Al Sagr Insurance chairman resigns

Al Sagr Cooperative Insurance Co. announced receiving the resignations of the company’s Chairman and the Executive Committee’s Chairman, Fahad Bin Abdul Rahman Al Turki (non-executive member) on April 13, according to a bourse filing.  
 

The company will conduct its procedures by notifying the supervisory authorities of the resignation.
 

In addition, it will announce later its measures pursuant to Article 70 of the Companies Law.

Fahad Al Turki resigned due to deliberately disrupting and harming the company’s interests by the board members of the strategic partner, Al Sagr National Insurance Co.
 

Those board members of Al Sagr National caused the problems incurred by the company.

They rejected to vote on the general assembly’s items, held on June 17, 2021, despite their approval of the same items in their recent meetings.
 

They deliberately weaken the board’s performance and prevent it from performing its duties and responsibilities.
 

They deliberately weaken oversight over the committees’ performance, by not attending regularly.
 

They refused to approve the board’s remuneration and compensation policy.

Non-compliance with the minimum executive committee meetings in 2021, due to the reluctance of their representatives to attend.

Their repeated demands to dismiss the Chairman without any justification or legitimate reasons.

In view of what has been monitored of deliberately disrupting and harming the interests of the company by the members of the Board of Directors representing the strategic partner, Al Saqr National Company, as follows, but not limited to:

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.