The Chairman of the board of directors of ACAD Finance Company, Mr. Adnan Faramand opened a non-regular meeting for the General Assembly and the annual meeting in the presence of the legal advisor Mr. Hadi Mishal, the representative of the Palestinian Monetary Authority Mr. Marwan Abisi, the external auditor of KPMG and all the shareholders institutions: Arab Center for Agricultural Development (ACAD), the French SIDI Company, the European Investment Bank, the French Grameen Foundation, and the Dutch Triple Jump Company.
The non-regular meeting approved changes in the company’s Memorandum of Association to focus more on its small and micro finance mandate and to increase the number of board members from 5 to 6 members to allow the addition of an independent member to enhance governance and transparency.
The regular meeting approved the audited budget for 2018 and the annual activities report submitted by the Board of Directors. In addition, the company approved to share into Daman Company, a nonprofit company specifically established to raise financial resources to establish a loans guarantee fund against political risks in Palestine.
The General Assembly supported the Board’s decision to strengthen the small and micro finance sector in Palestine by attracting new investors and examining the possibilities of merging companies operating in the sector that share the same mission and social vision.