Riyadh – Mubasher: United Cooperative Assurance Company has announced the results of its Ordinary General Assembly Meeting, which took place on 24 June 2026 and saw shareholders deliberating on several key items.
The investors approved the fiscal performance and governance for the 2025 financial year and the upcoming 2026 period, according to a bourse disclosure.
Shareholders officially approved the auditor’s report and reviewed the board of directors’ report for 2025. Following a discussion of the financial statements for the same period, the assembly voted to discharge the members of the Board of Directors from liability for their management during the 2025 fiscal year.
In a move to ensure continuity in corporate governance and operational flexibility, shareholders approved the delegation of the Ordinary General Assembly’s authorization powers to the Board of Directors.
The authorization, granted in accordance with Paragraph 1 of Article 27 of the Companies Law, is valid for one year from the date of approval or until the end of the current board session, whichever occurs first. This delegation is conducted under the conditions specified in the Executive Regulations of the Companies Law for Listed Joint Stock Companies.
The assembly also finalized the appointment of external auditors to oversee the company’s financial integrity for the current and upcoming periods.
Based on the recommendation of the Audit Committee, shareholders approved the appointment of Ibrahim Ahmed Al Bassam & Co. (PKF) for SAR 1.25 million in fees and Al Ayouti & Co. (Moore) for SAR 790,000.
The two firms will be responsible for examining and auditing the financial statements for the second, third, and annual quarters of the 2026 fiscal year, as well as the first quarter of the 2027 fiscal year.
The meeting was attended by the heads of various specialized committees, including the Executive Committee, the Audit Committee, the Investment Committee, the Risk Committee, and the Nomination and Remuneration Committee. Their presence underscored the company's commitment to transparency and regulatory compliance across its diverse operational sectors.
Meanwhile, the approvals granted by the shareholders provide the board and management with the mandate required to proceed with the company’s strategic objectives and regulatory obligations within the Saudi insurance market.
