Element List Explanation
Introduction Saudi Reinsurance Company Announces the Results of the Ordinary General Assembly Meeting, (First Meeting) held at 8:30 pm after reaching the required quorum. The Meeting was chaired by the Vice Chairman of the Board Mr Turki Al-Sudairy.
City and Location of the General Assembly's Meeting The Meeting was held remotely at the company’s head office in the city of Riyadh through means of modern technology.
Date of the General Assembly's Meeting 2024-05-12 Corresponding to 1445-11-04
Time of the General Assembly’s Meeting 20:30
Percentage of Attending Shareholders 30.58%
Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees - Present Members:

 

1- Mr. Abdullatif Al-Fozan- Chairman

2- Mr. Turki Al-Sudairy- Vice Chairman

3- Mr. Ahmed Sabbagh

4- Eng. Hussam Al-Suwailem

5- Mr. Mosa bin Akresh

6- Ms. Kubra Shehabi

 

- Absent Members

1- Eng. Abdulaziz Al-Shiekh

2- Mr. Abdulrahman Al-Jalal

3- Mr. Waleed Al-Monie

4- Mr. Abdulaziz Al-Bassam
Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf 1. Mr Abdullatif Al-Fozan - Chairman of the Executive Committee

 

2. Ms Kubra Shehabi Chairman of the Risk Management Committee

3. Mr. Jean-Luc Gourgeon - Chairman of the Technical Committee

4. Mr. Abdullah Al Farraj – Chairman Of the Audit Committee.
Voting Results on the Items of the General Assembly's Meeting Agenda's 1. Reviewed and discussed the Board of Directors report for the fiscal year ending on 31/12/2023.

 

 

2. Approval on the external auditors’ report of the fiscal year ending on 31/12/2023.

 

3. Reviewed and discussed the financial statements for the fiscal year ending on 31/12/2023.

 

4. Approval to absolve the members of the Board of Directors from liability for the fiscal year ending on 31/12/2023.

 

5. Approval on the appointment of the Company’s auditors from among the candidates based on the recommendation of the Audit Committee, in order to examine, review and audit the financial statements for the second, third quarters and annual of the fiscal year of 2023 and the first quarter of year 2024, and determine their fees and they are:

 

- Dr.Mohamed Al-Amri & Co. BDO with fees amounting to 865,000 SAR

- KPMG Professional Services with fees amounting to 2,535,000 SAR

 

 

6. Approval on reinsurance contracts to be concluded between the company and Probitas Corporate Capital Ltd, in which there is an indirect interest for the Chairman of the Board of Directors Mr. Abdulatif Al-Fozan for his membership in the Board of Directors of Probitas Holding (Bermuda) Ltd, as these are reinsurance contracts without preferential treatment noting that the value of transactions during the financial year ending December 31st, 2023 is 127,986,637 Saudi Riyals

 

 

7. Approval on disbursing an amount of 2,157,534 Saudi Riyals as a remuneration to the members of the Board of Directors for the financial year ending December 31st, 2023
Additional Information The Board of Directors of the Saudi Re would like to thank all the respected shareholders for their participation and attendance of the Ordinary General Assembly Meeting.

 

 

For any inquiries, please contact the Investor Relations Department through:

 

Tel: +966 11 510 2000 Ext.181

 

Email: invest@saudi-re.com

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