Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  SAUDI ARABIA STOCK EXCHANGE  >  Al Alamiya for Cooperative Insurance Co    8280   SA12CG541C16

AL ALAMIYA FOR COOPERATIVE INSURANCE CO

(8280)
SummaryNewsCalendarCompany 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news

Al Alamiya for Cooperative Insurance : announces the results of the Ordinary general meeting ( First Meeting )

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/20/2019 | 07:04am EST

Element List Explanation
Introduction Al Alamiya for Cooperative Insurance Company announces the results of the Ordinary General Assembly meeting (First meeting).

The Board members that attended the meeting are as follows:

Mr. Abdulaziz Bin Hasan

Mr. Khalid Jaafar Allagan

Mr. Christopher Dooley

Mr. Lloyd East

And the Committees chairmen and members who were attend are as follows:

Executive Committee chairman Mr. Khalid Jaafar Allagany

Investment Committee chairman/ Mr. Abdulaziz Bin Hasan

Risk Committee Chairman/ Mr. Christopher Dooley

Nomination and Remuneration Committee member/ Mr. Lloyd East

And the members that couldn’t attend the meeting are as follow:

Mr. Tariq Alkhayyal (Nomination and Remuneration Committee chairman)

Mr. Khalid Hariry

Mr. Mohammed Ali Al-Shakwan

Dr. Saleh Hamad Alshinifi (Audit Committee chairman)

City and Location of the General Meeting At Hyatt Place Riyadh
Date of the General Meeting 2019-06-19 Corresponding to 1440-10-16
Time of the General Meeting 18:30
Percentage of Attending Shareholders 71.51 %
Voting Results on the Agenda 1. Approve the Board of Directors Report for the year ended 31/12/2018G.

2. Approve the External Auditors Report on the Financial Statements for the year ended 31/12/2018G.

3. Approve the audited financial statements for the year ended 31/12/2018G.

4. Approve the appointment of the external auditors recommended by the Audit Committee to audit the Company’s annual financial statements for 2019 and the review of 4 quarterly financial statements (quarter 2, quarter 3, quarter 4 of 2019 and the 1st quarter of 2020) financial statements and their remuneration and they are as follows:

- KPMG

- Aldar Audit Bureau Abdullah AlBasri & Co.

5. Approve the transactions and contracts with the Managing Director and Chief Executive Officer Mr. Khalid Allagany and renew it for further year which consist of motor insurance contracts for his vehicles as per the company approved insurance policies and as per market terms in addition to the discounts provided to the company employees as per company’s policy and authorize them for the next year. The value of this transaction in 2018 amounts to SR 12,097.

6. Approve the transactions and contracts with Riyad Bank and authorize them for the next year. The Board Members Mr. Mohammed Al Shakwan and Mr. Khalid Hariry have an indirect interest as they are representatives of Riyad Bank at the Board of the Company. These transactions are as follows: Motor insurance contracts on the motor leasing scheme of the bank as per the company approved insurance policies and as per market terms. The total value of this transaction during 2018G amounts to SR 46,193,849.

7. Approve the transactions and contracts with Riyad Bank and authorize them for the next year. The Board Members Mr. Mohammed Al Shakwan and Mr. Khalid Hariry have an indirect interest as they are representatives of Riyad Bank at the Board of the Company. These transactions are as follows: General Accident (Bankers Blanket Bank) Insurance contract as per the company approved insurance policies and as per market terms. The total value of this transaction during 2018G amounts to SR 4,173,794 .

8. Approve the transactions and contracts with Riyad Company for Insurance Agency owned by Riyad bank and renew it for a further year which consist of insurance contracts issued to the customers of Riyad Company for Insurance Agency as per the agency contract signed on 29/03/2013Gas per the company approved insurance policies and as per market terms and authorize them for the next year. The Board Member Mr. Mohammed Al Shakwan has an indirect interest as a representative of Riyad Bank on the Board of the company. The Board Member Mr. Khalid Hariry has an indirect interest as the representative of Riyad Bank on the Board of the company and Member of the Administration Committee of the Agency. The total Gross Written Premium value of these transactions during 2018G amounts to SR 30,741,314 and a total commission of SR 3,773,020 has been earned by the Agency.

