Al Sagr Insurance shareholders to vote on board request to dismiss members

Logo of Al Sagr Cooperative Insurance Co.

Al Sagr Cooperative Insurance Co.’s shareholders will vote on the request of the board members, owning more than 5% of the company’s shares, to dismiss four members, during the ordinary general meeting (OGM), scheduled for Sept. 29, according to a bourse filing.

These members are Majed Abdullah Al-Sari, Abdullah Jumaa Majid Al-Sari, Abdel Mohsen Nafez Jaber and Sultan Abdulaziz Al-Suwaidi.

They will additionally vote on approving financial statements, board as well as auditor’s reports for 2021, and will appoint an auditor to review financial statements for Q2, Q3, Q4 2022, and Q1 2023.

The will also vote on amending the board nomination criteria, disbursing SAR 3.93 million in board bonuses, in addition to the businesses and contracts concluded between the company and other entities, the statement added.

Shareholders registered in Tadawulaty services will be able to e-vote on meeting agenda on Sept. 25.

According to the data available with Argaam, Al Sagr Insurance shareholders recently approved the election of board members from among the candidates to fill the five vacant seats to complete the current session, which began on June 16, 2020 and ends on June 15, 2023.

The elected board members are Abdullah Suleiman Al Hindi, Yasser Mohammed Alharbi, Fahad Talal Kurdi, Muhammad Abdul Rahman Al-Jibreen, and, Saud Al-Arifi.

Al Sagr National Insurance Co., which is among the founder members of Al Sagr Cooperative Insurance, owns about 10.4 million shares, equivalent to 26% of the capital.