guidelines. The shareholders at the Extraordinary AGM approved amendments to the company's objectives, adding a new activity: securities-based crowdfunding platform services. Furthermore, updates were made to the naming of certain existing activities to align with the Unified Guide for Economic Activity Classification issued by the Ministry of Commerce and Industry. NIC Chairman of the Board Khaled Waleed Al-Falah NIC Board Member and CEO Fahad Abdulrahman Al-Mukhaizim During the meeting, Chairman of the Board Khaled Waleed Al-Falah expressed pride in the company's exceptional achievements over the past year. He reaffirmed the company's commitment to reinforcing its leadership position in the financial and investment sectors, supported by a strong financial foundation and a clear strategic vision focused on delivering added value to shareholders, supporting economic growth, and enhancing the investment environment. Al-Falah emphasized that National Investments Company continues to build on its legacy of success through a purpose-driven strategy centered on innovation and the adoption of best practices in financial and investment services. He highlighted the company's focus on achieving sustainable growth and maximizing shareholder returns, while developing a comprehensive range of financial solutions that meet evolving client needs and keep pace with dynamic regional and global markets. He noted that 2024 represented a pivotal year for the company, as sustainability remained a key pillar of its long-term strategy. This approach supported strong financial results and attractive annual returns. The company achieved solid profitability metrics, including strong returns on average assets and shareholders' equity, along with a marked improvement in asset quality. It also maintained a balanced cost-to-revenue ratio, underscoring the resilience and efficiency of its business model. Al-Falah emphasized that these positive indicators demonstrate the company's ability to deliver value-added services and enhance shareholder equity through sound planning and a clear vision for sustainable growth. Reviewing the financial performance of National Investments Company for the year 2024, Al-Falah noted that the company achieved a net profit of KD 12.1 million, along with an additional profit of KD 11.7 million that was reclassified from comprehensive income to retained earnings as a result of a partial exit from an investment. This brought the distributable profits to 30 fils for the financial year ended December 31, 2024, despite the challenges and negative performance of local and global markets and economies during 2024. By the end of 2024, the company's total assets reached KD 283.6 million, while the total equity of the parent company stood at KD 197.4 million, with total revenues amounting to KD 31.3 million. Al-Falah emphasized that these results demonstrate the company's commitment to achieving sustainable performance and maximizing returns on shareholders' equity, despite the market challenges. Al-Falah noted that NIC remains focused on exploring new opportunities across local and international markets to expand its footprint and diversify its investment portfolio. The company continues to enhance its competitive advantage by leveraging innovative strategies, ongoing market analysis, and the identification of high-potential opportunities across a wide range of economic sectors. A year of positive achievements Al-Falah highlighted that National Investments Company achieved notable milestones in 2024, including being named 'Best Local Investment Bank in Kuwait for the year 2024' by one of the world's leading financial platforms, Euromoney. Additionally, the company received two prestigious awards 'Kuwait's Best for Family Office Services' and 'Kuwait's Best for Next-Gen' for 2024 by Euromoney International. He emphasized that these recognitions reflect the company's ability to provide diverse and high-quality investment services, in line with the highest standards of excellence in wealth management. These awards underscore the company's commitment to meeting client needs while advancing the investment sector. In conclusion, Al-Falah expressed his heartfelt gratitude to all of NIC's clients and shareholders for their unwavering trust in the Board of Directors. He pointed out that this trust has been a cornerstone of the company's strategic success, empowering it to achieve strong financial and operational results—despite the challenges posed by both local and global economic conditions, which have affected market performance on regional and international levels. Seizing investment opportunities Fahad Abdulrahman Al-Mukhaizim, Board Member and CEO of National Investments Company, affirmed that the company's financial results for the fiscal year ended December 31, 2024, reflect the success of its strategy in capturing high-quality investment opportunities, despite the geopolitical challenges and market disruptions that have impacted both regional and global markets. Al-Mukhaizim noted that NIC continued to expand its customer base, attracting a growing number of individual and corporate investors to invest in innovative and advanced investment products and opportunities. This contributed