Gulf Union Alahlia shareholders to vote on 2020 board, audit reports on June 29

Gulf Union Alahlia Cooperative Insurance Co.’s (Gulf Union Alahlia) shareholders will vote on the board and audit reports, and financial statements for 2020, during ordinary general meeting (OGM) to be held on June 29, 2021.

Shareholders will vote on the payment of SAR 2.265 million as remuneration for board members and discharge them from liabilities for 2020.

They will also vote on appointing an external auditor to audit the company’s financial statements for Q2, Q3, and 2021, and Q1 2022, in addition to delegating the board of directors the vested powers of the OGM as per Article (71/1) of the Companies Law for one year from the date of the OGM approval or the end of the delegated board term, which comes first.

Other meeting agenda items include voting on using the entire balance of the share premium, amounting to SAR 89.5 million, to reduce part of the accumulated losses, as well as business contracts concluded with other companies.