United Cooperative Assurance approves Policies & Procedures for Selection, Appointment of Directors and Committees Members

The United Cooperative Assurance Company announced on Monday the Ordinary General Meeting’s results (First Meeting), which was held at 19:30 PM on Sunday, 02 July 2023 through modern technology, where the items included approval of the procedural policies document for membership in the company’s board of directors and its subcommittees.

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

1. View and discuss the Board of Director’s report for the fiscal year ending on 31 December 2022.

2. Approve the report of the Company’s auditor for the financial year ending on 31 December 2022.

3. View and discuss the Financial Statements for the fiscal year ending on 31 December 2022.

4. Approve the discharge of the Board of Directors members’ liabilities for the fiscal year ended on 31 December 2022.

5. Approve the Policies & Procedures for the Selection and Appointment of the Directors and the Committees Members.

6. Approve the delegating to the Board of Directors the authorization powers of the General Assembly as stipulated in paragraph (1) of Article 27 of the Companies Law, for a period of one year from the date of approval of the General Assembly or until the end of the delegated Board of Director’s term, whichever is earlier, in accordance with the conditions contained in the Implementing Regulation of the Companies Law for Listed Joint Stock Companies.

7.Approve the appointment of Ibrahim Ahmed Albassam & Partners (PKF) and Crowe Global/ AlAzemm AlSudairy, AlShaikh & Partners as the Company’s External Auditors from among the candidates, based on the Audit Committee’s recommendation, to examine, review and audit the financial statements for Q2, Q3 and annual financial statements for the year 2023, As well as Q1 of the year 2024 and determining their fees.