directly to an increase in assets under management, driven by the company's efforts to attract new investors and strengthen the confidence of existing ones. Al-Mukhaizim highlighted that the Financial Instruments Team continued to expand its footprint in the local market over the past year by securing agreements to provide market-making services. These agreements encompass companies currently listed among the Premier Market constituents, as well as others expected to join in 2025. Consequently, the number of companies benefiting from National Investments Company's Market Maker services has increased to 15, solidifying its position as one of the top three investment firms providing market-making services on Boursa Kuwait. He further emphasized the company's critical role in enhancing market liquidity and stimulating trading activity within the local financial sector. Al-Mukhaizim also commended the exceptional performance of the company's investment funds in 2024, highlighting their positive and outstanding returns despite the regional challenges, particularly the political tensions and military escalations in the Middle East. He pointed out that these results reflect the company's deep expertise and the professionalism of its investment team, which has successfully adapted to market fluctuations with efficiency and skill. Al-Mukhaizim highlighted the outstanding performance of the Alternative Investments Department in 2024, executing several successful transactions, including mezzanine financing deals in Europe. These investments enhanced the company's portfolio in the logistics and warehousing sectors, covering two projects in France and another in Germany. Furthermore, NIC invested in a UAE-based healthcare company and participated in a fund managed by Wafra International, which focuses on acquiring partner stakes in asset management firms. This aligns with the company's strategy to capture high-quality opportunities in the private equity sector. Al-Mukhaizim also expressed appreciation for the exceptional performance of NIC's Financial Advisory Services Team, commending their ability to solidify their strategic position in the field of initial public offerings (IPOs). He highlighted the team's pivotal role in managing the IPO of Baitak Investment Holding Group K.S.C.P., which marked a significant milestone in the market's history. The IPO attracted subscriptions exceeding the target value by more than 17 times, with total coverage surpassing $2.5 billion. This achievement underscores strong investor confidence and demonstrates the team's expertise in marketing and efficiently managing IPO processes. Al-Mukhaizim further noted that NIC continued to affirm its leadership in investment banking services by executing a series of transactions exceeding $2 billion in total value. These included leading a preferred share issuance for a prominent energy company, a landmark deal that reinforces NIC's track record of working with prestigious entities. Moreover, the company participated as a joint financial institution in the IPO of Lulu Group Retail Holdings (PLC) on the Abu Dhabi Securities Exchange, with a value of USD 1.7 billion. This IPO stands as one of the largest in the region, reflecting NIC's ability to execute complex, large-scale, and diverse transactions across sectors in local and global markets. Al-Mukhaizim reaffirmed the continued strong performance of the Real Estate Investments Sector at National Investments Company in 2024. The sector successfully increased rental income from the company's owned real estate assets, achieving near-full occupancy rates. This success was driven by an effective operational strategy focused on optimizing property management efficiency, alongside enhancements in the development of the company's electronic real estate system. These improvements not only boosted operational efficiency, but also enhanced the quality of services provided to various stakeholders, supporting the enhancement of the operating environment and the development of administrative systems. Al-Mukhaizim explained that the sector continued to expand its operations by adding new properties to the company's client portfolios, focusing on acquiring high-quality assets that generate stable cash flows. This not only strengthened the real estate portfolio, but also ensured sustainable returns. As part of the company's comprehensive investment vision, the sector continued its international investments across several Middle Eastern countries, with a strategic realignment aimed at achieving attractive returns, either through internal operational management or well-planned exits. This approach reflects the sector's agility in adapting to opportunities, changes, and regional challenges. In addition, Al-Mukhaizim outlined that NIC established a dedicated strategy division to develop and implement its comprehensive strategic transformation plan. This aligns with the company's ambitions for sustainable growth, enhanced governance standards, and operational transformation in the coming years, adhering to global best practices and standards. He noted that this move was part of the company's drive to achieve its ambitious goals with the support of a global consulting firm, with whom the