Solidarity approves 2018 reports, appoints board members for the new term

Solidarity Saudi Takaful Co.’s (Solidarity) shareholders approved on Sunday the board report, financial statements and audit report for fiscal year 2018, the insurer said in a bourse statement.

The extraordinary general assembly approved transferring SAR 3.69 million (resulting from capital cut in 2017) from other reserves account to retained earnings account.

They approved appointing an external auditor for the remaining quarters of this year, as well as Q1 2020.

Shareholders also approved to pay board members’ remuneration worth SAR 1.14 million for 2018.

They also approved to end the current board term on June 9, 2019 instead of September 3, 2019, and to appoint a new board for the new three-year term ending on June 8, 2022.

The shareholders appointed the audit committee, as well as the Sharia committee for the new term, and updated the policy and procedures of board members’ nominations.