Rabigh EGM says no to board remuneration hike

Rabigh Refining and Petrochemical Co.’s (Petro Rabigh) extraordinary general assembly declined to approve a board proposal to raise independent board members’ remunerations to SAR 500,000 each from SAR 150,000 starting from the fiscal year 2017.

However, shareholders approved the appointment of Nasser Al Mahasher as chief executive and board member (executive) as of Sept. 1, 2016, after the company’s former CEO, Abdullah Bin Saleh Al Suwailem, resigned, the company said in a statement to Tadawul.

The general assembly also approved appointing Noriaki Takeshita as vice board chairman as of May 31, 2016.