company signed a contract to develop the mechanisms for implementing its vision and ensuring alignment with operational and investment priorities. On the note, Al-Mukhaizim explained that the Human Resources and Administrative Affairs sector at NIC focused its efforts in 2024 on achieving several milestones, most notably the completion of the second phase of the 'Shift' program. This program is dedicated to supporting and empowering newly graduated Kuwaiti women, preparing them to enter the investment job market. This was accomplished through specialized training courses aimed at developing their skills, enhancing their competencies, and strengthening their capabilities, making them well-qualified candidates for distinguished job opportunities in the private sector. Social responsibility In line with its commitment to developmental and societal roles, National Investments Company continued to implement its annual corporate social responsibility (CSR) programs in 2024 through a range of comprehensive and impactful initiatives. These initiatives reflect the company's strategy aimed at creating a positive and sustainable impact on society. In the educational sphere, the company sponsored the Marketing Management Club at the College of Business Administration, Kuwait University, supporting a series of academic activities that included specialized training courses in investment and finance for students. Additionally, the company supported workshops organized by the American Society of Mechanical Engineers (ASME), reaffirming its belief in the importance of empowering engineering talents and enhancing the technical skills of students and professionals in the industrial sector. On the humanitarian front, the company participated in supporting charitable activities by providing financial support to the Kuwait Food Bank during the holy month of Ramadan, in recognition of the vital role the organization plays in providing valuable community services as a prominent humanitarian volunteer entity. Gratitude and appreciation At the conclusion of the AGM, Chairman Khaled Waleed Al-Falah expressed his sincere thanks and appreciation to the Board of Directors, executive management, and all employees of National Investments Company. He praised their diligent and fruitful efforts, which significantly contributed to the company's positive performance, aligning with its strategic plan and strengthening its position in the financial market. Al-Falah also extended his heartfelt thanks to the Capital Markets Authority, Boursa Kuwait, the Central Bank of Kuwait, and the Ministry of Commerce and Industry, acknowledging their continuous support and substantial efforts in enhancing the investment environment and driving economic development in Kuwait. He prayed that the blessings of security, peace, stability, and prosperity continue to grace the nation.
Reuters
07-03-2025
- Politics
- Reuters
Eto'o wins appeal to stand as candidate at CAF elections
CAPE TOWN, March 7 (Reuters) - Four-times African Footballer of the Year Samuel Eto'o has won the right to be included on the list of candidates for the Confederation of African Football's elective congress next week after initially being ruled out of the contest. The Court of Arbitration for Sport has upheld an appeal by Eto'o against his exclusion from the CAF executive committee elections in Cairo next Wednesday. Eto'o, president of the Cameroon Football Federation, was excluded by CAF's governance committee in January but appealed his case to sport's highest court CAS, who ruled in his favour. 'Following a hearing on 3 March 2025, it is ordered that the CAF executive committee includes Eto'o in the list of candidates for election to the committee,' said a CAS statement. 'The CAS Panel considered that it was presented sufficient information to overturn the CAF Executive Committee's decision concerning Eto'o's ineligibility. "It will be for the CAF Extraordinary General Assembly Meeting on 12 March to make its own evaluation of the candidates.' No grounds were given when CAF excluded Eto'o in January, but the 43-year-old former Cameroon striker was suspended last year by world soccer's governing body FIFA and CAF. In September, FIFA banned him from attending the national team's matches for six months for violating disciplinary regulations, after allegedly verbally abusing match officials at the Under-20 Women's World Cup in Colombia. Earlier in the year, CAF banned Eto'o after an inquiry into purported breaches of its ethical and integrity standards when he took up a role as ambassador for a betting company. The ban and a $200,000 fine were later lifted on appeal. The fiery Eto'o might be one of Africa's finest ever players but he has proven a divisive figure in the administration of the game, both in his own country and in the international arena. CAF will next week hold elections for its top posts, including the president of organisation and the continent's representatives on the FIFA Council. The deadline for submission of candidates was in November but African football's governing body has failed to publish a list of them with the election less than a week away. However, CAF president Patrice Motsepe is standing unopposed for a second four-year term.
