Liva Insurance GA approves works and contracts concluded with related parties

Liva Insurance Company announces the results of the sixth Extraordinary General Assembly meeting (first meeting), which was held at 07:45 PM on Thursday 27/06/2024.

The General Assembly meeting was held through modern technology means from the Company’s office in Riyadh via the Tadawulaty System.

The Board of Directors Report for the fiscal year ending 31/12/2023 has been Reviewed and discussed.

*Approve the Auditors Report on the Company’s account for the fiscal year ending 31/12/2023.

*The financial statements for the fiscal year ending 31/12/2023 has been Reviewed and discussed.

*Approve the amended Article (3) of the Company’s Bylaws relating to the Purposes of Company

*Approve appointing the auditors for the Company from among the candidates based on the Audit Committee’s recommendation. The appointed auditors shall examine, review and audit the quarterly financial statements (quarter 2, quarter 3, and annual financial statement of 2024 and the 1st quarter of 2025, and the determination of the auditors’ remuneration and they are as follows:

– PricewaterhouseCoopers Public Accountants (PWC) Saudi Riyals 900,000 (excluding VAT)

– RSM Allied Accountants for Professional Services (RSM) Saudi Riyals 520,000 (excluding VAT)

*Approve the business and contracts that will be concluded between the Company and Riyad Bank. The Board Members, Mr. Waleed Khalid AlDhubaib and Dr. Abdullah Abdulrahman Alshwer, have an indirect interest as they are representatives of Riyad Bank at the Board of the Company. These businesses and contracts are Group Life Insurance contracts as per the company-approved insurance policies with no special treatment for one year. The total value of this transaction during 2023G amounts to SR 38,408,332.

The results of the voting on the assembly’s agenda were as follows (attached): https://www.saudiexchange.sa/Resources/fsPdf/18813_512_2024-06-30_09-09-18_en.pdf