Bupa Arabia for Cooperative Insurance announces the results of the seventh ordinary general assembly meeting of its shareholders which was held on Thursday 7 Sha'baan 1435H, corresponding to 5th June 2014G, at 4:00 pm at Bupa Arabia's Jeddah Head Offices, Al-Rawdah Street, Al-Khalediyah District,Jeddah, under the Chairmanship of Chairman of the Board Eng. Loay Hisham Nazer and reached an attendance of (52.79%)of the total shares of the Company's 40 million shares pursuant to article 91 of the Ministry of Commerce regulations and article 32 of the company's Bylaws.The agenda was thoroughly discussed and the results were a unanimous approval of the following:
Resolution (1): Approve the Board of Directors Report for the year ended 31/12/2013 G (12 Months).
Resolution (2): Approve the Annual Financial Statements and the Auditors Report for the year ended 31/12/2013G (12 Months).
Resolution (3): Approve the Selection and Appointment of the external auditors as PricewaterhouseCoopers and Deloitte & Touche to audit the company's accounts for the year ending 2014, and set the external auditors fees based on the Audit Committees recommendation.
Resolution (4): The election of the new Board of Directors, from the nominees, for the new term period of three years, which will commence on 7 Sha'baan 1435H, corresponding to 5th June 2014G. The election was based on a vote for each share (normal voting) and the appointed Board members were as follows:
1- Eng. Loay Hisham Nazer
2- Mrs. Elizabeth Alison Platt
3- Mr. James Gordon Wheaton
4- Mr. Ignacio Peralta Garcia
5- Mr. Abdulhadi Ali Shayif
6- Mr. Aamer Abdullah Ali reza
7- Mr. Zaid Abdul Rahman Al Gwaiz
8- Mr. Tal Hisham Nazer
Resolution (5): The Clearance authorisation for absolving the directors of their responsibilities and duties that the Board has been performing during the period from the end of the previous term to the day of the General Assembly meeting.
Resolution (6): Approve the ratification of Business and Contracts where a Board member has a direct or an indirect interest during the year 2013, and during 2014 if applicable, as per the attachment enclosed .
Resolution (7): Approve the recommendation of the Board of Directors to pay a dividend, for the year ending 31/12/2013G, of SR0.50 per share totaling SR twenty million (SR 20,000,000), representing 5% of the paid up capital, to shareholders registered at the date of the ordinary General Assembly Meeting on Thursday 7 SHa,baan 1435H, corresponding to 5th June 2014G. The date of the cash dividend payment will be confirmed at the ordinary General Assembly Meeting and will be within 30 days of the General Assembly meeting. This proposed cash dividend payment represents 5% of the nominal value of each share.
Resolution (8): Approve the recommendation of the Board of Directors to set the specific and explicit policies, standards and procedures as required by Article 10 e listed in the Corporate Governance regulations as issued by the Capital Market Authority (CMA) and other policies as required by other regulatory authorities as applicable as per the attachment enclosed.
Resolution (9): Approve SR591k as the remuneration for the members of the Board of Directors for the year ended 31/12/2013G (12 Months) in accordance with article 17 of the company by-laws.
Resolution (10): Absolve the Board of Directors of their responsibility for managing the company for the year ended 31/12/2013G (12 Months).