Announces the Results of Shareholder Ordinary General Assembly Meeting
Chubb Arabia Cooperative Insurance Co. has announced that the company held its Ordinary general assembly meeting in the Company’s Head Office in Khobar on 14-04-2016 corresponding to 07-07-1437 at 16:00. All resolutions of the meeting are as follows:
1. Ratification on the Auditors report to the general assembly for the sixth financial year (from 1/1/2015 to 31/12/2015).
2. Ratification on the Company’s annual financial statements for the sixth financial year (from 1/1/2015 to 31/12/2015).
3. Ratification on the Board of Directors report for the Company’s business during the year 2015.
4. Ratification on the existing contracts with interest of one or more of Board members and major shareholders and renew it for further year, which are:
a. Issuance of insurance policies for El Khereiji Corporation for one year with total premiums SR 384,265 represented by Chairman Sheikh Abdullah bin Abdulaziz El Khereiji.
b. Issuance of insurance policies for El Khereiji Trading and Electronic for one year with total premiums SR 558,305 represented by Board Member Mr. Abdulaziz Abdul Karim El Khereiji and Board Member Mr. Mohammed Abdul Karim El Khereiji.
c. Placed facultative reinsurance with subsidiaries directly and indirectly, controlled by co-founder Chubb INA International Holding Ltd.; represented by three Board Members and they are Mr. Stephen Brian Dixon, Mr. Serge Michel Osouf and Mr. Syed Umer Ali Shah.
d. The company signed a contract for one year subject to renewal to rent premises for the Head Office, Khobar Branch and Riyadh Branch with El Khereiji for Trade and Electronics Est. represented by Board Member Mr. Abdulaziz bin Abdul Karim El Khereiji and Board Member Mr. Mohammed bin Abdul Karim El Khereiji for an amount of SR 1,267,627.
e. The company signed contract with Cars Service Centre for one year (automatically renewable) which is owned by Board Member Mr. Mohammed bin Abdul Karim El Khereiji to provide on non-exclusive basis maintenance services for clients insured vehicles for amount transacted of SR 4,799,002 during the year.
Where the existing contracts consist on the same terms and conditions granted to all its contracts with other parties.
5. Releasing liability of the board members with respect to the company’s management for the financial year 2015.
6. Approval of appointment of Ernst & Young and PKF Al Bassam & Allied Accountants to be the Company’s auditors to audit the company’s accounts for the year 2016 besides the quarterly statements and approval of SR 665,000 as their fees for such period.
7. Approval on payment of the meeting attendance allowance to the board members, that is (SR 3,000) for each meeting attended by the members and (SR 1,500) for each meeting of the Executive Committee, Audit Committee, Nomination & Remuneration Committee, Investment Committee and Risk Management Committee in addition to reimbursement of the actual expenses incurred for attending such meeting, for a total amount of (SR 344,179).
8. Approval on paying the annual remuneration for the financial year 2015 of total of (SR 1,102,500) for the Board Members for their services in year 2015.
9. Ratification on the Board of Directors recommendation of non-distribution of dividends for the fiscal year 2015.
10. Ratification on the Board of Directors recommendation to update Audit Committee charter and Corporate Governance policy.
The percentage of the vote on the above items after the exclusion of non-voting shareholders is equal to 100%.