SABIC ordinary general assembly meeting approves $3.52bn dividends, elects members of board

SABIC ordinary general assembly meeting approves $3.52bn dividends, elects members of board
Published: 14 April 2019 - midnight
By: Martin Menachery
SABIC announced the results of its ordinary general assembly meeting held at its headquarters in Riyadh on 9 April, approving the reports of the board of directors and the auditors, in addition to the final accounts for the fiscal year ended 31 December 2018.

Based on the board recommendation, the meeting approved the distribution of $1.76bn cash dividends for the second half of 2018, at $0.57 per share, representing 22% of the nominal share value.

The board of directors previously approved the distribution of $1.76bn cash dividends for the first half of 2018, at $0.57 per share, representing 22% of the nominal share value. The total proposed dividend for 2018 is $3.52bn, at $1.17 per share, representing 44% of the nominal value per share. The second half earnings of the shareholders will be paid on 30 April.

The meeting also approved $0.48mn as remuneration for the board members, at $53,333.33 per member, for the fiscal year ended 31 December 2018, and relieved them from any liability within the same period. It also approved, based on the Auditing Committee’s recommendation, assigning and determining the relevant fees for Ernst & Young to scrutinise, audit and validate the financial statements of the second, third and fourth quarters, the whole period of the fiscal year 2019, and the first quarter of 2020.

The meeting elected members of the board for the next session, beginning from 10 April 2019, for a period of three years ending on 9 April 2022: (1) Dr Abdulaziz Saleh Aljarbou (chairman, non-executive, government representative); (2) Yousef Abdullah Al-Benyan (vice chairman and CEO, executive, government representative); (3) Rashid Ibrahim Al-Sharif (non-executive, government representative); (4) Roberto Gualdoni (non-executive, government representative); (5) Calum MacLean (non-executive, government representative); (6) Abdullah Mohammed Al-Issa (non-executive, in his personal capacity); (7) Dr Khaled Hamza Nahas (independent, in his personal capacity); (8) Mohammed Talal Al-Nahas (independent, representing Al-Ra'idah Investment Company); and (9) Nader Ibrahim Al-Wehibi (independent, representing Hassana Investment Company).

The meeting delegated the board to distribute interim cash dividends (bi-annually, or quarterly) for the fiscal year 2019 and determine the eligibility and distribution dates in accordance with the regulatory controls and procedures issued in implementation of the Companies Law, and in line with the company's financial position, its cash flows and its expansion and investment plans.

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