Riyadh – Mubasher: Saudi Fisheries Company has announced the results of its Ordinary General Meeting (OGM), which was held on 28 June 2026.
During the session, shareholders took the notable step of voting against the discharge of liability for board members for the 2025 fiscal year and rejected the proposed annual remuneration for the board.
The meeting, which represented a second assembly call, was conducted both physically at the company’s headquarters in Riyadh and virtually through modern technological platforms.
The assembly reached a quorum with an attendance rate of 12.77% of the company’s share capital. Despite the low percentage, the meeting was valid under Saudi Arabian corporate regulations, as it constituted a second meeting following a lack of quorum in the first instance.
The session was attended by several key board members, including Abdulaziz Abdullah Al Humaid, Abdulmajeed Abdulmohsen Al Sheikh, Abdulilah bin Mohammed Al Wabil, Mansour bin Abdulaziz Al Sagheer, and Rayan Mohammed Al Mansour.
A primary focus of the assembly was the review of the company’s performance for the fiscal year ending 31 December 2025. Shareholders formally reviewed and discussed the Board of Directors' report and the financial statements for that period.
Additionally, the assembly approved the independent auditor’s report for the 2025 fiscal year after a period of discussion.
However, the voting results highlighted significant shareholder dissent regarding board governance and compensation. The assembly voted against the proposal to grant board members a total remuneration of SAR 527,261 for 2025.
Furthermore, in a significant move, the shareholders declined to approve the discharge of liability for the members of the Board of Directors regarding their management of the company during the 2025 fiscal year.
Such a vote typically indicates a lack of shareholder endorsement for the board's actions or the company's performance during the specified period.
In terms of future oversight, the OGM approved the appointment of Baker Tilly as the company’s external auditor.
The firm will be responsible for examining and auditing the financial statements for the second and third quarters of 2026, the full-year 2026 financial results, and the first quarter (Q1) of 2027. The total fees for these professional services were set at SAR 485,000, excluding value-added tax (VAT).
In Q1-26, the company reported total shareholders’ equity, after the exclusion of non-controlling interests, valued at SAR 49.24 million.
