Arabia Insurance shareholders approve board, audit reports for 2020

Arabia Insurance Cooperative Co.’s (AICC) shareholders approved board and audit reports, as well as audited financial statements for 2020, during the ordinary general assembly meeting (OGM) held on June 2, 2021.

The company said in a bourse statement that shareholders discharged board members from liability for 2020 and approved payment of SAR 1.8 million as board remuneration for 2019 and 2020.

In addition, they approved other items on the meeting’s agenda, including appointing PKF | Al Bassam & Co. and Crowe | Al Azem, Al Sudairy, Al Shaikh & Partners CPA's & Consultants to audit the company’s financial statements for Q2, Q3, and Q4 2021, as well as 2021 and Q1 2022.

Shareholders also approved delegating the board of directors with the authorization power vested in the general assembly for one year, starting from the date of the approval by the general assembly or until the end of the delegated board of directors’ term, whichever is earlier.