UCA shareholders delegate general assembly powers to board

United Cooperative Assurance Co.’s (UCA) shareholders approved granting the board of directors the powers of the general assembly, according to the Companies Law, during the ordinary general meeting (OGM) held on June 5, the company said in a bourse filing.

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

Meanwhile, they approved the board as well as the auditor’s reports and financial statements for 2023. A new auditor was also appointed to review financials for Q2, Q3, Q4 2024 and Q1 2025.