Riyadh - Mubasher: Mutakamela Insurance Company has released an addendum announcement regarding the outcomes of its Ordinary General Meeting (OGM) held on 30 June 2026.
The assembly, conducted via modern technology, saw shareholders approve several critical resolutions, including the appointment of external auditors for 2026, the ratification of financial statements for 2025, and the approval of significant related-party transactions involving major financial institutions.
During the meeting, which achieved the necessary legal quorum for its first session, shareholders reviewed and discussed the board of directors' report and the company’s financial statements for the fiscal year ending 31 December 2025.
Both items received overwhelming support, with approval ratings exceeding 99.85%. Following these discussions, the assembly officially discharged the members of the board from liability for 2025.
A primary focus of the assembly was the selection of external auditors to oversee the company’s financial integrity for the upcoming periods.
Based on a recommendation from the Audit Committee, shareholders approved the appointment of Deloitte & Touche and Forvis Mazars.
These firms will be responsible for examining and auditing the financial statements for the second and third quarters of 2026, the full 2026 fiscal year, and the first quarter (Q1) of 2027.
The approved fees for these services were set at SAR 1.57 million for Deloitte & Touche and SAR 600,000 for Forvis Mazars. Additionally, the assembly approved a request from Deloitte & Touche to adjust previously agreed-upon fees for the 2025 fiscal year and Q1-26.
This adjustment involves an increase of SAR 250,000 to cover additional audit procedures, bringing the total adjusted fee for that period to SAR 1.65 million.
Remuneration for the Board of Directors was also finalized, with shareholders approving a total payout of SAR 1.96 million for the fiscal year ending 31 December 2025.
The assembly also addressed a series of substantial related-party transactions and contracts. These agreements involved entities where board members hold indirect interests, primarily through executive positions at other financial institutions.
All transactions were reported to have been conducted on an arm’s length basis without preferential terms.
Key approvals included contracts with Banque Saudi Fransi and its subsidiaries, Saudi Fransi Capital and Saudi Fransi Leasing. These contracts, totaling SAR 24.20 million for 2025, involve insurance premiums and claims where board member Majed Al-Sadhan holds an indirect interest.
Furthermore, the assembly ratified a major reinsurance contract with Abu Dhabi National Insurance Company (ADNIC) valued at SAR 164.80 million.
This transaction involves indirect interests for several board members, including Charalampos Mylonas, Jugal Madan, Stefano Nalin, Hossam Mansour, and Elena Stukanova, who serve as senior executives at ADNIC.
