Al Jouf Cement shareholders reject delegation of OGM powers to board

The proposal was to grant the board of directors the OGM powers for a period of one year from the OGM approval date or until the end of the current board term, whichever comes first, in line with applicable executive regulations.

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In a statement to Tadawul, the company noted that, as part of a voluntary initiative, the Chairman and executive management waived SAR 10 million performance-related bonuses for 2023 and 2024.

This decision, made during an emergency board meeting on June 25, was based on a comprehensive report presented by the Governance and Compliance Department, supported by legal opinions and consultations from specialized external parties.

These external parties unanimously confirmed the validity of the procedures followed in disbursing the bonuses for 2023, 2024, and the first quarter of 2025.

The company clarified that these measures reflect full compliance with the regulations and directives issued by relevant regulatory authorities, as well as the company’s internal policies.

As part of this initiative, CEO Abdulkarim Al Nuhayer, Chief Commercial Officer Walid Al Shuwayer and CFO Alabbas Almusaed voluntarily waived SAR 7 million in bonuses disbursed over the past two years.

Additionally, the Chairman expressed his full support for the initiative and voluntarily relinquished SAR 3 million from his personal bonus.