Chubb Arabia Cooperative Insurance Company Board of Directors invites shareholders to attend the extraordinary general assembly meeting (first meeting) at the companys head office in Khobar on Wednesday at 18:30 on 21-8-1438h (17-5-2017) to discuss the following agenda:
- Voting on the Auditors report to the general assembly for the seventh financial year (from 1/1/2016 to 31/12/2016) for ratification.
- Voting on the Companys annual financial statements for the seventh financial year (from 1/1/2016 to 31/12/2016).
- Voting on the Board of Directors report for the Companys business during the year 2016.
- Voting 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 430,196 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 575,964 represented by Board Member Mr. Abdulaziz Abdul Karim El Khereiji and Board Member Mr. Mohammed Abdul Karim El Khereiji.
c. Placed reinsurance transactions with total premiums SR 33,771,362 with subsidiaries directly and indirectly, controlled by co-founder Chubb INA International Holdings Ltd.; represented by three Board Members and they are Mr. Stephen Brian Dixon, Mr. Serge Michel Osouf and Mr. Syed Umer Ali Shah.
d. A contract for one year auto-renewable 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 1,359,717.
e. A contract with Cars Service Centre for one year auto-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 4,441,727 during the year.
f. Issuance of motor insurance policy for Process Instrument Co (Pitco) for one year with total premiums 142,699 SR; represented by Board Member Dr. Fahad Hamid Dakhil.
g. Issuance of Financial Institution Professional Indemnity insurance policy for Alkhawarzmi Co. For Actuarial Services for one year with total premiums 7,500 SR; represented by Board Member Mr. Abdulaziz Abdul Karim El Khereiji. Where the existing contracts consist on the same terms and conditions granted to all its contracts with other parties.
- Voting on releasing liability of the board members with respect to the companys management for the financial year 2016.
- Voting on appointment of the auditors among the nominated by the audit committee to audit the companys accounts for the year 2017 besides the quarterly statements and determination of their fees.
- Voting on the annual remuneration including 2016 meeting fees amounting total of SR 1,327,500 for Board of Directors against their services in 2016.
- Voting on the Board of Directors recommendation of non-distribution of dividends for the fiscal year 2016.
- Voting on amendment of article (18) of the Companys By-laws regarding the Board authorities according to the attached template.
- Voting on amendment of article (20) of the Companys By-laws regarding the authority of Chairman, Vice Chairman, Managing Director and Board Secretary according to the attached template.
- Voting on amendment of article (22) of the Companys By-laws regarding the quorum of Board meeting according to the attached template.
- 12. Voting on amending the rest of the Companys By-Laws articles according to the new Companies Laws issued by Ministry of Commerce and Investment as per the attached template.
Note the Assembly meeting quorum requires the presence of shareholders representing (50%) of capital. Each shareholder has the right to attend the extraordinary general meeting. Shareholders who cannot attend on the scheduled time and want to give proxy to others (other than Board members or company personnel), have to provide copy of the necessary proxies attested by Chamber of Commerce or licensed banks or authorized persons in the kingdom or notary public or persons licensed for attestation activities, at least two days before the meeting date. The delegate must present the original proxy before the assembly meeting. It is necessary for shareholders attending personally or their delegates to present their identity cards.
For inquires please call: 0138493666, fax: 0138493630, Compliance Department. Address: Khobar, King Faisal bin Abdulaziz road, Al Bustan district P.O. box 2685 Khobar 31952.