MEDGULF shareholders approve 2020 board, audit reports

Shareholders of The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) approved the financial statements, and board and audit reports for 2020, during the ordinary general meeting (OGM) held on June 30.

The company said in a bourse filing the shareholders approved appointing AlAzem, AlSudairy, AlShaikh & Partners CPA’s & Consultants (Crowe Global) and Al-Kharashi & Co. as an external auditor to review financials for Q2, Q3, and 2021, and Q1 2022, and discharged board members from liability for 2020.

The board of directors was absolved of liability for the same year, and a board remuneration of SAR 4.03 million was also endorsed.

Additionally, they approved delegating the OGM powers, as stipulated in the Companies Law, to the company's board of directors, for a period of one year starting from the OGM date or until the end of the delegated board of directors’ session, whichever is earlier.