Sahara International Petrochemical Company announces the results of the 17th Extraordinary General Assembly (First Meeting)
| Element List | Explanation |
|---|---|
| Introduction | Sahara International Petrochemical Company (Sipchem) announces the results of the 17th Extraordinary General Assembly meeting (the First Meeting) |
| City and Location of the General Assembly's Meeting | Company’s Headquarter Khobar - via modern technology |
| Date of the General Assembly's Meeting | 2024-05-21 Corresponding to 1445-11-13 |
| Time of the General Assembly’s Meeting | 18:30 |
| Percentage of Attending Shareholders | 53.089% |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | The President and all the members of the Board of Directors attended the Assembly meeting via modern technology, as follows:
1- Eng. Khalid A. Al-Zamil (Chairman) 2- Mr. Fahad S. Al Rajhi (Vice Chairman) 3- Dr. Abdul Rahman A. Al-Zamil 4- Eng. Saeed O. Al-Eisayi 5- Eng . Riyad S. Idrees 6- Mr. Saeed A. Basamah 7- Mr. Ziyad A. Al-Turky 8- Mr. Mosaed M. Al-Ohali 9- Mr. Firas M. Al- Abaad 10- Mr. Ahmad A. Al- Dakheel The following is absent: ENG. Abdullah K. Al-Buainain |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf | 1-Mr. Ahmad A. Al- Dakheel (Chairman of the Remuneration and Nominations Committee)
2-Mr. Fahad S.Al Rajhi (Chairman of the Executive Committee) 3- Mr. Abdulaziz A. Bin dayl.(Chairman of the Governance Committee) The following is absent: ENG. Abdullah K. Al-Buainain (Chairman of Audit Committee) |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1.Read and discuss the annual Board report for the fiscal year ending 31 December 2023.
2.Read and discuss the Financial Statements of the fiscal year ending 31 December 2023. 3.Approving the auditors' report for the year ended as of 31/12/2023 4.Approving to absolve the members of the Board of Directors from their liability for the past year 31/12/2023 . 5.Approving on the disbursement of (4,725,000) Four million seven hundred and twenty-five thousand SR as a remuneration of the Board of Directors for the fiscal year 31/12/2023. 6.Approving to the appointment Price water house Coopers Public Accountants, to examine, review and audit the financial statements for the second, third quarter and the annual of the fiscal year 2024 and the first ,second, third quarter and the annual of the fiscal year 2025 and the first ,second, third quarter and the annual of the fiscal year 2026 and the first quarter of the fiscal year 2027 and the total fees SAR 1,088,000 (One million eighty-eight thousand riyals) 7.Approving Authorizing the Board of Directors to distribute interim quarterly (quarter/ half) annual profits for the fiscal year 2024. 8.Approving on transferring the statutory reserve amount of (SR 2,089,149,000), as stated in the financial statements for the year ended on 31/12/2023, to the retained earnings account. 9.Approving on extending the maximum period within which the Company may hold the treasury shares (amounting to Eight million two hundred and eleven thousand three hundred and forty-one" 8,211,341" shares as treasury shares, as approved by the Extraordinary General Assembly of the Company for another period of (Ten) years starting from the date of Extraordinary General Assembly approval. After this period expires, the Company will comply with the procedures and controls stipulated in the applicable regulations. 10.Approving on the amendment of the company bylaw to comply with the new Companies Law and rearrange the articles of the company bylaw and numbering to comply with the amendments proposed. 11.Approving on amending Article (3) of the company’s bylaws related to the objectives of the company. 12.Approving on amending Article (23) of the company’s bylaws related to the Chairman, Vice-Chairman, Managing Director, and Secretary Powers. 13.Approving on the amendment to the Audit Committee Charter. 14.Approving on the amendment of the Remuneration and Nomination Committee Charter. 15.Approving on the amendment to the Policy on Remuneration and Compensation of Board, Committees Members and Executives. 16.Approving on the Business Standards Competition and Procedures. |
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