Ordinary General Assembly Meeting, ( First Meeting ) 2022

  • May 24, 2022
  • Walaa Insurance
  • BOD News

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  1. Approving the External auditors report for the financial year ended on 31/12/2021.
  2. Approving the Company’s annual financial statements for the financial year ended on 31/12/2021.
  3. Approving the Board of Directors report for the financial year ended on 31/12/2021.
  4. Approving the releasing liability of the board members for the year ended on 31/12/2021.
  5. Approving the appointment of the External Auditors among the nominated as recommended by the Audit Committee to audit and review the company’s financial statements for the second, third quarter, and annual statements for the year 2022 and first quarter of 2023, and determination of their fees are as follows:
    • El Sayed El Ayouty & Co. Certified Public Accountant.
    • Al Azem, AlSudairy, Al Shaikh & Partners Certified Public Accountant.
  6. Approving on the business and contracts between the Company and Chairman Mr. Sulaiman Abdullah Al Kadi as he has a direct interest. The business is related to vehicle insurance policies for one year. Note that last year FY 2021 total insurance premiums was SAR 20,483 based on commercial bases without any preferential treatment.
  7. Approving on the business and contracts between the Company and KAMCO Group, which the Board member Mr. Khalifa Abdullatif Al Mulhem has an indirect interest as he is a Chairman of the Company and owner. The business is related to several insurance policies for one year. Note that last year FY 2021 total insurance premiums was SAR 214,862 based on commercial bases without any preferential treatment.
  8. Approving on the business and contracts between the Company and Al Jazeera Support Services Company, which the Board member Mr. Khalifa Abdullatif Al Mulhem has an indirect interest as he is a Chairman of the Company. The business is related to several insurance policies for one year. Note that last year FY 2021 total insurance premiums was SAR 1,248,355 based on commercial bases without any preferential treatment.
  9. Approving on the business and contracts between the Company and Board Member Mr. Khalifa Abdullatif Al Mulhiem as he has a direct interest. The business is related to vehicle insurance policies for one year. Note that last year FY 2021 total insurance premiums was SAR 8,433 based on commercial bases without any preferential treatment.
  10. Approving on the business and contracts between the Company and National Shipping Company of Saudi Arabia, which the Board member Mr. Khalifa Abdullatif Al Mulhiem has an indirect interest as he is a Board Member in the company. The business is related to several general insurance policies for one year. Note that last year FY 2021 total insurance premiums was SAR 573,620 based on commercial bases without any preferential treatment.
  11. Approving on the business and contracts between the Company and Precast Building System Company, which the Board member Mr. Khalifa Abdullatif Al Mulhem has an indirect interest as he is a Chairman of the Company and owner. The business is related to several insurance policies for one year. Note that last year FY 2021 total insurance premiums was SAR 147,734 based on commercial bases without any preferential treatment.
  12. Approving Voting on the business and contracts between the Company and Advanced Petrochemical Company, one of the companies, whose Board members include two members of Walaa’s Board (Mr. Khalifa Abdullatif Al Mulhem and Mr. Waleed Mohammed Al Jafaari). Accordingly, both of two Board members have indirect interest in such transactions. The business is related to motor insurance policies for one year. Note that last year FY 2021 total insurance premiums was SAR 73,282 based on commercial bases without any preferential treatment.
  13. Approving on the business and contracts between the Company and Al Dawaa Medical Services Company, which the Board member Mr. Waleed Mohammed Al Jafaari has an indirect interest as he is the Managing Director. The business is related to several insurance policies for one year. Note that last year FY 2021 total insurance premiums was SAR 2,522,796 based on commercial bases without any preferential treatment.
  14. Approving on the business and contracts between the Company and Takween Advanced Industries Company, which the Board member Mr. Jameel Abdullah Al Molhem has indirect interest as he is the Managing Director. The business is related to medical insurance policies to Takween’s employees for one year. Note that last year FY 2021 total insurance premiums was SAR 2,896,805 based on commercial bases without any preferential treatment.
