Saudi Kayan shareholders approve new board, audit committee

Saudi Kayan Petrochemical Co.’s (Saudi Kayan) shareholders approved the election of board members for the upcoming three-year session, starting March 20, 2021, during the ordinary general meeting held on March 18, 2021.

Four members were appointed by Saudi Basic Industries Corp. (SABIC), the firm said in a statement to Tadawul.

The SABIC-appointed board members for the new term are Ahmed Trais Al-Shaikh (chairman of the board), Mohammed Abdulrhman Al-Zahrani (vice-chairman), Waleed Ahmed Al-Shalfan, and Khalid Ali Al-Garni.

Other board members include Bashar Talal Kayyali, Ahmed Ali Abu Talaf, and Ahad Abdulaziz Awaidha.

The shareholders also approved the formation of the audit committee, its role, responsibilities, and the remuneration for the next three-year session, starting March 20, 2021.

The members of the new audit committee include Waleed Ahmed Al Shalfan, Khalid Ali AlGarni, Bashar Talal Kayyali, and Yahya Issa Al-Ansari.

The shareholders also endorsed the company’s audited financial statements, as well as audit and board reports for 2020.

They also approved appointing KPMG Al Fozan & Partners as external auditor to audit Q2, Q3, Q4 and FY2021, in addition to Q1 2022.

The shareholders also approved discharging board members from liabilities for 2020, and board remuneration of SAR 1.4 million for the last year.