Weqaya Insurance postpones board member elections

Weqaya Insurance said on Monday that it will postpone the elections of its new board members to the next general assembly due to the withdrawal of seven self-nominated applicants, according to its statement to Tadawul, Saudi Arabia’s bourse.

The company also agreed to replace its auditors Ernst & Young, as well as Deloitte, which were appointed during the third regular general assembly session on May 28, 2013.

Weqaya decided to nominate United Auditors, Al-Athem, and Al-Sudairi to audit its annual financial statements for fiscal year 2014, as well as its quarterly financial statements.

The company also decided that it would reduce the number of board members from 10 to seven.

As a result, Weqaya said that it would adjust its 13th article, which states that the company shall be managed by a board consisting of 10 members