900,000 Riyals Reward Rejected: Abu Moati Association Takes a Stand Against Lavish Board of Directors Payouts
News Context
At a glance
- Abdullah Saad Muhammad Abu Moati Libraries Company recently announced the results of its general meeting, which took place on Wednesday at 8:30 pm.
- However, the Assembly agreed to authorize the Board of Directors to distribute interim dividends on a half-yearly or quarterly basis for the financial year ending March 31, 2025.
Abdullah Saad Muhammad Abu Moati Libraries Company Announces General Meeting Results
Abdullah Saad Muhammad Abu Moati Libraries Company recently announced the results of its general meeting, which took place on Wednesday at 8:30 pm. The meeting saw the refusal to approve the distribution of 900 thousand Riyals as an annual bonus to the Board of Directors for the financial year ending March 31, 2024.
However, the Assembly agreed to authorize the Board of Directors to distribute interim dividends on a half-yearly or quarterly basis for the financial year ending March 31, 2025.
Voting Results on the Assembly Agenda
- The report of the Board of Directors for the financial year ended March 31, 2024, was reviewed and discussed.
- The auditor’s report of the company for the financial year ending March 31, 2024, was approved.
- The financial statements for the fiscal year ended March 31, 2024, were reviewed and discussed.
- The appointment of auditors, RSM United Accountants Office, was approved to examine, review, and audit the financial statements for the specified periods. The fee for their services will be set at 397 thousand Riyals.