Riyadh - Mubasher: Malath Cooperative Insurance Company (Malath Insurance) announced the results of its Ordinary General Meeting (OGM), held on 28 June 2026.

While shareholders approved the company’s financial statements and the appointment of external auditors, the assembly notably rejected several key board proposals, including the annual remuneration for directors and the confirmation of a new board member.

The meeting was conducted via modern technology from the company’s headquarters in Riyadh, starting at 7:10 PM.

Malath Insurance confirmed that the legal quorum required for the first meeting was achieved, with a shareholder attendance rate of 26.26 percent. The session was attended by prominent board members, including Chairman Badr Ali Al Ali, Vice Chairman Amr Abdulrazzaq Al Nimri, and several committee heads.

During the proceedings, shareholders reviewed and discussed the board of directors report and the financial statements for the fiscal year ending 31 December 2025.

The assembly officially approved the auditor’s report for the same period. Furthermore, shareholders voted in favor of amending the company’s governance regulations to align with updated internal requirements.

In terms of external oversight, the assembly approved the appointment of two auditing firms based on the recommendation of the audit committee.

El Sayed El Ayouty and Co. Certified Public Accountants and Forvis Mazars were selected to examine and audit the financial statements for the second, third, and annual periods of 2026, as well as the first quarter of 2027. The approved fees for these services are SAR 580,000 and SAR 620,000, respectively.

However, the assembly saw a significant rejection of several items on the agenda. Shareholders voted against the board's decision to appoint Mamdouh bin Saud Al-Sharhan as an independent director.

Al Sharhan had been appointed by the board on 30 September 2025, to fill a vacancy left by former non-executive member Mohammed Ali Al-Ammari for the remainder of the current term ending in June 2028.

In a separate vote, the assembly rejected a recommendation to dismiss board member Mohammed Abdullah Al Jumaa. The proposed dismissal had been brought forward by the board under the executive regulations of the Companies Law for listed joint-stock companies.

Financial matters also faced opposition, as shareholders refused to approve the disbursement of SAR 2.53 million in remuneration to the board of directors for the 2025 fiscal year.

Additionally, the assembly declined to delegate the General Assembly’s licensing authorities to the board of directors, a power typically granted under Article 27 of the Companies Law for a period of one year.

Malath Insurance penned a deal with National Housing Services to organize and support the issuance process of the contractor's works insurance product for latent defects policies (P-MLTH-1-B-25-061)