  15. Approving on the business and contracts between the Company and Saudi Telecom Company, which the Board member Mr. Jameel Abdullah Al Molhem has indirect interest as he is a Board Member. The business is related to several general insurance policies for one year. Note that last year FY 2021 total insurance premiums was SAR 19,363,396 based on commercial bases without any preferential treatment.
  16. Approving on the business and contracts between the Company and Board Member Mr. Jameel Abdullah Al Molhem as he has a direct interest. The business is related to vehicle insurance policies for one year. Note that last year FY 2021 total insurance premiums was SAR 8,156 based on commercial bases without any preferential treatment.
  17. Approving on the business and contracts between the Company and Amiantit Group, which the Board Member Dr. Solaiman Abdulaziz Al Twaijri has an indirect interest as he is a Board member. The business is related to several general insurance policies for one year. Note that last year FY 2021 total insurance premiums was SAR 19,970 based on commercial bases without any preferential treatment.
  18. Approving on the business and contracts between the Company and Board member Dr. Solaiman Abdulaziz Al Twaijri as he has a direct interest. The business is related to vehicle insurance policies for one year. Note that last year FY 2021 total insurance premiums was SAR 10,023 based on commercial bases without any preferential treatment.
  19. Approving on the business and contracts between the Company and Board member Mr. Khalid Abdulrahman Al Omran as he has a direct interest. The business is related to vehicle insurance policies for one year. Note that last year FY 2021 total insurance premiums was SAR 19,525 based on commercial bases without any preferential treatment.
  20. Approving on the business and contracts between the Company and Board member Mr. Abdulrahman Abdulmohsen Balghunaim as he has a direct interest. The business is related to vehicle insurance policies for one year. Note that last year FY 2021 total insurance premiums was SAR 3,044 based on commercial bases without any preferential treatment.
  21. Approving on the business and contracts between the Company and Acceleration Company, which the Board member Mr. Hatem Fahad Balghoneim has indirect interest as he is a senior executive in the company. The business is related to medical insurance policies to the company’s employees for one year. Note that last year FY 2021 total insurance premiums was SAR 193,106 based on commercial bases without any preferential treatment.
  22. Approving on the business and contracts between the Company and Board member Mr. Hatem Fahad Balghoneim as he has a direct interest. The business is related to vehicle insurance policies for one year. Note that last year FY 2021 total insurance premiums was SAR 6,414 based on commercial bases without any preferential treatment.
  23. Approving on the business and contracts between the Company and Arab National Bank, which the Board member Mr. Hesham Abdullatif Al Jabr has an indirect interest as he is a Board member. The business related is to several insurance policies for one year. Note that last year FY 2021 total insurance premiums was SAR 45,678,843 based on commercial bases without any preferential treatment.
  24. Approving on the business and contracts between the Company and Board member Dr. Solaiman Abdulaziz Al Twaijri to provide consultancy services, which include supervising the IFRS 17 Insurance Contract project implementation for one year, with a remuneration of SAR 157,500 for the year ended on 31/12/2021 based on commercial bases without any preferential treatment.
  25. Approving on the business and contracts between the Company and Board member Mr. Jameel Abdullah Al Molhem to provide consultancy services for one year, which updating the company’s system, with a remuneration of SAR 162,500 for the year ended on 31/12/2021 based on commercial bases without any preferential treatment.
  26. Approving on the nomination to the Board of Directors of the Company for the term starting from 26/05/2022 till 25/05/2025, for three years as following:
    1. Sulaiman Abdullah Al Kadi
    2. Wasif Saleem Al Jebshah
    3. Hesham Abdullatif Al Jabr
    4. Jameel Abdullah Almulhem
    5. Osama Mirza Al Khunaizi
    6. Khalifa Abdullatif Almulhem
    7. Hatim Fahad Balghonaim
    8. Abdullatif Khalifa Almulhiem
    9. Waleed Mohammed Al-Jaafari
    10. Dr. Solaiman Abdulaziz Al Tuwaijri
    11. Abdulaziz Saud AlShabeebi
  27. Approving on the formation of the Audit Committee of the Company for the term starting from 26/05/2022 till 25/05/2025, for three years and its tasks, rules of work, and remunerations for its members as follows:
    1. Mr. Jameel Abdullah Al Molhem.
    2. Dr. Sulaiman Abdullah Al Sakran.
    3. Mr. Adeeb Sulaiman Al Fuhaid.

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