ACWA Power shareholders dissolve current board, appoint new members

Shareholders of International Company for Water and Power Projects (ACWA Power) approved dissolving the current board that started from July 5, 2019, during the extraordinary general meeting (EGM) held on Jan. 5, 2022.

The company said in a statement to Tadawul that the board dissolution will be effective from the EGM date.

Shareholders also elected board members for the next three-year term, commencing from the meeting date until Jan. 4, 2025.

The members are Esmail Mohammed Al Sallom, Ibrahim Sulaiman Al Rajhi, Mohammad Abdullah Abunayyan, Omar Hamad Al Madhi, Omar Mohammed Nabil Al Midani, Ahmed Abdulaziz Al Hakbani, Suntharesan Padmanathan, Abdullah Abdulrahman Al Rowais, Fahad Abduljalil Al Saif, Li Ping, and Madeyln Antoncic.

Further, they endorsed dissolving the current audit committee, effective from the EGM date.

Shareholders also ratified forming the audit committee, and the definition of its duties, work regulations and remuneration of its members for the new term.

The audit committee members are Khalid Rabiah as Chairman, as well as Mike Cheng, Abdullah Al Rowais, Li Ping and Rasheed Al Rasheed as members.

They also approved the amendment of Articles No. 1 and 2 of the company’s bylaws relating to incorporation and the company's name, respectively.