Riyad Bank shareholders to vote on H2 2017 dividend

Riyad Bank shareholders will vote on paying a 3.8 percent cash dividend (SAR 0.38 per share) for the second half of 2017, at the bank’s upcoming general assembly meeting on March 26.

The H2 dividend will be paid starting Monday, April 9, the lender said in a statement to Tadawul.

Riyad Bank issued a 3.5 percent dividend for H1, bringing the total dividend for the year to 7.3 percent of capital (SAR 0.73 per share), amounting to SAR 2.19 billion.

During the AGM, shareholders will also vote on the board of directors’ report, the financial statements, and auditor’s report for fiscal year 2017.

In addition, the assembly will vote on appointing an auditor for fiscal year 2018 and on paying the auditor a one-time extra fee for assessing and reviewing the efficiency of implementing IFRS9.

Shareholders will vote on the board’s remuneration for the year 2017, and authorize the board to distribute interim dividends.

Other items to be voted on include the updated charters of the nominations and remunerations committee and the audit committee; policies for nominating and appointing board members; remuneration policies of board members, executive management, and committee members; and future contracts with related parties.