Salama shareholders reject dismissal of board members

Salama Cooperative Insurance Co.’s shareholders rejected a request from a shareholder, who owns over 5% stake, to dismiss members of the board of directors, the company said in a bourse statement.

However, shareholders approved audited financial statements and audit report for the fiscal year 2019 during the ordinary general assembly meeting (OGM) held on June 16, 2020.

They also approved the board report for the same period and discharging board members from liabilities during FY2019.

In addition, they approved all other items on the meeting’s agenda including a board remuneration of SAR 1.6 million for FY2019.

In February, the insurer received a new request from a major shareholder, who owns over 5% of the company's capital, to hold an OGM to vote on dismissing the existing board of directors, Argaam previously reported.

Salama’s major shareholders list includes Salama Islamic Arab Insurance Co., which owns 30% stake in Salama or about 7.5 million shares.