Al Sagr Insurance says 3 board members resigned for non-cooperation

Logo of Al Sagr Cooperative Insurance Co. 

Al Sagr Cooperative Insurance Co. announced receiving the resignations of three board members on April 12, according to a bourse filing.  

The insurer attributed these resignations to the non-cooperation of the board members representing the main shareholder, and the fact that they hindered the implementation of the board decisions.

Other reasons included the members’ insistence on not respecting the board’s scheduled or emergency sessions, interference in the executive management affairs, the delay in taking the company’s crucial decisions as it happened in the company potential merger, and their rejection to vote on the general meeting items (2021) despite their previous approval during the board meetings. The resigned board members also caused the delay of financial statements’ disclosure, the resignation of the audit committee, and the delay of the nomination and numeration committee policy after being approved.

These members are Sultan Khaled Alturki, Abduallah Al-Bassam and Khalid AlShuwaier.

Resignations will be effective immediately, the statement added.