Budget Saudi shareholders approve updated remuneration policy

United International Transportation Co.’s (Budget Saudi) general assembly approved on Monday updating the remuneration policy for the board of directors, board committees, and executive management, the company said in a bourse statement.

Shareholders also approved updating the policies of board membership and rules for the nominations and remunerations committee, as well as amending some articles of the company’s bylaws related to the powers of the board chairman and number of audit committee members.

During the meeting, shareholders appointed Khalil Abdul Razzaq as member of the audit committee starting from April 24, 2017 until June 20, 2018.

In addition, the general assembly approved raising the external auditor Ernst & Young’s fees to SAR 611,000 from SAR 495,000 for 2017 interim and annual financials.