Saudi Paper shareholders to vote on filing lawsuit against 2 ex-board members on June 30

Saudi Paper Manufacturing Co.’s (SPM) shareholders will vote on filing a lawsuit against 2 of its former board members during the ordinary general meeting (OGM) slated for June 30, the company said in a bourse statement on Tuesday.

They will authorize the board to carry out the statutory procedures for filing a lawsuit as well as authorizing a board member to represent the company before the competent court in case the proposal is approved.

Furthermore, shareholders will vote on financial statements, as well as board and auditor reports for fiscal year ending Dec. 31, 2019. They will appoint a new auditor for Q2, Q3, Q4, FY2020, and Q1 2021, in addition to dismissing the current board of directors.

Shareholders will also endorse the appointment of Suleiman bin Abdulaziz Al-Zabin as an independent member in the auditing committee from March 23, 2020, until April 26, 2021.

Shareholders will participate in the meeting through electronic voting as of June 26, in line with the Capital Market Authority's (CMA) circular issued, on March 16, enabling shareholders to participate and vote on general meeting agenda items through Tadawulaty system in line with the government’s efforts to prevent spread of coronavirus.