Hail Cement approves board, auditor reports

Hail Cement Co.'s shareholders approved yesterday the board's report, financial statements and auditor's report for FY ending Dec. 31, 2019, the company said in a bourse statement.

Shareholders discharged board members from liability for FY2019, and named a new auditor for FY2020 and FY2021.

They also endorsed allocating SAR 1.2 million for corporate responsibility activities and amending board remuneration policies, as well as the audit committee regulations.  

During the meeting, they approved SAR 1.75 million in board bonuses and SAR 300,000 in remuneration for the audit committee.

Additionally, shareholders endorsed the board's recommendation on appointing Osman Mohamed Omar Bafakih as an independent board member until end of board term on Nov. 29, 2021.