Al Ahsa plans to reduce annual bonus of board members by 50%

Al Ahsa Development Co.’s board of directors announced an initiative to reduce the annual bonus and meeting attendance allowance of board members, as part of the company’s move to offset the negative impact of COVID-19 outbreak.

The company said in a statement to Tadawul that the annual bonus would be reduced by 50% to SAR 75,000 from SAR 150,000, while the meeting attendance allowance of SAR 3,000 for each board member will be suspended this year.

These decisions will reduce general and administrative (G&A) expenses by nearly SAR 633,000, indicating the impact will be reflected on the 2020 financial results.

The initiatives will be presented for approval at the upcoming general assembly.