Saudi Telecom Company (stc) announces the results of the Extraordinary General Assembly meeting (First Meeting)
| Element List | Explanation |
|---|---|
| Introduction | stc Board of Directors is delighted to announce to its esteemed Shareholders the results of the Extraordinary General Assembly meeting (First Meeting). |
| City and Location of the General Assembly's Meeting | The Assembly meeting was held remotely through modern technology |
| Date of the General Assembly's Meeting | 2020-04-20 Corresponding to 1441-08-27 |
| Time of the General Assembly's Meeting | 20:30 |
| Percentage of Attending Shareholders | %85.3 |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | 1. HRH Prince Mohammed K. A. Al-Faisal. (Chairman of the Board).
2. H.E. Dr. Khaled H. Biyari (Vice Chairman of the Board) 3. H.E. Mr. Mohammed T. Al-Nahhas (Member). 4. Mr. Rashid Ibrahim Sharif (Member). 5. Dr. Ibrahim A. Al-Kadi (Member). 6. Mr. Osama Y. Al-Khiary (Member). 7. Mr. Ahmed M. Al-Omran (Member).
Board Members Mr. Sanjay Kapoor and Mr. Roy Chestnutt apologized for not being able to attend due to emergency situation at their end. |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf | 1. HRH Prince Mohammed K. A. Al-Faisal. (Chairman of the Board, the Executive Committee, and the Investment Committee)
2. Dr. Ibrahim A. Al-Kadi. (Member of the Board and Chairman of the Audit Committee) 3. Mr. Osama Y. Al-Khiary. (Member of the Board and Chairman of the Nomination and Remuneration Committee). |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1. Approve the Board of Directors' report for the fiscal year ending on 31/12/2019.
2. Approve the auditor’s report for the fiscal year ending on 31/12/2019.
3. Approve the Company's consolidated financial statements for the fiscal year ending on 31/12/2019.
4. Approve the Board of Directors decision to appoint Dr. Ammr Khaled Kurdi and Mr. Tarek Abdulaziz Al Rikhaimi (external members) as members of the audit committee from 18/9/2019 until the end of the current committee’s cycle which ends on 27/4/2021. Those appointments represents a replacement of the former committee member, Dr. Khalid D. AlFaddagh (external member) and the appointment of a new audit committee member. The appointment shall take effect as of the date of the recommendation decision on 19/1/1441 (corresponding to 18/9/2019). Those appointments come in accordance with the audit committee’s rules & regulations.
5. Approve the purchase of a number of the company’s shares with a maximum of 5.5 million shares, and an amount not to exceed SR 300 million to allocate them within the Employee Stock Incentive Plan (The Plan), where the purchase of those shares to be financed thru the Company’s own resources. Further, to authorize the Board of Directors or whoever it delegates to complete the purchase within a period of (8) months from the date of the Extraordinary General Assembly approval, as well as to authorize the Board of Directors to execute the plan. The purchased shares to be kept no longer than 7 years from the date of Extraordinary General Assembly approval and once the 7 years period lapses, the company will follow the rules and procedures stipulated in the relevant laws and regulations.
6. Approve the remuneration and compensation to the members of the Board of Directors for their membership as included in the report of the Board of Directors for the period starting on 1 January 2019 and ending on 31 December 2019. |
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