Fawaz Alhokair shareholders approve board, audit reports for FY2020/21

Fawaz Abdulaziz Alhokair Co.’s shareholders approved the board and auditor reports as well as financial statements for the fiscal year ended March 31, 2020, during the ordinary general meeting (OGM) held on Sept. 28, the company said in a bourse filing.

Shareholders appointed KPMG Al Fouzan & Co. as an external auditor to review financials for Q1, Q2, Q3, Q4, and 2021, and discharged board members from liability for FY2020/21.

During the meeting, shareholders also endorsed paying SAR 1.8 million in board remuneration for the same period, in addition to amending policies for board remuneration and membership.

Meanwhile, they approved related-party contracts concluded during FY2020/21 and delegated the authority of the OGM to the company’s board for a period of one year from the date of approval or until the end of the delegated board session, whichever is earlier.