GACO Rejects Amendment to Remuneration Policy for Board Members and Committees

Al Gassim Investment Holding Company (GACO) announced on Tuesday the results of its Ordinary General Assembly meeting (Second Meeting), held at 7:30 PM on Monday. The meeting included the rejection of a proposal to disburse SAR 1,050,000 (one million fifty thousand Saudi riyals) as lump sum remuneration to the Board and Committee members for the year 2024. Additionally, the proposal to amend the remuneration policy for the Board of Directors, its committees, and executive management was not approved.

The voting results for the remaining agenda items were as follows:

1. The Board of Directors’ report for the fiscal year ending 31 December 2024 was reviewed and discussed.
2. The Auditor’s report for the fiscal year ending 31 December 2024 was approved after discussion.
3. The financial statements for the fiscal year ending 31 December 2024 were reviewed and discussed.
4. The appointment of an external auditor from among the candidates, based on the Audit Committee’s recommendation, to examine, review, and audit the company’s financial statements for Q2, Q3, and the annual report of FY 2025, and Q1 of FY 2026, was not approved.
5. The amendment to the Audit Committee’s work regulations was approved.
6. The amendment to the Remuneration and Nomination Committee’s work regulations was not approved.