Saudi Cable Shareholders Vote to Dismiss Two BOD Members and Pursue Liability Lawsuit

The Board of Directors of Saudi Cable Company announced on Thursday the outcomes of its Ordinary General Assembly meeting (first meeting), confirming the dismissal of two Board of Directors (BOD) members and the decision to file a liability lawsuit against them.

According to the company’s statement on Tadawul, the General Assembly meeting covered the following details:

1. The Board of Directors’ report for the financial year ending 12-31-2023 was reviewed and discussed.

2. The financial statements for the fiscal year ending on 12-31-2023 were reviewed and discussed.

3. Approval of the company’s auditor’s report for the financial year ending on 12-31-2023 AD after discussing it, by 81.27%

4. Approval of the Board of Directors’ decision to appoint Eng. Abdullah bin Owdah AlGubain (independent member) to the Board of Directors starting from the date of his appointment 04/13/2024 AD to complete the Board’s session until the end of the current session on 04/03/2027 AD, to succeed the resigned member Eng./ Abdulaziz Saleh Aba Alkhail (independent member), by 96.93%

5. Disapproval the Board of Directors’ decision to appoint Engineer Badran bin Hamoud Al Badran (non-executive member) to the Board of Directors starting from the date of his appointment, 04/28/2024 AD, to complete the Board’s session until the end of the current session on 04/03/2027 AD, to succeed the resigned member, Mr. Saleh Abdullah Al-Shathri (independent member), by 76.02%

6. Approval of the dismissal of Board Member Mr. Ziyad Abdullatif Al-Barrak at the request of shareholders representing more than 10% of the company’s capital, by 98.03%.

7. Approval of filing a liability lawsuit against a member of the Board of Directors, Mr. Ziyad Abdul Latif Al-Barrak, based on the request of shareholders representing more than 10% of the company’s capital, and authorizing the executive management to take the necessary legal and regulatory measures in this regard, by 97.21%.

8. Approval of the removal of Board Member Mr. Nael Samir Fayez at the request of shareholders representing more than 10% of the company’s capital, by 97.67%.

9. Approval to file a liability lawsuit against Board Member Mr. Nael Samir Fayez based on the request of shareholders representing more than 10% of the company’s capital and authorizing the executive management to take the necessary legal and regulatory measures in this regard, by 96.93%.

10. Approval of the appointment of the company’s auditor, Messrs. Al-Kharashi & Partners, certified accountants and auditors, from among the candidates based on the recommendation of the Audit Committee; This is to examine, review and audit the financial statements for the second, third and annual quarters of the fiscal year 2024 AD and the first quarter of the fiscal year 2025 AD, and determine his fees amounting to 640,000 (six hundred and forty thousand Saudi riyals) excluding VAT, by 95.27%.

11. Approval of the remuneration policy for the Council, its committees and the executive management, by 90.43%.

12. Approval of amending the work regulations of the Audit Committee, by 96.95%.

13. Approval of amending the policies, standards and procedures of membership in the Council, by 97.34%.

14. Approval of amending the social responsibility regulations, by 96.36%.