Riyadh - Mubasher: Amana Cooperative Insurance Company held its Ordinary General Meeting (OGM) on 25 June 2026, where shareholders approved the company’s financial results for 2025 and ratified several key governance and operational decisions.
The meeting, conducted virtually via the Tadawulaty system, reached the required legal quorum during its second session after the initial meeting failed to meet attendance requirements.
The assembly was presided over by Abdullah Othman Al-Mousa, Chairman of the Board of Directors, with a recorded attendance rate of 12.68%.
Despite the relatively low turnout, the second meeting was legally valid under Saudi Arabian Companies Law, as it was held one hour after the first scheduled session.
During the proceedings, shareholders reviewed and discussed the Board of Directors’ report and the company’s financial statements for the fiscal year ending 31 December 2025. Following these discussions, the assembly officially approved the auditor’s report and discharged the members of the Board of Directors from liability for their management during 2025.
In a significant move regarding the company’s oversight, the assembly approved the appointment of two external auditing firms.
Al Sayed El Ayouty & Co. was appointed with fees totaling SAR 512,500, while Crowe Professional Consulting Solutions was engaged for fees of SAR 525,000. These firms 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 (Q1) of 2027.
Remuneration was also a key agenda item, with shareholders approving the disbursement of SAR 1.32 million in bonuses and fees to the members of the Board of Directors and its sub-committees for 2025.
The assembly also addressed related-party transactions, ensuring transparency regarding contracts involving board interests. Shareholders approved a medical claims management contract with GlobeMed Saudi, in which board members Naif Faisal Al-Sudairi and Abdulrahman Abdullah Al-Sakran hold indirect interests. The value of transactions under this contract reached SAR 14.52 million in 2025.
Additionally, insurance policies and paid claims involving the Al Saif Group of Companies, linked indirectly to Naif Faisal Al Sudairi, were ratified for a total 2025 transaction value of SAR 50,000. Both sets of contracts were confirmed to be conducted without preferential terms or special conditions.
Regarding board composition, the assembly ratified the appointment of Saif Mohammed Al Saif as a non-executive director.
Al Saif fills the vacancy left by the outgoing member, Naif Faisal Al-Sudairi, effective from 23 April 2026. He will serve for the remainder of the current board term, which is scheduled to conclude on 8 November 2029.
Finally, the assembly granted the board of directors the authority to approve licenses in accordance with Article 71 of the Companies Law. This delegation of power is valid for one year from the date of approval or until the end of the board’s current term, whichever occurs first, provided it adheres to the regulatory standards for listed joint-stock companies.
In January, Amana Cooperative named Abdullah Othman Al Musa as the board’s Chairman for the next four years, while Naif Faisal Al Sudairi was appointed as the Vice Chairman.
