GULF GENERAL

01 July, 2024 08:55

Gulf General Cooperative Insurance Co. Announces the Results of the Ordinary General Assembly Meeting, ( Second Meeting )

Element ListExplanation
Introduction Gulf General Cooperative Insurance Company announces the results of the Ordinary General Assembly meeting (Second meeting), which was held at 07:30 pm on Sunday, 24/12/1445 AH, corresponding to 30/06/2024 AD, through means of modern technology. Due to lack of a quorum in the first meeting, the second meeting was held one hour after the scheduled time for the first meeting with the shares represented at the meeting according to the company’s bylaws.
City and Location of the General Assembly's Meeting Company headquarters, Jeddah - through means of modern technology.
Date of the General Assembly's Meeting 2024-06-30 Corresponding to 1445-12-24
Time of the General Assembly’s Meeting 19:30
Percentage of Attending Shareholders 21.20%
Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees The meeting was attended by all members of the Board of Directors, who are as follows: Mr. Jamal Abdullah AlDabbagh Mr. Saud Abdulaziz AlSulaiman Mr. Mohamed Husnee Jazeel Mr. Majed Diaauddin Kareem Mr. Taher Mohammed Omar Agueel Mr. Mohammad Zaher Salahuddin Almunajjed Dr. Faisal Adnan Baassiri Dr. Ahmed Siraj Khogeer Dr. Abdulwahab Mossab Abukwaik
Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf Mr. Jamal Abdullah AlDabbagh - Chairman of the Executive Committee. Mr. Saud Abdulaziz AlSulaiman - Chairman of the Investment Committee. Mr. Mohammad Zaher Salahuddin Almunajjed - Chairman of the Risk Management Committee. Dr. Faisal Adnan Baassiri - Chairman of the Nomination and Remuneration Committee. Dr. Ahmed Siraj Khogeer - Member of the Audit Committee.
Voting Results on the Items of the General Assembly's Meeting Agenda's 1. The Board of Directors' report for the fiscal year ending on 31/12/2023 AD was viewed and discussed. 2. The financial statements for the fiscal year ending on 31/12/2023 AD was viewed and discussed. 3. Approval of the auditors’ report on the Company’s accounts for the fiscal year ending on 31/12/2023 AD after discussing it. 4. Approval of appointing the auditors for the Company from among the candidates based on the Audit Committee's recommendation. The appointed auditors shall examine, review and audit the second quarter, third quarter, and annual financial statements of the fiscal year ending 2024 AD, and the first quarter of the fiscal year 2025 AD, and the determination of the auditors’ remuneration and they are: • KPMG Al Fozan & Partners for a fee of 920,000 Saudi riyals. • Al Kharashi & Co, MAZARS for a fee of 550,000 Saudi riyals. 5. Approval of the business and contracts that will be concluded between the company and (Al-Dabbagh Group), in which the Chairman of the Board of Directors Mr. Jamal Abdullah Al-Dabbagh has a direct interest, as he is the owner of this group, represented in premiums underwritten for a year, and there are no preferential terms for these contracts. Note that the transactions that occurred in 2023 AD were insurance premiums underwritten in the amount of 4,061,000 Saudi riyals. 6. Approval of the business and contracts that will be concluded between the company and (Rolaco Group), in which the Vice Chairman of the Board of Directors Mr. Saud Abdulaziz Al-Sulaiman has a direct interest, as he is the owner of this group, represented in premiums underwritten for a year, and there are no preferential terms for these contracts. Note that the transactions that occurred in 2023 AD were insurance premiums underwritten in the amount of 603,000 Saudi riyals. 7. Approval the business and contracts that will be concluded between the company and (Raghf Catering Services Company), in which the Board Member Mr. Majed Diaauddin Kareem has a direct interest, as he is the owner of this Company, represented in premiums underwritten for a year, and there are no preferential terms for these contracts. Note that the transactions that occurred in 2023 AD were insurance premiums underwritten in the amount of 85,000 Saudi riyals. 8. Approval of the discharge of the Directors from their liabilities for the fiscal year ending on 31/12/2023 AD. 9. Approval of paying an amount of (SAR 1,800,000) as remuneration to the Board members for the fiscal year ending on 31/12/2023 AD.
Additional Information None

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