United Cooperative Assurance Co. Announces the Results of the Ordinary General Assembly Meeting, ( First Meeting )
| Element List | Explanation |
|---|---|
| Introduction | United Cooperative Assurance Company announces the Ordinary General Meeting’s results (First Meeting), which was held on Tuesday 28/06/2022 corresponding to 29/11/1443H at 19:30 through modern technology, where the Quorum completed enough to hold the meeting with attendance percentage of 77.30%. |
| City and Location of the General Assembly's Meeting | The Ordinary General Assembly Meeting was held through new technology media in the head office of the company located in Jeddah. |
| Date of the General Assembly's Meeting | 2022-06-28 Corresponding to 1443-11-29 |
| Time of the General Assembly's Meeting | 19:30 |
| Percentage of Attending Shareholders | 77.30% |
| 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 meeting:
1. Khaled Hussein Alireza. 2. Khaled Ahmed Al Hamdan. 3. Mohammed Abdullah Al Yahya. 4. Mansour Abdulaziz Al Saghayer. 5. Bahaa Aldeen Khashogji. 6. Khaled Mohammed Al Qazlan.
Absentees: None |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf | 1. Khaled Hussein Alireza. (Chairman of Executive Committee)
2. Khaled Ahmed Al Hamdan. (Nomination and Remuneration Committee member and Executive Committee member)
3. Mohammed Abdullah Al Yahya. (Chairman of Audit Committee and Nomination and Remuneration Committee member).
4. Mansour Abdulaziz Al Saghayer. (Chairman of Investment Committee and Executive Committee member)
5. Bahaa Aldeen Khashogji. (Chairman of Risk Committee and Investment Committee member)
6. Khaled Mohammed Al Qazlan. (Chairman of Nomination and Remuneration Committee and Risk Committee member).
7. Mohammed Aldwais. (Audit Committee member).
8. Tariq Alfayez (Audit Committee member).
9. Ahmed AlKhames (Audit Committee member and Risk Committee member). |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1. Disapproved the Board of Directors Report for the fiscal year ended on December 31, 2021
2. Approved External Auditors' Report for the fiscal year ended on December 31, 2021.
3. Approved the Annual Financial Statements for the fiscal year ended on December 31, 2021
4. Disapproved the business and contracts that will take place between the company and the Haj Hussein Ali Reda group of companies, in which the board member, Mr. Khaled Hussein Ali Reda has an indirect interest, knowing that the nature of the transactions is insurance contracts and the duration of these contracts for multiple periods and that the value of transactions the ones that took place in the year 2021 AD are 5,732,000 riyals
5. Disapproved the board members appointment of Mr. Khalid AlQazlan as an independent board member starting from 17 November 2021 to continue the current cycle which will end on 12 January 2024, Succeeding the former member Mr. Khaled Alem.
6. Disapproved the discharge of the Board of Directors members for the fiscal year ended on December 31, 2021.
7. Disapproved the payment of the amount of (1,800,127.03) as a reward for the board members for the financial year ended 31 December 2021.
8. Disapproved the amendment of the Company’s Corporate Governance Charter.
9. Disapproved the Conflict-of-Interest Policy.
10. Disapproved the Remuneration and Compensation Policy related to board members and the executive management.
11. Disapproved the Authority Matrix.
12. Disapproved the amendment of Audit Committee Charter.
13. Disapproved the Nomination and Remuneration Committee Charter
14. Approved the appointment of the Company’s auditors
- KPMG - Crowe Global/ AlAzemm AlSudairy, AlShaikh & Partners
from among the candidates, based on the Audit Committee’s recommendation, to examine, review and audit the financial statements for Q2, Q3, and annual financial statements for the year 2022. As well as Q1 of the year 2023 and determining their fees. |
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