Riyadh – Mubasher: Thimar Development Holding Company announced the board of directors' decision to suspend the calculation of bonuses and attendance allowances for members of the board and its subcommittees, according to a bourse disclosure.

The formal decision of halting remuneration and accrual of all bonuses and attendance allowances for its members and those of its various subcommittees marks a strategic response to the company’s current financial circumstances.

The initiative further aims to bolster its fiscal standing through disciplined expense management.

The decision represents a voluntary measure taken by the leadership to assist the organization during its current operational phase.

According to the company’s statement, the suspension of these financial entitlements is intended to contribute directly to the rationalization of corporate expenditures and the strengthening of the firm’s overall financial position.

By waiving these payments, the board members and subcommittee participants are prioritizing the allocation of capital toward the Thimar’s stability and recovery.

The scope of this suspension is comprehensive, covering both the periodic bonuses typically awarded to board members and the specific allowances provided for attending meetings of the board and its specialized subcommittees.

The subcommittees generally include essential governance bodies such as the Audit Committee and the Nomination and Remuneration Committee, which play critical roles in oversight and strategic decision-making. Meanwhile, the collective waiver of these fees reflects a unified approach by the company’s governing bodies to reduce administrative costs.

The company has specified that this measure is effective retroactively from the beginning of the current board cycle, which the disclosure identifies as 14 May 2026. This suspension will remain in place indefinitely, pending a demonstrable improvement in the company’s financial health.

In the context of the Saudi capital market, such initiatives are viewed as significant governance-led efforts to align the interests of the board with those of the company and its shareholders during periods of financial consolidation.

Thimar, which operates within the diversified holding and development sector, is currently focused on navigating its financial challenges through various internal initiatives.

The company recently unveiled a legal development regarding its liability lawsuit that was filed against several former board members.