Malath shareholders reject SAR 2.54M board pay for 2025

Shareholders of Malath Cooperative Insurance Co. rejected a proposal to pay SAR 2.54 million in board remuneration for the 2025 fiscal year. The vote took place at the company's annual general meeting, the insurer said in a filing to the Saudi Stock Exchange.

The resolution needed a simple majority to pass. It failed to secure enough shareholder support. Board pay proposals at Saudi insurers rarely face opposition. The rejection leaves the board without remuneration for 2025.

Malath, based in Riyadh, writes property and casualty insurance across the kingdom. The company has not indicated whether the board will submit a revised remuneration plan. Under Saudi corporate governance rules, the board can propose a new amount for a future shareholder vote.

The decision follows a period of increasing shareholder activism in the Gulf region. Investors are scrutinizing executive pay more closely, particularly at firms with weak earnings growth. Malath's next shareholder meeting will determine whether the board receives any compensation for 2025.