Arabia Insurance shareholders task board with general assembly powers

Arabia Insurance Cooperative Co. (AICC) shareholders approved granting the board of directors the powers of the general assembly, as stipulated in the Companies Law, during the ordinary general meeting (OGM) held on June 27, the company said in a bourse filing today, June 28.

The powers will be granted to the board for a period of one year starting from the general assembly approval date or until the end of the delegated board’s term, whichever is earlier.

In addition, shareholders approved amending the company’s corporate governance manual and ratified related party transactions.

Meanwhile, they approved the board and auditor’s reports, as well as financial statements for 2021. A new auditor was also appointed to review financials for Q2, Q3, 2022 and Q1 2023.