UCA shareholders refuse to absolve board from 2021 liability, disapprove remuneration

Logo of United Cooperative Assurance Co.

United Cooperative Assurance Co.’s (UCA) shareholders denied approval for discharging board members from the liability for 2021, during the ordinary general meeting (OGM) held on June 28, the company said in a bourse filing.

They further disapproved the disbursement of SAR 1.8 million in board remuneration for 2021, in addition to not approving the board report for the same year.

Additionally, shareholders did not ratify the business contracts that will take place between the company and Haj Hussein Ali Reda group of companies, where board member Khaled Hussein Ali Reda has an indirect interest.

The transaction involves insurance contracts for multiple periods, and the value of transactions in 2021 was SAR 5.7 million.

Shareholders disapproved the appointment of Khalid AlQazlan as an independent board member, starting from Nov. 17, 2021, until the end of the current board term on Jan. 12, 2024.

They also turned down approvals for the amendment to the company’s corporate governance charter, conflict-of-interest policy, remuneration and compensation policy, authority matrix, amendment to audit committee charter, and the nomination and remuneration committee charter.

Meanwhile, shareholders approved the auditor’s report and financial statements for 2021.

They also appointed and external auditor to review financials for Q2, Q3, Q4 2022 and Q1 2023.