The United Cooperative Assurance Company announces the formation of the Audit Committee.
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Introduction | The United Cooperative Assurance Company announces the Board of Directors decision issued on 02 Rajab 1445H corresponding to 14 January 2024 appointing the Chairman and members of the Audit Committee, as this appointment is effective from the date of commencement of Membership of the Audit Committee members in consistent with the Board of Directors term extending from 13 January 2024 until 12 January 2027, after obtaining a non-objection from the Insurance Authority issued on 9 Shaban1445H corresponding to19 February 2024.
The Audit Committee is composed of:
1. Mr. Mohammed Abdullah Al-Yahya (Independent Director) – Chairman 2. Mr. Ahmed Tawfiq Al-Khamis (Independent Non Board member) – Member 3. Mr. Tariq Ali Al-Fayez (Independent – Non Board member) – Member 4. Mr. Mohammad Hadi Al-Duwais (Independent – Non Board member) – Member |
Element List | Explanation |
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Appointed Member Name | Mohammed Abdullah Al-Yahya |
Membership Start Date | 2024-01-13 Corresponding to 1445-07-01 |
Brief Resume of the Appointed Member | Mr. Muhammad Al-Yahya has a high academic and professional qualification. He obtained a Bachelor’s degree in Civil Engineering from Florida Agricultural and Mechanical University - the United States of America.
He is a member of the company’s Board of Directors, and has previously worked in the banking and financial sector in the Kingdom and abroad for more than 30 years. In addition he was a director in several insurance companies in the past ten years. |
The date of the approval by other official authorities | The United Cooperative Assurance Company would like to announce receiving No Objection from the Insurance Authority on 9 Shaban1445H corresponding to 19 February 2024 |
Element List | Explanation |
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Appointed Member Name | Ahmed Tawfiq Al-Khamis |
Membership Start Date | 2024-01-13 Corresponding to 1445-07-01 |
Brief Resume of the Appointed Member | Mr. Ahmed Al-Khamis has a high academic and professional qualification. He obtained a Bachelor’s degree in Finance from King Fahd University of Petroleum and Minerals, a Risk Management Practitioner Certificate from Excelos, and a General Certificate for Insurance Fundamentals - Institute of Banking.
He also previously worked in the banking and financial sector in the Kingdom for more than 10 years, including leading positions in an insurance company. |
The date of the approval by other official authorities | The United Cooperative Assurance Company would like to announce receiving No Objection from the Insurance Authority on 9 Shaban1445H corresponding to 19 February 2024 |
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Appointed Member Name | Tariq Ali Al-Fayez |
Membership Start Date | 2024-01-13 Corresponding to 1445-07-01 |
Brief Resume of the Appointed Member | Mr. Tariq Al-Fayez has a high academic and professional qualification, as he obtained a Bachelor’s Degree in Marketing from King Fahd University of Petroleum and Minerals - Saudi Arabia, and an advanced certificate in Governance, Compliance and Risk Management from - Merck - UAE.
He also previously worked in the banking and financial sector in the Kingdom for a period more than 10 years, including leading positions in an insurance company. |
The date of the approval by other official authorities | The United Cooperative Assurance Company would like to announce receiving No Objection from the Insurance Authority on 9 Shaban1445H corresponding to 19 February 2024 |
Element List | Explanation |
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Appointed Member Name | Mohammad Hadi Al-Duwais |
Membership Start Date | 2024-01-13 Corresponding to 1445-07-01 |
Brief Resume of the Appointed Member | Mr. Mohammad Al-Duwais has a high academic and professional qualification. He obtained a Bachelor’s degree in Accounting - King Abdulaziz University, and a Master degree in Banking Management - Institute of Public Administration, and a Fellowship of the Saudi Organization for Certified Public Accountants - the Saudi Organization for Certified Public Accountants. Kingdom of Saudi Arabia.
He also previously worked in several companies operating in the banking, financial and commercial sectors in the Kingdom for more than 15 years, including leading positions in an insurance company. |
The date of the approval by other official authorities | The United Cooperative Assurance Company would like to announce receiving No Objection from the Insurance Authority on 9 Shaban1445H corresponding to 19 February 2024 |
Element List | Explanation |
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Date of Board Meeting in which Appointed New Member(s) were Appointed | 2024-01-14 Corresponding to 1445-07-02 |
Additional Information | The Company obtained the Insurance Authority No-objection on the appointment of the Chairman and Members of the Audit Committee |
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