SABIC has announced the results of its Ordinary General Assembly meeting held at its headquarters in Riyadh on 17 April.
After the shareholders cast their votes on the meeting’s agenda, the General Assembly approved the board of directors’ report, corporate auditors’ report, and final financial statements for the fiscal year ending 31 December 2017.
The General Assembly, based on a recommendation from the Audit Committee, approved assigning Ernst & Young to examine, audit and validate the financial statements of the four quarters and the entire period of the fiscal year 2018, and first quarter of 2019.
The General Assembly approved $1.6bn cash dividends during the first half of 2017, $0.53 per share, representing 20% of the nominal share value. It also approved the board's recommendation to distribute $1.76bn cash dividends for the second half of the year 2017, $0.59 per share, representing 22% of the nominal share value.
The General Assembly further approved the board of directors’ recommendation to assign Nader bin Ibrahim Al-Wehibi, as a board member, representing Hassana Investment Company, to complete the remaining term of the current session, which began on 11 April 2016, in place of Abdulaziz bin Habdan Al-Habdan, effective 18 April 2018.
The General Assembly approved absolving the board members from any liability for the fiscal year ended 31 December 2017. It approved payment of $0.48mn as remuneration to the board of directors for the fiscal year ending 31 December 2017.
As per the General Assembly approval, the board of directors will distribute interim cash dividends (bi-annually, or quarterly) for the fiscal year 2018. It will determine the eligibility and distribution dates in accordance with the regulatory controls and procedures under the Companies Law, in line with the company's financial position, its cash flows and its expansion and investment plans.