Abu Dhabi, November 1 / WAM / The General Assembly of 'Ishraq for Investment' ('Ishraq'), listed on the Abu Dhabi Securities Exchange, decided at its meeting yesterday, Tuesday, to reduce the number of members of the company's board of directors from seven to five members, and elected two new members to the board: Fahd Abdul Qader Al Qasim and Jack Fakhoury.

The amended board structure, which now includes four independent members out of five, is fully in line with the guidelines of the Securities and Commodities Authority, and will continue to significantly support the interests of minority shareholders.

Al Qasim possesses extensive experience in portfolio management and investment banking services, currently serving as Executive Director of Healthcare and Life Sciences at 'ADQ Holding' and Acting General Manager of the Endowments and Minors' Funds Management Authority. Previously, he served as CEO of Emirates NBD Capital and Head of Principal Investments at Al Waha Capital.

As for Fakhoury, he possesses valuable experience across a variety of sectors, corporate governance, regulatory affairs, and compliance matters. He is a chartered accountant in the United Kingdom and Canada, and currently serves as a Senior Advisor at 'PwC Middle East'. He has worked for 44 years in auditing, risk assurance, transaction services, consulting, tax services, and dispute analysis across banking and insurance, consumer, industries, oil and gas, construction, real estate, telecommunications, and the public sector.

The restructuring of the board, which also includes Matar Al Ameri, Maha Al Fahim, and Ajit Joshi, follows the recent appointment of CEO Mohamed Al Sayed Al Hashimi in August 2023, who was tasked with leading the company during its new and ambitious phase of expansion and development.

The company had announced on October 18 that the board approved management's recommendation to continue the share buyback program, aimed at enhancing long-term shareholder value while leveraging the strong balance sheet position and the company's ability to return excess liquidity to shareholders.