SARCO to Amend Bylaws for Compliance with New Companies Law on Aug. 21

Saudi Arabian Refineries Co. (SARCO) has scheduled an Extraordinary General Assembly Meeting (Third Meeting) on Wednesday, August 21, 2024, at 18:30 local time. The meeting will be held virtually, inviting shareholders to participate and vote on key amendments to the company’s bylaws to align with the new Companies Law.

Agenda Items:

• Amendment of Bylaws: Shareholders will vote on amending the company’s bylaws to comply with the new Companies Law, including the rearrangement and renumbering of articles.
• Amendment of Article III: Changes related to the company’s purposes.
• Amendment of Article XXVI: Adjustments concerning the powers of the Chairman, Deputy, Managing Director, and Secretary.
• Audit Committee Bylaws: Approval of amendments.
• Nomination and Remuneration Committee Regulations: Approval of amendments.
• Remuneration Regulations: Changes affecting the remuneration of the Board of Directors, committees, and executive management.
• Board Membership Criteria: Updates to the criteria and procedures for Board membership.
• Auditor Fees: Proposal to increase the fees of the company’s auditor, Deloitte, by SAR 120,000 for additional audit work, based on the Audit Committee’s recommendation.

Voting will open at 01:00 local time on Sunday, August 18, 2024, and will remain open until the conclusion of the Extraordinary General Assembly meeting.