Gulf General GA Agrees to Business and Contracts Carried Out with Related Parties

The Board of Directors of the Gulf General Cooperative Insurance Company announced on Tuesday the results of the Ordinary General Assembly meeting (first meeting), which was held on Monday 27 June 2022, after satisfying the required legal quorum for the Ordinary General Assembly meeting, according to the company’s bylaws.

Voting Results on the Items of the General Assembly’s Meeting Agenda’s:

1. Approve on the Board of Directors’ report for the fiscal year ending on 31/12/2021

2. Approve on the auditors’ report on the Company’s accounts for the fiscal year ending on 31/12/2021

3. Approve on the financial statements for the fiscal year ending on 31/12/2021

4. Approve on appointing the auditors for the Company from among the candidates based on the Audit Committee’s recommendation. The appointed auditors shall examine, review, and audit the second quarter, third quarter, and the fiscal year ending 2022, and the first quarter of the fiscal year 2023, and the determination of the auditors’ remuneration and they are:

– KPMG Al Fawzan & Co. accountants and legal auditors KPMG.

– Al Kharashi & Co. accountants and legal auditors MAZARS.

5. Approve on the business and contracts that will be concluded between the company and (Al-Dabbagh Group), in which the Chairman of the Board of Directors Mr. Jamal Abdullah Al-Dabbagh has a direct interest, as he is the owner of this group, represented in premiums underwritten. Note that the transactions that occurred in 2021 were in the amount of SR10,743,000, and there are no preferential terms for these contracts.

6. Approve on the business and contracts that will be concluded between the company and (Rolaco Group), in which the Vice Chairman of the Board of Directors Mr. Saud Abdulaziz Al-Sulaiman has a direct interest in him as the owner of this group, represented in premiums underwritten. Note that the transactions that occurred in 2021 were in the amount of SR 105,000, and there are no preferential terms for these contracts.

7. Approve on the business and contracts that will be concluded between the company and (Raghf Catering Services Company), in which a member of the Board of Directors Mr. Majed Diaauddin Kareem has a direct interest in him as the owner of this company, represented in premiums underwritten. Note that the transactions that occurred in 2021 were in the amount of SR 21,000, and there are no preferential terms for these contracts.

8. Approve on the discharge the Directors from their liabilities for the financial period ended on 31/12/2021.

9. Approve on paying an amount of (SR 1,800,000) as remuneration to the Board members for the fiscal year ending on 31/12/2021.