9. Approve the transactions and contracts and renew it for further year with RSA Insurance Group plc. The Board Members Mr. Lloyd East, Mr. Mathew Hottson, Mr. Christopher Dooley and Mr. Khalid Allagany have an indirect interest as they are representatives of Royal and Sun Alliance Insurance (Middle East) BSC (c) Bahrain (a subsidiary RSA Insurance Group plc) at the Board of the Company, as per market terms and authorize them for the next year. These transactions are as follows: Reinsurance arrangements through re-insurance treaties. The total value of these transactions during 2018G amounts to SR 20,646,261 which represent reinsurance premium further to which the company has registered a reinsurance commission income amounting to SR 6,229,897 during the same period.

10. Approve the transactions and contracts and renew it for further year with RSA Insurance Group plc. The Board Members Mr. Lloyd East, Mr. Mathew Hottson, Mr. Christopher Dooley and Mr. Khalid Allagany have an indirect interest as they are representatives of Royal and Sun Alliance Insurance (Middle East) BSC (c) Bahrain (a subsidiary RSA Insurance Group plc) at the Board of the Company, as per market terms and authorize them for the next year. These transactions are as follows: Technical services provided to the company as per the technical services agreement renewed on 21/09/2014G for 5 years. The total value of these services during 2018G amounts to SR 6,478,720

11. Approve the transactions and contracts and renew it for further year with RSA Insurance Group plc. The Board Members Mr. Lloyd East, Mr. Mathew Hottson, Mr. Christopher Dooley and Mr. Khalid Allagany have an indirect interest as they are representatives of Royal and Sun Alliance Insurance (Middle East) BSC (c) Bahrain (a subsidiary RSA Insurance Group plc) at the Board of the Company, as per market terms and authorize them for the next year. These transactions are as follows: The branding fees of RSA group as per the Intellectual Property Agreement renewed on 11/03/2014G with unlimited period and linked to the shareholding of RSA Group in Al Alamiya. The total value of the transaction during 2018G amounts to SR 30,100

12. Approve the appointment of Mr. Mohammed Ali Al Shakwan as a non-executive Member of the Board of Directors representing Riyad Bank starting from 11/07/1440H corresponding to 18/03/2019G replacing Mr. Tareq Abdullah Alghaziri who resigned on 07/05/1440H corresponding to 13/01/2019G.

13. Approve the updates to the Board and Committees Members Remuneration Policy.

14. Approve the discharge the Directors from their liabilities for the financial period ended on 31/12/2018G.

15. Approve the Board of Directors recommendation to not distribute dividends for the year ended 31/12/2018G.

16. Approve the total amount of SR 521,918 for the remuneration of the Members of the Board of Directors on the year ended 31/12/2018G.

(c) 2019 Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
AL ALAMIYA FOR COOPERATIVE INSURANCE CO End-of-day quote.
RIYAD BANK SJSC End-of-day quote.
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on AL ALAMIYA FOR COOPERATIVE
06/20AL ALAMIYA FOR COOPERATIVE INSURANCE : announces the results of the Ordinary gen..
AQ
06/20AL ALAMIYA FOR COOPERATIVE INSURANCE : announces the results of the Ordinary gen..
AQ
06/14AL ALAMIYA FOR COOPERATIVE INSURANCE : Announces The Electronic Voting of the Ge..
AQ
06/13AL ALAMIYA FOR COOPERATIVE INSURANCE : Announces The Electronic Voting of the Ge..
AQ
06/11AL ALAMIYA FOR COOPERATIVE INSURANCE : is pleased to invite its valued sharehold..
AQ
06/10AL ALAMIYA FOR COOPERATIVE INSURANCE : is pleased to invite its valued sharehold..
AQ
05/14AL ALAMIYA FOR COOPERATIVE INSURANCE : announces signing an insurance agreement ..
AQ
05/13AL ALAMIYA FOR COOPERATIVE INSURANCE : announces signing an insurance agreement ..
AQ
05/07AL ALAMIYA FOR COOPERATIVE INSURANCE : Announces Resignation of a Board Member
AQ
05/06AL ALAMIYA FOR COOPERATIVE INSURANCE : Announces Resignation of a Board Member
AQ
More news
Managers
NameTitle
Khalid Gaafar Al-Lagany Chief Executive Officer, Executive Director & MD
Abdul Aziz Abul Mohsen bin Hasan Chairman
Riad Abbas Al Dakhil Manager-Information Technology & Operations
Fadi Aboul Hosn Chief Financial Officer
Ahmed Khalifa Hassan Technical Director
Sector and Competitors