Monday, 11 December 2023

MESC approves delegating GA authority to BOD for one year


Middle East Specialized Cables Company (MESC) announced on Tuesday the results of the Extraordinary General Assembly Meeting (Third Meeting), approved on the Board of Directors’ resolution appointing Eng. Hathal bin Safar Al-Otaibi (Independent Member) as a member of the Audit Committee starting from 25/06/2023 until the end of the current committee’s work period on 01/07/2025, instead of the previous committee member, Mr. Majed bin Ahmed Al-Suwaigh (Independent Member),

The Company explained that the results included the Approval on delegating the authority of the General Assembly to authorize the Board of Directors with the license mentioned in paragraph (1) of Article Twenty-Seven 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 session of the authorized Board of Directors, whichever is earlier, in accordance with the conditions contained in the Executive Bylaws of the Companies Law for Listed Joint Stock Companies.

The Company indicated that the Assembly approved on the amendment of the Nomination and Remuneration Committee regulation, and added that the Assembly approved on amending the company’s articles of association to make it compatible with the new with the new Companies Law, and to rearrange and number the articles of association in accordance with the proposed amendments, and approved also on amending the audit committee regulations.

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