The Savola Group announces the results of the Ordinary General Assembly Meeting No. (38), held on 26th of July 2016 at 7:30 p.m. in the Group's Headquarters (Savola Tower), Ashati District, Jeddah. The Meeting was chaired by Mr. Mohamed Abdulghadir AlFadl (Board Member). The quorum of the Meeting was met in line with the Company's Articles of Association, thus the attended shareholders at the meeting approved by majority voting the agenda of the meeting, which comprises of one item as follows:
Approved the Audit Committee formation, its charter which includes: functions, responsibilities, and other guidelines as well as remuneration of its members for the new office term, commence from 01/07/2016 and for a period of three years; also, the Meeting approved the appointment of the following names as the Committee members for the said office term:
1) Mr. Fahad Abdullah Al-Kassim
2) Mr. Abdulaziz Al Ghufaily
3) Mr. Abdul Aziz Al-Issa
4) Dr. Abdulra'of Suliman Banaja
5) Mr. Khalid Mohammed Alsolai
After the Audit Committee formation by the Shareholders Assembly, an Audit Committee meeting was held and selected Mr. Fahad Al-Kassim as the Chairman of the Committee. It is worth mentioning that Mr. Al-Kassim, holds a Bachelor degree, in Business Administration, Accounting as major, King Saud University, Riyadh, 1986. He also an independent board member in the Savola Group and he has a wide experience in accounting, internal and external audit, investments and strategic planning. He was also a member in the Savola Group's Audit Committee during the previous office term; furthermore, he is a member in several Audit Committees of other companies. In addition, he was a Managing Partner in KPMG until 1999 also; he was a Partner at Al-Kassim Certified Public Accountant Office until 1991. He is also a Board member in several joint stock and private companies.
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