Care shareholders elect board members, approve related party contracts

National Medical Care Co.’s (Care) general assembly elected on Thursday members of the board of directors for the upcoming three-year term, starting on Jan.1, 2018, the company said in a bourse statement.

The new board will include Iyad Al Hussain, Ahmed Al Humaidan, Mai Al Hoshan, Ahmed Abu Abah, Badr Al Athel, Bashar Aba Al Khail, Raed Al Tamimi, Fahd Al-Issa, and Mashhour Al Obeikan.

The assembly also approved related party contracts that will take place with the Company for Cooperative Insurance (Tawuniya), Care said. Care board member Raed Al Tamimi is also a board member at the insurance company.

Contracts between Care and Tawuniya included medical services and insurance coverage at a value of SAR 87.12 million during 2017, the statement added.

During the meeting, shareholders elected Ahmed Abu Abah, Saleh Al Habib, Abdulaziz Aba Al Khail, and Abdullah Al-Arini as members of the audit committee.

The general assembly also approved updated rules for the nominations and remuneration committee, amended policies and standards for the board of directors, and the updated remuneration policy for board members and executives.