Al Jouf Cement shareholders approve 2020 board, audit reports

Al Jouf Cement Co.’s shareholders approved board and auditor reports, as well as financial statements for 2020, during the ordinary general meeting (OGM) held on June 22, according to a bourse statement.

They also discharged the board from liability for 2020.

Shareholders endorsed the business contracts concluded between the company with Upper Sky Contracting Co. and Saudi Marsh Insurance Co., in addition to authorizing the board with the authority of the OGM for a period of one year, from the date of the OGM approval or the end of the delegated board session, whichever is earlier.

Shareholders, however, rejected appointing an auditor from the candidates nominated by the audit committee to review Q2, Q3, Q4, and 2021, and Q1 2022 financial statements.

Meanwhile, they disapproved the board’s decision to appoint Othman Al-Suwayeh as an independent board member starting from the date of his appointment on Oct. 21, 2020, to complete the board’s term ending on May 8, 2023.