Malath Insurance GA Approves Election of 9 Members to BOD

Malath Cooperative Insurance Company announced on Sunday the results of the Ordinary General Assembly meeting (the second meeting), which was held on Thursday, using modern technology, where the attendance rate was 20.76%.

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

1- Approval of the Board of Directors` report for the fiscal year ended on 31.12.2021.

2- Approval of the Auditors Report for the fiscal year ended on 31.12.2021.

3- Approval of the Financial Statements for the fiscal year ended on 31.12.2021.

4- Approval of the absolving the Board of Directors from their liabilities pertaining to the management of the company for the fiscal year ended 31.12.2021.

5- Disapproval on paying an amount of (SR 1,400,000) as remuneration to the Board members for the Fascial year ended on 31.12.2021.

6- Approval on the appointment of the External Auditors for the Company’s from the nominees, and determines their fees based on the Audit Committee recommendation to the Board of Directors in this regard, to review and audit the Company’s Interim Financial Statements for the second, third, fourth quarters and Annual of the fiscal year 2022 and first quarter of fiscal year 2023.

7- Approval of the election of the Board members from among the candidates for the next term, starting from the date of the General Assembly on 21.04.2022 meeting for a term of three years, ending on 05.04.2025 The following members were elected:

1. Fawaz Abdul Rahman Al-Hajji –Executive

2. Yasser Rashid Al-Rasheed – independent

3. Amr Abdullah bin Shalhoub – independent

4. Mamdouh Saud Al Sharhan – independent

5. Mohammed Ali Al-Amari Non-Executive

6. Abdul Hamid Abdulaziz Al-Ohali-independent

7. Bader Ali Al-Ali- Non-Executive

8. Amro Abdel-Razzaq Al-Nimri – independent

9. Muhammad Abdullah Al-Jumaa –Independent

8- Approval on the formation of the Audit Committee, and the definition of its duties, work regulations and remuneration of its members for the new term of three years starting from the date of the General Assembly meeting on 21.04.2022 until the end of the term on 05.04.2025, The following are the names of the candidates:

-MR. Amro Abdolrazzq Alnemari.

-MR. Saleh Abdulrahman AlIsmail.

-MR. Saad Saud Altayyar.

-MR. Tariq Mohammed Alshoqiran.

9- Approval on the approval of the Board of Directors businesses during the end of the Board of Directors period on 05.04.2022 until the Assembly General Meeting on 21.04.2022