Saudi Paper shareholders grant ordinary general assembly powers to board

Saudi Paper Manufacturing Co.’s (SPM) shareholders approved granting the board of directors the authority of the ordinary general assembly, according to the Companies Law, during the extraordinary general meeting (EGM) held on June 9, the company said in a bourse filing.

The powers will be granted the board for a period of one year from the date of approval or until the end of the delegated board term, whichever is earlier.

Shareholders also ratified amending articles of association related to the board remuneration and the audit committee.

Meanwhile, they approved the board as well as the auditor’s reports and the financial statements for 2021 and appointed a new auditor to review financials for Q2, Q3, Q4 2022 and Q1 2023.