Arabia Insurance Cooperative Co. Announces the Results of the Ordinary General Assembly Meeting (First Meeting)
| Element List | Explanation |
|---|---|
| Introduction | Arabia Insurance Cooperative Company Announces the results of the ordinary General Assembly Meeting (The first meeting) that was held on Sunday 30-06-2025 corresponding 05-01-1447 through means of technology at 18:50 PM after reaching the legal quorum as per the Company’s bylaws. |
| City and Location of the General Assembly's Meeting | The head office of the Company, Riyadh, via modern technology means. |
| Date of the General Assembly's Meeting | 2025-06-30 Corresponding to 1447-01-05 |
| Time of the General Assembly’s Meeting | 18:50 |
| Percentage of Attending Shareholders | 36.02 |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | The following Board members attended the meeting:
Mr. Abdulaziz Saleh AlOmair (Chairman). Mrs. Nadine Hassan El Habbal. (Vice Chairman) Mr. Wahbe Abdullah Tamari. Mr. Abdullah Saeed Bin Saeed. Mr. Ghassan Ibrahim Aqeel. Mr. Abdullah Saeed Bin Saeed. Mr. Hatim Ali Barajash. Mr. Othman Mohammed Ali Bdeir. |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf | 1. Mr. Abdullah Saeed Bin Saeed Chairman of the Audit Committee.
2. Mr. Ghassan Ibrahim Aqeel Chairman of the Investment Committee and Risk Committee. 3. Mrs. Nadine Hassan El Habbal Chairman of the Executive Committee and Nomination and remuneration Committee. |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1- The Company’s financial statements for the fiscal year ending on 31/12/2024G has been reviewed and discussed.
2- Approval on the Company’s external auditor report for the fiscal year ending on 31/12/2024G after discussing it. 3- The Board of Directors Report for the fiscal year ending on 31/12/2024G has been reviewed and discussed. 4- Approval for the appointment of the auditors for the Company from the candidates based on the Audit Committee's recommendation. The appointed auditors shall examine, review and audit the second and third quarter and annual financial statements of the fiscal year 2025, and the first quarter of the fiscal year 2026, and the determination of the auditor's remuneration as follow: - El Sayed El Ayouti & Co. – Certified Public Accountants, for an amount of SR (544,500) (including travel expenses, excluding VAT). - PKF Al Bassam Chartered Accountants, for an amount of SR (540,000) (excluding VAT). 5- Approval on releasing the Board of Directors Members from their liability for the fiscal year ending on 31/12/2024G. 6- Approval on the payment of total amount of (SAR 1,500,000) as remuneration to the members of the Board of Directors for the year ended on December 31, 2024G. 7- Approval on the competition standards Policy. 8- Approval on delegating the Ordinary General Assembly’s authorization powers stipulated in paragraph (1) of Article (27) of the Companies Law to the Board of Directors for a period of one year effective from the date of approval of the Ordinary General Assembly or until the end of the term of the delegated Board, whichever is earlier, pursuant to the terms mentioned in the Implementing Regulation of the Companies Law for Listed Joint Stock Companies |
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