Alawwal bank Announces the Results of the Ordinary General Assembly Meeting (First Meeting)
| Element List | Explanation |
|---|---|
| Introduction | Alawwal bank announces the results of the Ordinary General Assebly Meeting (first meeting) |
| City and Location of the General Meeting | Alawwal bank-Al-Waha building-Al-Hassan bin Ali Street-Khurais Road, Riyadh |
| Date of the General Meeting | 2019-04-17 Corresponding to 1440-08-12 |
| Time of the General Meeting | 19:00 |
| Percentage of Attending Shareholders | 76.13 % |
| Voting Results on the Agenda | The following agenda was voted on and approved:
1. Approve the Financial Statements for the financial year ended 31 December 2018.
2. Approve the Board of Directors’ report for the financial year ended 31 December 2018.
3. Approve the Auditors report for the financial year ended 31 December 2018.
4. Approve the indemnification of Board Members on their performance during the financial year ended 31 December 2018.
5. Approve the remuneration paid to members of the Board of Directors, with the total amount of SAR 4,290,807 for their membership as delineated in the Board of Directors' Annual Report for the period starting January 1, 2018 till December 31, 2018.
6. Approve the updated Audit Committee Charter.
7. Approve the appointment of external auditors, nominated by the Audit Committee, to review the bank’s accounts for the first, second and third quarters of 2019 and audit the bank's accounts for financial year-end of 2019 and fixing their fees.
8. Approve the Board of Directors' resolution to recommend not to distribute dividends for the fiscal year 2018 pursuant to the Merger Agreement entered into with the Saudi British Bank (SABB).
9. Approve the Board’s resolution to appoint Dr. Sulaiman Abdulaziz Al-Tuwaijri as a member of the Bank’s Audit Committee as of 09/05/2018 until 31/12/2019 as a replacement of Mr. Yousif Mohammed Al-Mubarak, whose resignation from the Audit Committee was deemed effective on 09/05/2018, provided that this appointment shall be deemed effective on the date of recommendation on 09/05/2018. This appointment was made as per the Audit Committee Charter.
10. Approve the business and contracts between the bank and General Organization for Social Insurance (GOSI). Mr. Eyad Abdulrahman Al-Hussain (Non-Executive member) has an indirect interest in this contract. The contract is for data supply services carried out without any special conditions or benefits. The duration of the contract was one year with a total amount of SR 220,500 including Value Added Tax. |
| Additional Information | The following Board members were present:
1- Mr. Sulaiman Abdullah Al-Kadi (Board member and Audit Committee Chairman) 2- Mr. Soren Nikolajsen (Board member and Managing Director)
The following Board members apologized:
1- Eng. Mubarak Abdullah Al-Khafrah (Chairman of the Board and Executive Committee Chairman) 2- Mrs. Lubna Sulaiman Al-Olayan (Vice-Chairperson of the Board) 3- Mr. Abdulhadi Ali Shayif (Board member and Nomination and Remuneration Committee Chairman) 4- Mr. Ahmed Farid Al-Aulaqi (Board member and Board Risk Committee Chairman) 5- Mr. Martin Powell (Board member) 6- Mr. Frank Vermuelen (Board member) 7- Mr. Javier Maldonado (Board member) |
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