Riyadh – Mubasher: Raydan Food Company announced the results of its Ordinary General Meeting (OGM), held on 30 June 2026, where shareholders notably voted against the disbursement of board member remunerations for two separate periods.
Despite the rejection of these financial rewards, the assembly approved the company’s financial statements for 2025 and confirmed the appointment of a new external auditor for the upcoming periods.
The meeting was convened at the company’s headquarters in the Al Safa district of Jeddah and was conducted through a hybrid format, allowing for both physical attendance and participation via modern technological means.
According to the regulatory filing, the assembly reached a quorum with a shareholder attendance rate of 28.51%. The session was presided over by Chairman Nayyer Bayan Al Sulami, alongside Vice Chairman Sultan Mohammed Al Huwaymil and other key board members and committee heads.
The most significant development from the meeting involved the voting on board compensation. Shareholders rejected the proposal to disburse SAR 1.28 million in remunerations for board members for the period spanning 21 April 2025 to the end of the fiscal year on 31 December 2025.
Furthermore, the assembly declined to approve a second remuneration package totaling SAR 678,472 for the period from 1 January 2026 to 20 May 2026.
In contrast to the rejection of bonuses, the assembly approved several standard regulatory items. Shareholders reviewed and discussed the board of directors’ report and the audited financial statements for the fiscal year ending 31 December 2025.
The independent auditor’s report for the same period was also formally approved. Following these reviews, the assembly granted discharge to the members of the board of directors from liability for their management during 2025.
Regarding the company’s future financial oversight, the assembly approved the appointment of PKF Al-Bassam & Co. as the external auditor.
The firm was selected from among candidates recommended by the Audit Committee to examine and audit the financial statements for the second and third quarters of 2026, the full 2026 fiscal year, and the first quarter (Q1) of 2027. The total fees for these auditing services were set at SAR 595,000.
The assembly also ratified the board’s previous decision to appoint Ghassan Nabil Abdulilah Nassif as an independent member of the board.
Nassif’s term began on 17 February 2026 and is scheduled to continue until the end of the current board cycle on 19 May 2029. He fills the vacancy left by former independent member Abdullah Ahmed Al Darwish.
Last May, the Committee for Resolution of Securities Disputes (CRSD) accepted a request to register a class action lawsuit against several officials in Raydan Food.
