Gulf Union Alahlia shareholders reject to pay SAR 2.2 mln board remuneration for 2020

Logo of Gulf Union Alahlia

Gulf Union Alahlia Cooperative Insurance Co.’s (Gulf Union Alahlia) shareholders disapproved the payment of SAR 2.26 million as remuneration to board members for 2020, during the ordinary general meeting (OGM) held on June 29.

The company said in a bourse statement that shareholders approved the board and audit reports, and financial statements for 2020, as well as discharged the board members from liabilities for the same year.

Shareholders ratified other meeting agenda items including using the entire balance of the share premium, amounting to SAR 89.5 million, to reduce part of the accumulated losses.

Moreover, they approved the business contracts signed by the company with Al Tamimi Group worth SAR 7.1 million and Rawabi Holding Co. worth SAR 1.5 million, without any preferential terms.

In addition, shareholders also endorsed the business contracts signed by the company with Al Muhaidib Group, representing insurance policies for one year, worth SAR 6 million, and annual lease contract for the offices, worth SAR 2.9 million.