Saudi Re GA Approves on Business and Contracts Carried Out with Related Parties

Saudi Reinsurance (Saudi Re) Company announced on Thursday the Results of the ordinary General Assembly Meeting, (Second Meeting) due to non-completion of required quorum at the first meeting.The Meeting chaired by the Chairman of the Board Mr. Hesham Abulmalik Al-Alsheik.

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

1. Approval on the Board of Directors’ report for the financial year ending on December 31, 2021.

2. Approval on the auditors ’report for the financial year ending on December 31, 2021.

3. Approval on the company’s financial statements for the financial year ending on December 31, 2021.

4. Approval to discharge the members of Board of Directors from liability for their management of the Company during the financial year ending on December 31, 2021.

5. Approval on the Sustainability and Social Responsibility Policy.

6. Approval on the business and contracts that will be concluded between the company and the “Probitas Corporate Capital” company, in which there is an indirect interest for each of the Chairman of the Board of Directors Mr. Hisham Abdul-Malik Al Al-Sheikh, the Managing Director and CEO, Mr. Fahad Abdulrahman Al-Hesni, and a member of the Board of Directors Mr Jean-Luc Gourgeon for their membership in the Board of Directors of “Probitas Bermuda Holding”, the owner of ” Probitas Corporate Capital”. In addition, a member of the Board of Directors, Mr. Jean-Luc Gourgeon, has an indirect interest in his membership in the board of directors of “Probitas Corporate Capital”, which are reinsurance contracts, noting that the value of transactions during the financial year ending December 31st, 2021 is estimated at SR193,797,392, without preferential conditions.

7. Approval on the business and contracts that will be concluded between the company and the board of directors of the company Mr.Jean-Luc Gourgeon in it which is to provide consulting services in the field of reinsurance, noting that the value of the contract for the financial year ending December 31st, 2021 amounted to SR186,957 without conditions Preferential.

8. Approval on disbursing an amount of SR1,900,000 as a remuneration to the members of the Board of Directors for the financial year ending December 31, 2021.