Al-Etihad Insurance to vote on FY2019 dividend freeze on June 24

Al-Etihad Cooperative Insurance Co.’s board of directors will postpone the company's ordinary general meeting (OGM), slated for June 7, to Wednesday, June 24, 2020, the company said in a bourse filing.

Shareholders can adopt electronic voting on the agenda items of the general meeting as of June 21.

Shareholders will vote on the board's recommendation on withholding dividend for FY ending on Dec. 31, 2019.

They will also vote on financial statements, board's report, and auditor's report for fiscal year ending Dec. 31, 2019.

Shareholders will 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 and vote on the meeting agenda through Tadawulaty system, as per the Capital Market Authority’s (CMA) circular, issued on March 16, in line with the government’s efforts to prevent the spread of coronavirus.