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THE MEDITERRANEAN AND GULF INSURANCE AND REINSURANCE CO ANNOUNCES THE RESULTS OF THE GENERAL ORDINARY ASSEMBLY

The Mediterranean and Gulf Insurance and Reinsurance Co announces the  the results of the General Ordinary Meeting , which was held at 18:00 on 06/29/1435 corresponding to 29/04/2014 in the company's main street Maathar Futro Tower headquarters building in Riyadh where the vote on the agenda of the Assembly was as follows:

1. The approval of the report of the Board of Directors for the company's business for the financial year ended December 31, 2013.
2. The approval of the annual financial statements of the company including the balance sheet and profit and loss account for the financial year ended December 31, 2013.
3. The approval of the report of the accounts auditors for the financial year ended in December 31, 2013.
4. The approval of the Board 's on the recommendation of the Audit Committee to choose the company's auditors for the fiscal year 2014 and determine their fees .
5. Discharge of the members of the Board of Directors from liability in respect of their management of the business during the year 2013.
6. The approval of the standards and procedures specified for the membership in the Board of Directors in accordance with the provisions of paragraph (e) of Article X of the Rules of corporate governance in the Kingdom of Saudi Arabia issued by the Capital Market Authority .
7. The approval on the agreement that has been made with Medivisa to settle medical claims. The agreement states a fee of 3.5% of gross written premium, where the value of the contract during the year 2013 was SR 102,033,402 and the renewal of license for next year. This is a subsidiary company belonging to the companies the Managing Director - CEO , Mr. Lutfi Fadel Al Zain owns shares in.
8. The approval of the work done with Al Samiyah Limited - Insurance Company Limited, under contract where the commision rates varies depending on the size of the insurance policy.  The value of the contract during the year 2013 was SR 60,906,241 and the renewal of license for next 6 Months until the end of all deals with Al Samiyah company. This is a subsidiary company belonging to the companies the Managing Director - CEO , Mr. Lutfi Fadel Al Zain owns shares in.
9. The approval to pay bonuses and compensation of members of the Board of Directors for fiscal year 2013 of SR 1,380,000, which is about 1.26 million riyals in bonuses and SR 120,000 in allowances, according to Article 17 of the Statute of the company.

It also has to approve the inclusion of additional items in accordance to the request of the shareholders and the approval of the representative of the Ministry of Commerce.  These are:

10. The approval of the work done during the year 2013 with related parties referred to in the legal references of the report in a limited and discrete report with regards to the personal interest in the business, and the contracts that are made for the company, according to the annex, and their licensing for the next year.  These are subsidiaries of companies belonging to the companies the Managing Director - CEO, Mr. Lutfi Fadel Al Zain owns shares in and it doesnt guarantee any conditions.  This report included the following:
- Amounts due from MEDGULF BSC (Shareholder) part of a recovery of group premiums and other expenses paid on behalf of MEDGULF BSC of SR 17.27872 million, and amounts due from Motion Saudi Arabia (sister company) driven by operational expenses on behalf of the company of SR 9,264, and amounts due from Addison Bradley Saudi Arabia (sister company) is driven by operational expenses on their behalf of SR 3,573,742, and amounts due from parties with other relationships of SR 5,581,669 .
- The net balance of amounts due from other parties with a different relationship are as follows : Total SR 43,028,405 Insurance Written premiums,  Claims incurred SR 26,988,214 , Assigned Premiums SR 41,751,789 , Commissions and insurance brokers 142,691 riyals.
11. The approval of the work done during the year 2013 with related parties referred to in the legal references of the report in a limited and discrete report with regards to the personal interest in the business, and the contracts that are made for the company, according to the annex, and their licensing for the next year.  These are subsidiary companies related to the Saudi Investment Bank and it doesnt guarantee any conditions.  The report included current accounts and deposits of SR 22.06868 million, and income and commissions on deposits of SR 48,096.

God Bless..