UDC gets nod to ease board membership norms

United Development Company (UDC) yesterday received the approval from shareholders to make a key amendment to pave the way for more candidates to run for the board membership. “Amending item 3 or Article 29 confirms our commitment to apply the principals of corporate governance, to promote transparency in all of our operations and to pump new blood and ideas into the company, contributing to the growth of real assets value and achieving high returns,” UDC chairman Hussain Alfardan said. The modification will bring down the minimum ownership requirement to be held by a board member from 1% to 100,000 shares of the company’s shares, he said, adding the amended article essentially paves the way for more candidates to run for membership of the board of directors. Addressing the shareholders at the extraordinary general assembly, UDC chief executive Ebrahim Mubarak al-Sulaiti said at a time when the company initiates and fosters professional practices, it will continue to strengthen the company’s position by adopting the best practices available in the field of development. The amendment comes at a time when UDC has reported significant revenue growth in equity and profits, as well as steady progress in the completion of existing projects at The Pearl-Qatar.