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Saudi Electricity Company announces the results of the 19th Ordinary General Assembly meeting (first meeting)

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19/12/2018

 

Item​​​

Statement

Preface

The Saudi Electricity Company (SEC) has the pleasure to announce to its shareholders the results of the 19th Ordinary General Assembly Meeting (first meeting)

 

 

Venue and city of the General Assembly meeting

The company's meeting hall at AL-Nafl District, Riyadh (Northern Ring Road between Exits 5 and 6)

General Assembly meeting date

 

11/04/1440 H corresponding to 18/12/2018

General Assembly meeting time

 

18:30

Attendance percentage

83.62%

Results of voting on the meeting agenda

First: Approval of the amendment to the Audit Committee Charter.

 

Second: Approval of the amendment to Nominations, Remuneration and Human Resources Committee Charter.

 

Third: Approval of the amendment to the remuneration policy for the members of the Board of Directors, Board committees and executive management.

 

Fourth: Approval on the amendment to the policy related to standards and procedures for membership on the Board of Directors.

 

Fifth: Approval of the establishment of a power generation company as a subsidiary of Saudi Electricity Company.

 

Sixth: Approval of the business and contracts to be implemented between the company and the Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF), and the granting of authority to the Vice Chairman of the Board Dr. Najm Bin Abdullah Al-Zaid, where he serves as Vice Chairman of MEDGULF Insurance Company. This item is in regard to the provision of health insurance service to the Saudi employees of the company and their family members with a value of SR 575 million per one insurance year. The contract covers one mandatory year and two optional years starting from 01/01/2019 within the ordinary course of business, and no preferential benefits were granted.

Seventh: Approval of the business and contracts to be implemented between the company and the Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF) and the granting of authority to the Vice Chairman of the Board Dr. Najm Bin Abdullah Al-Zaid, whrer he serves as  Vice Chairman of MEDGULF Insurance Company. This item is in regard to the renewal of contract to provide health insurance service to non-Saudi employees of the Company and their family members with approximate value of SR 36 million per one insurance year. The contract is done within the ordinary course of business and no preferential benefits were granted. The total value of transactions until the end of the third quarter of 2018 amounted to SR 28 million.

 

Additional information

The Board Chairman and the following members of the Board of Directors attended the meeting:

1- H.E. Dr. Khaled bin Saleh Al Sultan (Chairman of the Board and Chairman of the Executive Committee)

 

2- Dr. Najem bin Abdullah Al-Zaid (Vice Chairman of the Board and Chairman of Risk and Compliance Committee)

 

3- Eng. Abdulaziz bin Fahd Al-Khayyal (Chairman of Nominations, Remuneration and Human Resources Committee)

 

4- Dr. Abdulmalik bin Abdullah Al-Hogail (Chairman of the Audit Committee)

 

5 - Dr. Raed bin Nasser Al-Rayes

 

6 – Eng. Gerard Mestrallet

 

7- Eng. Isam bin Alwan Al-Bayat

 

8- Eng. Abdulkarim bin Ali Al-Ghamdi

 

Mr. Rashed bin Ibrahim Sharif was unable to attend the meeting.