Riyadh, Saudi Arabia — Amana Cooperative Insurance Co. held its Ordinary General Assembly on June 26, 2025. The meeting, conducted via the Tadawulati platform, achieved quorum with 12.51% shareholder participation after an earlier attempt failed.

Amana Cooperative Insurance Assembly: Financial Approvals and Auditor Appointments

Shareholders approved the Board’s report, audited financial statements, and the external auditor’s report for the fiscal year ending December 31, 2024. They also appointed Al-Sayed Al-Ayouti & Partners for SAR 465,000 and Solutions Crowe Professional Consulting Company for SAR 500,000 to audit quarterly and annual results through Q1 2026.

The Assembly approved a board remuneration of SAR 1.4 million. It also endorsed a SAR 11.79 million medical claims management contract with GlobeMed Saudi Arabia, where two board members hold indirect interests.

Related-Party Contracts and Compliance Measures

Shareholders rejected contracts with Al Saif Group of Companies, linked to board member Naif Faisal Al-Sudairy. These multi-year insurance policies, valued at SAR 173,037, were disclosed without any preferential terms. Despite this, shareholders voted against them.

Under Article 67 of Saudi Arabia’s Companies Law, Mr. Al-Sudairy has two months to exit the arrangement or correct his position to comply with governance rules.

Amana Cooperative Insurance Assembly: Board Authority Renewed

Shareholders granted the board the authority to exercise certain General Assembly powers for one year, as outlined in Article 27 of the Companies Law.

 

 

The Saudi Standard’s View: Accountability and Shareholder Rights Strengthened

The Amana Cooperative Insurance Assembly reinforces governance standards across Saudi Arabia’s insurance sector. Approval of financials and external auditors boosts market transparency.

Importantly, rejecting related-party contracts sends a clear signal on investor protection. Regulatory requirements give companies like Amana a limited window to resolve conflicts of interest.

As Saudi financial markets evolve, companies must strike a balance between growth and accountability to maintain investor confidence.

 

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