Riyadh – Mubasher: Jeddah-based Gulf General Cooperative Insurance Company (GGCI) has announced the results of its Ordinary General Assembly meeting held on 23 June 2026, during which shareholders approved the company’s financial statements and board reports for the 2025 fiscal year.

 The equityholders also agreed to appoint external auditors for the upcoming period, according to a bourse filing.

Notably, the assembly rejected proposed related-party contracts involving Al Dabbagh Group, while approving similar arrangements with the Rolaco Group and authorizing board remuneration totaling SAR 1.80 million.

The meeting’ primary focus was the review and approval of the company’s 2025 financial performance. Shareholders formally reviewed and discussed the Board of Directors’ report and the audited financial statements.

Following these discussions, the assembly approved the independent auditor’s report for the same period.

In terms of future governance and oversight, the assembly approved the appointment of external auditors to examine and audit the financial statements for the second, third, and annual periods of 2026, as well as the first quarter of 2027.

Based on the Audit Committee’s recommendation, PKF Ibrahim Ahmed Al-Bassam & Co. was appointed with fees set at SAR 925,000 alongside El Sayed El Ayouty & Co. which was appointed for a fee of SAR 675,000.

The voting results regarding related-party transactions presented a mixed outcome for the company’s leadership. Shareholders voted against the approval of business and contracts with Al Dabbagh Group, in which board member Jamal bin Abdullah Al Dabbagh holds a direct interest as the owner.

These contracts pertained to written insurance premiums for one year, with transactions in 2025 amounting to SAR 7.04 million.

Despite the company’s assertion that the contracts contained no preferential terms, the assembly declined to authorize the dealings for the upcoming period.

Conversely, the assembly granted approval for contracts with Rolaco Group, owned by board member Saud bin Abdulaziz Al Sulaiman. These contracts also involve one-year insurance premiums.

The disclosure noted that transactions with Rolaco Group during 2025 totaled SAR 627,000 and were conducted without preferential conditions.

Further administrative resolutions included the discharge of the Board of Directors from liability for the 2025 fiscal year.

Additionally, shareholders approved the distribution of board remuneration amounting to SAR 1.80 million for the 2025 fiscal year.

The assembly’s decisions provide GGCI with the necessary regulatory approvals to finalize its 2025 reporting cycle and secure its auditing framework for 2026.

However, the rejection of Al Dabbagh Group contracts highlights a significant exercise of shareholder oversight regarding substantial related-party transactions.

It is worth noting that Muath Khalid Abdullah Alzamil recently resigned from his position as an independent board member as of 8 June 2026.