Shareholders of Al Ahlia for Cooperative Insurance Co. on Monday refused to give approval on the financial statement and audit report for the fiscal year 2016, the company said in a bourse statement.

 

At the general assembly meeting, shareholders also refused to discharge the company’s board members from liability for their activities during the fiscal year 2016 and refused to approve the board’s annual report for the same period, the statement added.

 

Earlier in May, shareholders had withheld approvals on payment of board members’ bonuses of SAR 1.33 million and had declined to approve the board’s annual report, the audit report, and all financial statements for 2016, Argaam reported. 

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Al Ahlia Insurance shareholders withhold approvals

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