Riyadh – Mubasher: Tabuk Agricultural Development Company (TADCO) has announced the results of its Ordinary General Assembly meeting held on 24 June 2026, during which the shareholders approved the appointment of a new external auditor and ratified a recent board appointment.
However, in a notable move, the assembly voted against discharging the board of directors from liability for a specific period during the 2025 fiscal year, while granting discharge for the subsequent term.
The general assembly was convened as a second meeting as the initial session failed to reach the legal quorum of 25%. Under the company’s bylaws, the second meeting is considered valid regardless of the number of shares represented.
A primary focus of the meeting was the review of the company's financial performance for the 2025 fiscal year. Shareholders reviewed and discussed the Board of Directors' report and the audited financial statements for that period.
Following these discussions, the assembly officially approved the auditor’s report for the 2025 fiscal year.
In terms of future oversight, the General Assembly approved the appointment of RSM Allied Accountants Professional Services as the company’s external auditor. Selected based on a recommendation from the Audit Committee, the firm will be responsible for examining and auditing the financial statements for the second, third, and annual periods of 2026, as well as the first quarter of 2027. The total fees for these services were set at SAR 506,000 inclusive of Value Added Tax (VAT).
The assembly also confirmed the board’s decision to appoint Abdullah bin Yousef Al Yousef as an independent director. His term began on 11 March 2026 and will continue until the current board cycle concludes on 11 August 2028. He fills the vacancy left by the resignation of former board member Majed bin Ahmed Al Swaigh.
The voting results regarding the discharge of board members revealed a split in shareholder sentiment based on the board's tenure. The assembly voted against discharging the members of the board of directors from liability for the period spanning 1 January 2025 to 12 August 2025, which marked the end of the previous board cycle.
Conversely, shareholders approved the discharge of liability for the board members for the period starting 12 August 2025, through the end of the fiscal year on 31 December 2025, coinciding with the commencement of the current board cycle.
