Al-Etihad shareholders to vote on board, audit reports on June 7

Al-Etihad Cooperative Insurance Co.’s shareholders will vote on financial statements, board's report, and auditor's report for fiscal year ending Dec. 31, 2019 on the extraordinary general meeting (EGM) slated for June 7, the company said in a bourse statement.

Shareholders will also discharge board members from liability for FY2019, and appoint a new auditor for Q2, Q3, Q4, FY2020 and Q1 2021.

During the meeting, shareholders will vote on the formation of an audit committee for the three-year term ending May 1, 2023 and determining its tasks and remuneration.

They will discuss business contracts signed with other entities in 2019, including National Insurance Co., Ala Abdulhadi & Khalifa Hawas Consulting Engineering Co., and National Amlak Investment Co., and with Sulaiman AbdulRahman Al-Saleh, the board chairman.

Meanwhile, they will vote on a board remuneration of SAR 1.4 million for FY2019 for 11 board members.

Shareholders will participate in the meeting through electronic voting, in line with the Capital Market Authority's (CMA) circular issued, on March 16, enabling shareholders to participate and vote on general meeting agenda items through Tadawulaty system in line with the government’s efforts to prevent spread of coronavirus.