Riyadh — Mubasher: The board of Malath Cooperative Insurance Company issued a recommendation on 13 September to terminate the current board cycle ahead of its scheduled expiry.
The current term originally commenced on 17 June 2025 and was slated to conclude on 16 June 2028.
The company stated that the recommendation aims to provide shareholders with an opportunity for active participation in the firm’s ongoing development and business expansion.
Following securing the necessary regulatory approvals, a general assembly will be convened to vote on two primary items.
First, shareholders will vote on the early termination of the current board session effective from the date of the meeting.
Second, provided the first item is approved, the assembly will vote to elect a new board of directors for a term of four years, starting the day after the meeting.
The existing board and its sub-committees will continue to exercise their full duties and powers under the company’s articles of association until the General Assembly formally approves the termination and elects successors.
On 15 August, the insurer announced the resignation of two independent members from its board of directors.
