The Saudi Arabian Refineries Company (SARCO) has disclosed the outcomes of its ordinary general assembly meeting (second meeting), affirming the attainment of quorum with an attendance rate of 13.27%. The company clarified that the quorum was deemed complete with the presence of any number of the company’s shares, adhering to the requisite regulations.
As per the company’s statement on Tadawul, the summarized results of the meeting are detailed below:
1- The Board of Directors’ Report for the fiscal year ending on December 31, 2023 was reviewed and discussed.
2- The Financial Statements for the fiscal year ending on December 31, 2023 was reviewed and discussed.
3- Approval of the Auditor’s Report on the Company’s accounts for the fiscal year ending on 31st December 2023 after discussing it.
4- Approval to the discharge the members of the board of directors from liability for the fiscal year ending December 31, 2023.
5- Approval of the hiring of the company’s auditor Deloitte Company on the recommendation of the audit committee, in order to check, review and audit the financial statements for the quarters (second, third, and annual) of financial year 2024, and the first quarter of financial year 2025, and determine its fees an amount of SAR (335,000), excluding VAT.
6- Approval on the recommendation of the board of directors not to distribute cash dividends for the fiscal year 2023.
7- Disapproval of paying SAR (766.665) as remunerations for the board of directors’ members for the fiscal year ending on December 31, 2023.
8- Approval of delegating the Board of Directors to the authority of the Ordinary General Assembly with the authorization contained 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 Directors’ session, whichever is earlier, in accordance with the conditions set forth in the issued in Executive Regulations of the Companies Law for Listed Joint Stock Companies.
9- Approval on delegating the Board of Directors to distribute interim dividends on a biannually or quarterly basis for the fiscal year 2024.
