Al Ahlia Insurance shareholders withhold approvals

Shareholders of Al Ahlia for Cooperative Insurance Co. on Wednesday refused to discharge the company’s board members from liability for their activities during the fiscal year 2016.

Shareholders also refrained from approving the payment of board members’ bonuses of SAR 1.33 million for the fiscal year 2016.

Al Ahlia said the shareholders had declined to approve the board’s annual report, the audit report, and all financial statements for 2016, according to its statement to Tadawul.

Meanwhile, the members didn’t issue rules and regulation for the audit committee and nomination & remuneration committee selection and scope of work of each committee.

The decisions came during the insurer’s general assembly meeting held on Wednesday May 17.