UCA shareholders approve using statutory reserve to offset accumulated losses, reject amending board remuneration policy

United Cooperative Assurance Co.’s (UCA) shareholders approved using SAR 31.94 million, or the entire value of the statutory reserve as of March 31, 2021, to partially offset accumulated losses, during the ordinary general meeting held on Aug. 18.

The decision aims to reduce UCA’s accumulated losses from SAR 137.02 million as in the period ended March 31, 2021, representing 34% of the capital, to SAR 105.07 million (26% of capital).

Shareholders also approved the formation of the audit committee, defined its tasks, work controls, and remuneration for its members for the three-year term, starting Aug. 18, 2021.

The new audit committee includes Mohammed Abdullah Al Yahya as Chairman, Ahmed Tawfiq Al-Khamis, Tariq bin Ali Al-Fayez, and Mohammed bin Hadi Al-Duwais as non-board members.

Meanwhile, shareholders refused amended board remuneration policy but approved the audit committee’s charter.