| ELEMENT LIST | EXPLANATION |
|---|---|
| Introduction | Saudi Arabian Refineries Company (SARCO) announces the results of the Ordinary General Assembly meeting (the second meeting), which was held on Tuesday 29/11/1443 AH (according to Umm Al-Qura calendar) corresponding to 28/06/2022 at the Ritz-Carlton Hotel, Jeddah Procedures Al-Izz Hall with the application in attendance The precautionary and preventive issued by the competent authorities, and through modern technology means using the Tadawulaty website (www.tadawulaty.com.sa), where the quorum for the second meeting was completed with an attendance rate of 6.05%, as the legal quorum for the second meeting is the attendance of any number of shares company. |
| City and Location of the General Assembly’s Meeting | .In presence of Jeddah, The Ritz-Carlton Hotel
Remotely on the link: https://www.any-meeting.com. |
| Date of the General Assembly’s Meeting | 2022-06-28 Corresponding to 1443-11-29 |
| Time of the General Assembly’s Meeting | 20:00 |
| Percentage of Attending Shareholders | 6.05 % |
| Names of the Board of Directors’ Members Present at the General Assembly’s Meeting and Names of the Absentees | The meeting of the General Assembly was attended in presence and through modern technology means the following members of the Board of Directors are:
1- Eng. Aiad Mohammed Mushaikh (Chairman of the Board of Directors)
2- Eng. Hattan Hamed Al-Shanbari Al-Sharif (Member of the Board of Directors – Vice Chairman of the Board of Directors)
3- Mr. Maqid Ibrahim Al-Otaibi (Member of the Board of Directors – Managing Director)
4- Mr. Yasser Suliman Al-Aqeel (Member of the Board of Directors – Head of the Audit Committee)
5- Eng. Abdul Rahman Ayed Al-Dahasi (Member of the Board of Directors)
6- Mr. Mohammad Nawaf Al-Harbi (Member of the Board of Directors)
The following members of the Board of Directors were absent from attending the General Assembly meeting:
1- Prince Mohammad Khalid Turki Al-Saud (Member of the Board of Directors and Head of the Nominations and Remunerations Committee)
2- Mr. Fahad Abdulrahman Al-Makael (Member of the Board of Directors) |
| Names of the Chairmen of the Committees Present at the General Assembly’s Meeting or Members of such Committees Attending on Their Behalf | 1- Mr. Yasser Suliman Al-Aqeel (Head of the Audit Committee)
2- Mr. Maqid Ibrahim Al-Otaibi (Head of the Investment Committee) |
| Voting Results on the Items of the General Assembly’s Meeting Agenda’s | 1- Approval of the report of the Board of Directors for the fiscal year ending on December 31, 2021 AD.
2- Approval of the financial statements for the fiscal year ending on December 31, 2021 AD. 3- Approval of the auditor’s report for the fiscal year ending on December 31, 2021 AD. 4- Approval to absolve the members of the Board of Directors from liability for the fiscal year ending December 31, 2021 AD. 5- Approval of the Board of Directors’ recommendation to distribute cash dividends for the fiscal year 2021, amounting to (7,500,000 riyals) at a rate of (5%) of the company’s capital at the rate of (50 halalas) for each share owned by the shareholder, provided that the eligibility is for the shareholders who own the company’s shares at the end of the trading day of the meeting The Company’s (fifty-second) Ordinary General Assembly and those registered in the company’s shareholders register with the Securities Depository Center Company (Edaa) at the end of the second trading day following the due date, and the distribution date will be announced later. 6- Approving the appointment of Mr. Al-Ayouti & Co. as an auditor of the company’s accounts from among the candidates based on the recommendation of the Audit Committee, in order to examine, review and audit the financial statements for the second, third and annual quarters of the fiscal year 2022 AD, and the first quarter of the fiscal year 2023 AD, and determine its fees. 7- Approval of the renewal of the authorization issued to the members of the Board regarding obtaining bank loans, the necessary banking facilities, the mortgage contract and the provision of in-kind guarantees, whether movable or immovable, owned by the company, in order to facilitate the company’s business and achieve its objectives. On the text of Article (24) of the company’s articles of association. 8- Approval of the Board of Directors’ decision to appoint Eng. Abdul Rahman Ayed Al-Dahasi (independent member) to the Board of Directors starting from the date of his appointment on February 3, 2022 AD to complete the current Board session, which ends on April 30, 2024 AD, succeeding the previous member, Mr. Suleiman bin Saad Al Hamid (non-executive). ). 9- Disapproval of the Board of Directors’ decision to appoint Mr. Mohammad Nawaf Al-Harbi (independent member) to the Board of Directors starting from the date of his appointment on February 3, 2022 AD to complete the current session of the Board, which ends on April 30, 2024 AD, succeeding the previous member, Dr. Ali bin Saleh Khabti (other than executive). 10- Approving the amendment of the remuneration policy of the Board of Directors, its committees, and the executive management. |