Expansion of the Board of Directors to 11 members. And greater female representation with 3 women joining the Council
TAQA announces new dividend policy for the years (2023-2025)
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Abu Dhabi National Energy Company (TAQA) announced that its shareholders approved during its Annual General Meeting held on 15 March 2023 at the company's headquarters in Abu Dhabi, a new dividend policy for the years (2023-2025), which provides for the distribution of fixed and variable dividends, so that the "fixed dividend" from the Group's utilities business will be 3.25 fils per share in 2023, 3.50 fils per share in 2024, and 3.75 fils per share in 2025. The company will distribute these dividends on a quarterly basis in line with the previous policy.
Variable dividends will be from the Group's Oil & Gas business and will be calculated according to an estimated percentage of the annual net profit of the segment and will be distributed once a year after approval at the Annual General Meeting.
Special Earnings
TAQA also announced a special dividend of 2022 of 2.1 fils per share, in addition to an ordinary dividend of 1.2 fils per share for the fourth quarter of the same year, noting that the company distributed a quarterly dividend of 0.6 fils per share in the first, second and third quarters of 2022, bringing the total dividend distributed in 2022 to 5.1 fils per share (AED 5,738 billion).
Board of Directors
In addition to agreeing to the distribution of special dividends and the new dividend policy, shareholders also agreed to expand the Board of Directors to include 11 members instead of nine, and elected the new Board of Directors for a three-year term. The Board includes the following members: Mohammed Hassan Al Suwaidi, Chairman of the Board of Directors, Khalifa Sultan Al Suwaidi Vice Chairman, in addition to Mansoor Mohammed Al Mulla, Hamad Abdullah Al Hammadi, Abdulaziz Abdullah Al Hajri, Eman Abdul Ghafoor Al Qassim, Moza Saeed Al Rumaithi, Samia Bouazza Tawfiq, Klaus-Dieter Maubach, Christopher Jeffrey Finlayson and Jassim Hussain Thabet, members of the Board of Directors.
Female Acting
As part of its Environmental, Social and Governance (ESG) Strategy 2030, which aims to increase the representation of women in management positions in the company to 30% by 2030, and in line with shareholders' keenness to achieve greater female representation, the elected Board of Directors included three experienced and professional women, who were elected from among six candidates for the Board.
Sustainable Value
Mohamed Hassan Al Suwaidi, Chairman of Abu Dhabi National Energy Company (TAQA), said: "As one of the largest integrated utilities companies in the Middle East, Europe and North Africa (MENA), TAQA Group continues to execute its strategy and achieve sustainable growth across all areas of its business.
He stressed that the formation of the new Board of Directors, whose members were elected during the Annual General Meeting, will contribute to significantly enhancing the expertise and diversity of expertise within the Board, which supports the Group's efforts to continue to build on its successes and achievements to date, to provide sustainable value to shareholders and stakeholders while contributing to achieving the UAE's goals related to reducing the carbon footprint at the local level during the Year of Sustainability.
Powerful Performance
Jassim Husain Thabet, Group Chief Executive Officer and Managing Director of TAQA, said: "The Group's strong financial performance and strong credit ratings over the past three years reflect our ability to continue to earn shareholder confidence through our progressive dividend policy.
He stressed that the new policy announced stems from the quarterly dividend policy, which was announced in 2020. Under the new policy, our shareholders will benefit from consistent profits from the Group's utilities business, which generates profits from long-term and predictable contracted businesses and projects. Variable profit will come from the oil and gas business of the Group and is calculated according to a percentage of the annual net profit in the sector.