NBM Assembly Approves new audit committee, defining tasks, working controls, members remuneration

The Board of Directors of the National Building and Marketing Company announced on Sunday the results of the Extraordinary General Assembly meeting.

The meeting was held using modern technology, in order to ensure that The safety of shareholders and within the support of preventive and precautionary efforts and measures by the competent and relevant health authorities to address the emerging corona virus (COVID-19), and as an extension of the continuous efforts made by all government agencies in the Kingdom of Saudi Arabia in taking the necessary preventive measures to prevent its spread.

The attendance rate through electronic voting was 92.15% of the total shares of the company, and the voting results on the Items of the General Assembly’s Meeting Agenda’s

1. Approval of the amendment of Article (18) of the company’s articles of association related to (the termination of board membership).

2.Approval of the amendment of Article (22) of the company’s articles of association related to (Authorities for Chairman, Deputy, Managing Director and secretary).

3.Approval of the amendment of Article (29) of the company’s articles of association related to Authorities of the ordinary general assembly

4. Approval of the amendment of Article (30) of the statute relating to the Authorities of the extraordinary general assembly

5. Approval of the Board of Directors’ decision to appoint (Sayed Mahmoud) as a member (outside the Board) of the Audit Committee, starting from 12/12/2021AD until the end of the current committee’s working period on 28/01/2022AD, in place of the previous committee member (Iyad Fawaz Taha). (from outside the Board) provided that the appointment takes effect from the date of the decision issued on 12/12/2021 AD, and this appointment comes in accordance with (the work regulations of the Audit Committee.

1. Approval of new audit committee, defining its tasks, working controls, and remuneration of its members for the new term, starting from 01/29/2022 AD until the end of the session on 06/03/2024 AD, noting that the new members are:

1. Obaid Saad Al-Subai (independent member)
2. Muhammad Issa Al-Dugailbi (independent member)
3. Sayed Mahmoud (a member from outside the Boards).