Al Alamiya for Cooperative Insurance Company Announces the Results of its Ordinary General Assembly Meeting (First Meeting)
| Element List | Explanation |
|---|---|
| City and Location of the General Assembly's Meeting | The Ordinary General Assembly Meeting was held through modern technology means and voting was conducted via the Tadawulaty system |
| Date of the General Assembly's Meeting | 2020-06-08 Corresponding to 1441-10-16 |
| Time of the General Assembly's Meeting | 18:30 |
| Percentage of Attending Shareholders | 71.08163% |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | The following board members attended the Ordinary General Assembly Meeting:
1. Abdulaziz Abdulmohsin Bin Hasan. (Chairman) 2. Tariq Zaid Abdullah Alkhayyal. (Vice Chairman) 3. Khalid Mohammed Ali Hariry 4. Khalid Jaafar Mostafa Allagany 5. Saleh Hamad Saleh Alshinifi 6. Christopher Philip Dooley 7. Jonathan Cope 8. Martin Rueegg 9. Abdulaziz Yousef Bin Yousef |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf | The following Chairmen of the Committees attended the Ordinary General Assembly Meeting:
1. Abdulaziz Abdulmohsin Bin Hasan. (Investment Committee chairman) 2. Saleh Hamad Saleh Alshinifi. (Audit Committee chairman) 3. Tariq Zaid Abdullah Alkhayyal. (Nomination and Remuneration Committee chairman). 4. Khalid Jaafar Mostafa Allagany. (Executive Committee chairman) 5. Christopher Philip Dooley. (Risk Committee Chairman) |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1. Approval of the Board of Directors Report for the year ended 31/12/2019G.
2. Approval of the External Auditors Report on the Financial Statements for the year ended 31/12/2019G. 3. Approval of the financial statements for the year ended 31/12/2019G. 4. Approval of the appointment of the external auditors recommended by the Audit Committee to audit the Company’s annual financial statements for 2020 and the review quarterly financial statements (quarter 2, quarter 3, quarter 4 and annual) of 2020 and the 1st quarter of 2021) financial statements and their remuneration and they are as follows: - KPMG Al Fozan & Partners, Certified Public Accountants - Ibrahim Ahmed Albassam & Co. (Albassam & Co.)
5. Approval of the appointment of Mr. Abdulaziz Yousef Bin Yousef as a non-executive Member of the Board of Directors starting from the date of his appointment on 12/09/1441H corresponding to 05/05/2020G to complete the board session till the end of the current board period ending on 09/10/2021G, replacing Mr. Mohammed Ali Al Shakwan non-executive Member. 6. Approval of the appointment of Mr. Martin Rueegg as a non-executive Member of the Board of Directors starting from the date of his appointment on 16/02/1441H corresponding to 15/10/2019G to complete the board session till the end of the current board period ending on 09/10/2021G, replacing Mr. Lloyd East non-executive Member. 7. Approval of the appointment of Mr. Jonathan Cope as a non-executive Member of the Board of Directors, starting from the date of his appointment on 27/11/1440H corresponding to 30/07/2019G to complete the board session till the end of the current board period ending on replacing Mr. Matthew Hotson non-executive Member. 8. Approval of the transactions and contracts with the Managing Director and Chief Executive Officer Mr. Khalid Allagany and renew it for further year which consist of motor insurance contracts for his vehicles as per the company approved insurance policies and as per market terms. The value of this transaction in 2019 amounts to SR 14,218. 9. Approval of the transactions and contracts with Riyad Bank. The Board Members Mr. Abdulaziz Yousef Bin Yousef and Mr. Khalid Hariry have an indirect interest. These transactions are Insurance contracts as per the company approved insurance policies and as per market terms. The total value of this transaction during 2019G amounts to SR 41,460,369.04. 10. Approval of the transactions and contracts with Riyad Company for Insurance Agency owned by Riyad bank, The Board Member Mr. Abdulaziz Yousef Bin Yousef Mr. Khalid Hariry have an indirect interest. These transactions are Insurance contracts as per the company approved insurance policies and as per market terms. The total value of this transaction during 2019G amounts to SR 43,799,063. 11. Approval of the transactions and contracts with Royal and Sun Alliance Insurance (Middle East). The Board Members Mr. Martin Rueegg, Mr. Jonathan Cope, Mr. Christopher Philip Dooley and Mr. Khalid Jaafar Mostafa Allagany have an indirect interest. These transactions are as follows: Reinsurance arrangements through re-insurance treaties as per market terms the total value of these transactions during 2019G amounts to SR 27,688,166 for one year. 12. Approval of the transactions and contracts with Royal and Sun Alliance Insurance (Middle East). The Board Members Mr. Martin Rueegg, Mr. Jonathan Cope, Mr. Christopher Philip Dooley and Mr. Khalid Jaafar Mostafa Allagany have an indirect interest. These transactions are as follows: Technical services provided to the company from Royal and Sun Alliance Insurance as per market terms. The total value of these services during 2019G amounts to SR 7,751,140 for one year. 13. Approval of the transactions and contracts with Royal and Sun Alliance Insurance (Middle East). The Board Members Mr. Martin Rueegg, Mr. Jonathan Cope, Mr. Christopher Philip Dooley and Mr. Khalid Jaafar Mostafa Allagany have an indirect interest. These transactions are as follows: The branding fees of RSA group as per market terms. The total value of the transaction during 2019G amounts to SR 30,100 for one year. 14. Approval of the discharge the Directors from their liabilities for the financial period ended on 31/12/2019G. 15. Approval of the Board of Directors recommendation to not distribute dividends for the year ended 31/12/2019G. 16. Approval of a total amount of SR 865,500 for the remuneration of the Members of the Board of Directors on the year ended 31/12/2019G |
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