Shams shareholders elect board members, disapprove annual reports for FY 2017

Tourism Enterprise Co.’s (Shams) general assembly has elected members of the board of directors for the new three-year term starting on May 28, 2018, the company said in a bourse statement.

The new board includes, Prince Mishaal Bin Saud Al Saud, Nader Al Nasser, Badr Khalaf Al Shammari, Abdulah Al Suwailem, Hisham Ahmed Abu Al ola, Abdul Al Hameed Al Turaief and Nasser Al Soryai.

During the meeting, shareholders refused to approve audited financial statements and audit report for the fiscal year that ended Dec. 31, 2017.

Shareholders also disapproved the board report for the same period and haven’t discharged board members from liabilities during FY 2017.

They also disapproved all other items on the agenda, including appointing an external auditor, forming the audit committee and amending corporate governance.