Saudi Cable shareholders OK filing liability lawsuit against 2 board members

The OGM agenda items included the review and deliberation of the 2023 board report; the examination and discussion of the 2023 financial statements; and the approval of the auditor's 2023 financial report following detailed discussions, which were 81.27% greenlit.

Furthermore, shareholders approved the appointment of Abdullah AlGubain as an independent board member, effective from April 13, 2024, to complete the current term ending April 3, 2027, replacing the resigned member, Abdulaziz Aba Alkhail. This decision garnered positive voting of 96.93%.

However, shareholders rejected naming Badran Al Badran as a non-executive member, who was supposed to replace the resigned member Saleh Al-Shathri, achieving a 76.02% disapproval rate.

As much as 98.03% of the shareholders also nodded to the dismissal of Ziyad Al-Barrak from the board of directors. Additionally, shareholders ratified filing a liability lawsuit against the latter, authorizing executive management to pursue necessary legal actions, with a solid 97.21% approval.

Similarly, the OGM gave the go-ahead for the dismissal of Nael Fayez from the board, supported by 97.67% of shareholders. The decision to file a liability lawsuit against him was endorsed by 96.93% of voting shareholders.

Moreover, they approved appointing AlKharashi & Co. – Certified Accountants and Auditors as the company's certified auditor, selected based on the audit committee's recommendation. It will audit the interim and annual financials for the remaining quarters and 2024 as well as Q1 2025, with their fees set at SAR 640,000 (VAT exclusive), obtaining a 95.27% approval rate.

Other approvals included the adoption of a bonus policy for the board, its committees, and the executive management (90.43% approval); amendments to the audit committee's work regulation (96.95% approval); adjustments to membership policies, standards, and procedures for the board (97.34% approval); and modifications to the social responsibility regulation (96.36% approval).

In its statement, the company clarified that voting results on the fifth, sixth, and eighth items were nullified due to the resignations of Nael Fayez, Ziyad Al-Barrak, and Badran Al Badran from the board, which were announced earlier on Tadawul on June 26, prior to the meeting.