SABB Takaful shareholders approve new board appointments

SABB Takaful’s extraordinary general assembly on Jan. 9 approved the company’s articles of association regarding appointing five representatives of Saudi Arabia British Bank (SABB) to the board, the firm said in a bourse statement.

During the meeting, shareholders approved updating regulations concerning board members’ remuneration, and amending corporate governance regulations.

The assembly also approved allowing two HSBC representatives to the board – Ian K. Moore and Richard Hinchley – to continue serving as representatives of SABB, after the Saudi lender fully acquired HSBC’s stake in SABB Takaful.

In addition, shareholders approved the appointment of Sami bin Jadan Al-Muhaid as non-executive board member, replacing Mansour bin Abdel Aziz. The appointment is effective Dec. 21, 2017 until the end of the current board term on May 14, 2019.