Al Sagr Insurance board member resigns over governance concerns

Logo of Al Sagr Cooperative Insurance Co.

Al Sagr Cooperative Insurance Co. announced the resignation of independent board member Saleh Alderaan.

 

In a statement to Tadawul, Al Sagr said Alderaan resigned due to what he described as weak implementation of effective governance practices and the absence of a clear strategy.

 

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The resignation was submitted on Feb. 19, the company added. Alderaan had joined the board on Jan. 19.

 

According to data available on Argaam, the insurance regulator issued a decision yesterday suspending Al Sagr from selling mandatory vehicle insurance due to violations of supervisory and regulatory requirements and the board’s failure to implement effective governance measures.

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