SABIC recently announced the results of the extraordinary general assembly meeting held at its headquarters in Riyadh on 11 April 2017.
The general assembly approved all the agenda after the shareholders cast their votes, approving the report of the board of directors, report of corporate auditors, and the final financial statements for the fiscal year ending 31 December 2016.
The general assembly approved the board’s recommendation to distribute US$3.20 billion in cash dividends for the year 2016 at US$1.07 per share, representing 40 percent of the nominal share value. Some US$1.60 billion has been distributed for the first half of 2016 at US$0.53 per share, representing 20 percent of the nominal share value.
Eligibility for the second half of profits, US$1.60 billion at US$0.53 per share, representing 20 percent of the nominal share value, will be for the shareholders registered in the Securities Depository Center by the end of trading on the day of the assembly meeting. Payment of dividends will be on 23 April 2014.
The general assembly approved to pay US$0.48 million as remuneration for the board of directors – US$53,329.78 per member – for the fiscal year ending 31 December 2016. The assembly also approved to discharge the members of the board of directors for the fiscal year ending 31 December 2016. It also approved the recommendation of the Audit Committee on the reassignment of Ernst & Young as an external auditor to review the quarterly financial statements and corporate annual reports, and their fees, for the fiscal year 2017.