Al Sagr receives request from shareholder to dismiss 2 board members

Logo of Al Sagr Cooperative Insurance Co.

Al Sagr Cooperative Insurance Co. received a letter from a shareholder owning more than 10% of the company’s capital, requesting to convene a general assembly meeting to vote on the dismissal of two board members, according to a Tadawul filing.

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Accordingly, the company will take the necessary regulatory procedures in accordance with the applicable laws and regulations and will announce further details in due course.

Last week, the Insurance Authority (IA) suspended Al Sagr Insurance's right to sell the mandatory motor insurance product for violating the supervisory and regulatory rules and the board of directors’ failure to adopt effective governance procedures. Independent board member Saleh Alderaan submitted his resignation on weak implementation of effective governance practices, according to data available with Argaam.