Saudi Paper’s shareholders reject dismissal of the board of directors

Saudi Paper Manufacturing Co.’s (SPM) shareholders disapproved dismissing the existing board of directors upon request of two major shareholders, the company said in a bourse filing.

Shareholders also didn’t elect a new board for a new three-year term ending on Mar. 11, 2023 as they rejected the dismissal of the current board.

The general assembly held on March 12, 2020 also rejected a board recommendation on appointing Ibrahim Al Sheikh and Salah Al-Qahtani as independent board members.

However, they approved amending board membership policies and appointing Mohammed bin Saud as independent board member and member of the audit committee until the end of the current term on April 12, 2026.

SPMC’s board approved on Jan. 21, 2020, terminating the membership of former CEO Hassan Asiree from the board based on Article 80 of the Labor Law, Argaam earlier reported.

Asiree said the company's previous announcement on terminating his board membership lacks credibility and fabricates the truth of what happened in the board meeting held on Jan. 21.