‎Al Jouf Cement shareholders reject delegation of ordinary powers to board of directors

Al Jouf Cement Co.’s shareholders rejected the proposal to grant the board of directors the powers of the ordinary general assembly, as per Article 27 of the Companies Law, for a period of one year from the date of the general assembly’s approval or until the end of the board’s current term, whichever comes first, in line with applicable executive regulations.

In a statement to Tadawul, the company noted that, as part of a voluntary initiative, the Chairman and executive management waived performance-related bonuses for 2023 and 2024 amounting to SAR 10 million.

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This decision was made during an emergency general meeting held on June 25 and was based on a comprehensive report presented by the Governance and Compliance Department, supported by legal opinions and consultations from specialized external parties.

These external parties unanimously confirmed the validity of the procedures followed in disbursing the bonuses for 2023, 2024, and the first quarter of 2025.

The company clarified that these measures reflect full compliance with the regulations and directives issued by relevant regulatory authorities, as well as the company’s internal policies.

As part of this initiative, CEO Abdulkarim Al Nuhayer, Chief Commercial Officer Walid Al Shuwayer and CFO Alabbas Almusaed voluntarily waived SAR 7 million in bonuses disbursed over the past two years.

Additionally, the Chairman of the Board expressed his full support for the initiative and voluntarily relinquished SAR 3 million from his personal bonus.

Al Jouf Cement Co.’s shareholders rejected the proposal to grant the board of directors the powers of the ordinary general assembly, as per Article 27 of the Companies Law, for a period of one year from the date of the general assembly’s approval or until the end of the board’s current term, whichever comes first, in line with applicable executive regulations.

In a statement to Tadawul, the company noted that, as part of a voluntary initiative, the Chairman and executive management waived performance-related bonuses for 2023 and 2024 amounting to SAR 10 million.

For more news on listed companies

This decision was made during an emergency general meeting held on June 25 and was based on a comprehensive report presented by the Governance and Compliance Department, supported by legal opinions and consultations from specialized external parties.

These external parties unanimously confirmed the validity of the procedures followed in disbursing the bonuses for 2023, 2024, and the first quarter of 2025.

The company clarified that these measures reflect full compliance with the regulations and directives issued by relevant regulatory authorities, as well as the company’s internal policies.

As part of this initiative, CEO Abdulkarim Al Nuhayer, Chief Commercial Officer Walid Al Shuwayer and CFO Alabbas Almusaed voluntarily waived SAR 7 million in bonuses disbursed over the past two years.

Additionally, the Chairman of the Board expressed his full support for the initiative and voluntarily relinquished SAR 3 million from his personal bonus.