Riyadh – Mubasher: The Company for Cooperative Insurance (Tawuniya) has announced a formal update to the agenda for its upcoming Extraordinary General Assembly meeting that will take place on 28 June 2026, according to a bourse filing.
The revision introduces a new item for shareholder deliberation concerning the payment of additional fees to the company’s external auditor for services related to the 2025 fiscal year.
Tawuniya informed its shareholders and the wider investment community that a new resolution has been added to include Item 38 on the assembly’s agenda, pertains to the financial compensation of the company’s external auditing firm, KPMG.
Shareholders will be asked to cast their votes on a proposal to approve the disbursement of additional fees totaling SAR 750,000 that are specifically allocated for the professional services rendered during the audit of the company’s financial statements for the fiscal year that ended on 31 December 2025.
The inclusion of this item reflects the ongoing administrative and regulatory requirements governing listed companies in Saudi Arabia. Under the oversight of the Saudi Central Bank (SAMA) and the Capital Market Authority (CMA), insurance providers like Tawuniya must ensure that all significant financial arrangements, including those with external auditors, are subject to shareholder transparency and approval.
The audit process is a fundamental component of corporate governance, providing an independent verification of the company’s financial health and operational integrity.
KPMG, acting as the external auditor, is responsible for providing an independent assessment of Tawuniya’s financial records to ensure they accurately represent the company’s fiscal position and comply with international and local accounting standards.
Meanwhile, the request for additional fees, as outlined in the agenda update, suggests a requirement for further professional resources or an expanded scope of work beyond the initial audit agreement for the 2025 period.
In 2025, Tawuniya generated net profits worth SAR 1.10 billion in addition to revenue of SAR 21.40 billion.
