Wafa Insurance shareholders to vote on new audit committee, dismissal of board member on June 2

Saudi Indian Company for Cooperative Insurance’s (Wafa Insurance) shareholders will vote, during the ordinary general meeting slated for June 2, on the formation of an audit committee for the 3-year term ending January 18, 2023 and determining its tasks and remuneration.

The company said in a bourse statement on Monday that shareholders will also vote on appointing a new auditor to audit financial statements for Q2, Q3, Q4, FY2020 and Q1 2021.

In addition, they will vote on the termination of the board member, Abdul Majeed Al Angari.

Last month, the company’s shareholders recommended the termination of board member, Abdul Majeed Al Angari, on breach of duties in ways impacting the company’s interest, Argaam reported.

The company indicated that it is subject to the financial restructuring process under the Saudi bankruptcy law.