NCB shareholders to vote on contracts with Tawuniya Dec. 24

The National Commercial Bank (NCB) has invited its shareholders to attend the general assembly meeting on Dec. 24, 2017 to vote on related-party contracts with the Company for Cooperative Insurance (Tawuniya).

NCB board member Abdulaziz Al-Zaid is also a board member at the insurance company, the bank said in a statement to Tadawul.

Shareholders will decide on warding a SAR 143.32 million contract to Tawuniya to provide medical insurance to NCB staff in 2018. The proposal has been chosen through bidding without preferential conditions, the statement added.

Dealings during the year 2017 amounted to SAR 113.88 million, NCB said, adding that the total amount of the contract did not exceed 1 percent of the bank's gross operating income, according to the latest audited annual financial statements.

During the meeting, shareholders will also vote on the annual remuneration policy for board members; amendment of the Nomination, Compensation and Governance Committee Charter; and amendment of the policies, criteria and procedures for nomination to the board of directors’ membership.