Horizon Food to file liability claims against former board members, CEO

Logo of Horizon Food Co.

Horizon Food Co.’s shareholders agreed, on Jan. 7, to file several liability lawsuits against the former members of the board of directors, namely Muneer Ghazwi, Mohammed Bindayel, Alwaleed Alshathri, and former CEO Mohammed AlShetwey (jointly or individually). 

In a statement to Tadawul, the company said that its general assembly authorized the current board to carry out the statutory procedures for filing the liability lawsuits and to authorize whomever the board deems appropriate to represent the company before the competent courts.  

Meanwhile, the general assembly refused to pay SAR 850,000 as remuneration to the board members for the fiscal year ending Dec. 31, 2022.  

Shareholders also rejected all items related to the amendment of the Articles of Association. However, they approved the amendment of the audit committee's regulations, as well as the remuneration and nomination committee regulations.  

Shareholders also ratified the amendment of the remuneration policy of the board of directors, its committees and the executive management. 

Additionally, they approved the policy, criteria and procedures for membership of the board of directors, and approved the appointment of Khaled Alaboudi as an independent board member, succeeding former member Hatem Bargash.