Al Sagr Insurance Announces Resignation of 3 members of BOD

Al-Saqr Cooperative Insurance Company announced on Wednesday the acceptance of the resignation of 3 members: Sultan Khaled Alturki, Khalid bin Abdul Hamid Al Shuwaier, and Abdullah bin Abdul Rahman Al Bassam, due to the lack of cooperation and continued intransigence of the members of the Board of Directors representing the main shareholder in the company, and their permanent obstruction of decisions. The resignation was accepted by the Chairman of the Board of Directors on 12.04.2022, provided that it will take effect from the date of the resignation.

The company will take measures by notifying the supervisory authorities of the resignation. In addition to announcing at a later time the measures will be taken in implementation of article 70 of the companies’ law.

Reasons of Resignation:

1. Non-cooperation of the four members of the Board of Directors representing the main shareholder, and their permanent suspension of any decision, and non-attendance of the two members Abdullah Alseri and Majed Alseri the Board meetings,

2. Disrupting to hold the minimum number of meetings of the Executive Committee during the year 2021, as only one meeting was held

3. Causing the Audit Committee resignation

4. Vote to reject the items of the General Assembly in the year 2021 despite their approval of the same items in the meetings of the Board of Directors.

5. Causing non-publication of the financial statements and stopping the trading of the company’s shares due to voting in the general assembly.

6. Disable and reject the nominations and remuneration policy after approving it.

7. Irregular requests, such as a request to transfer a non-executive member who has completed more than nine years in the board of directors to an independent member.

8. It caused a rise in the costs of the company’s external auditors.