Al Sharqiya Development Approves Appointment of Muhammad Al-Amer as BOD Member, Rejects SAR 2.7 Million Reward for BOD Members

Al Sharqiya Development Company announced the results of its Extraordinary General Assembly meeting (second meeting). The key voting results were as follows:

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

(2) Approval of the company’s auditor’s report for the financial year ending on 12/31/2023 AD after discussing it.

(3) The financial statements for the fiscal year ending on 12/31/2023 were reviewed and discussed.

(4) Approval of the appointment of Messrs. Sulaiman Abdullah Al-Kharashi Company (Al-Kharashi and Partners, Chartered Accountants and Auditors)

Among the candidates as auditor for the company, based on the recommendation of the Audit Committee, 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 at 250,000 riyals, excluding value-added tax.

(5) Approval of the Board of Directors’ decision to appoint Mr. Muhammad bin Ibrahim Al-Amer as an independent member of the Board of Directors, starting from the date of his appointment on 05/01/2024 AD to complete the Board’s session until the end of the current session on 07/19/2027 AD, succeeding the previous member, Dr. Khaled Al-Rasheed (independent). )

(6) Approval of amending the company’s governance regulations

(7) Approval of the policy, standards and procedures for membership in the Board of Directors

(8) Approval of amending the work regulations of the Nominations and Remuneration Committee

(9) Approval of amending the work regulations of the Audit Committee

(10) Approval of the remuneration policy for members of the Council, the emerging committees, the secretariat, and senior executives

(11) Not approving the disbursement of an amount of 2,750,000 (two million seven hundred and fifty thousand riyals) as a reward to members of the Board of Directors whose term ends on 07/19/2023 due to the lack of annual bonuses for them during their period of work on the Board.

(12) Approval of amending Article (1) of the company’s bylaws, related to (incorporation).

(13) Approval to amend Article (Three) of the company’s bylaws, related to (the company’s purposes).

(14) Approval of amending Article (Four) of the company’s bylaws, related to (participation and ownership in companies).

(15) Approval of amending Article (5) of the company’s bylaws, related to (the company’s head office).

(16) Approval of amending Article (Fourteen) of the company’s bylaws, related to (increasing capital).

(17) Approval of amending Article (Twenty) of the company’s bylaws, related to (board members’ remuneration).

(18) Approval of amending Article (Twenty-Nine) of the company’s bylaws, related to (voting in assemblies).

(19) Approval of amending Article (Thirty-eight) of the company’s bylaws, related to (distribution of profits to the company’s shareholders).