Gulf National Cooperative Insurance Company, one of the companies listed on the Saudi Stock Exchange “Tadawul”, announced the formation of its new Board of Directors, with the appointment of Mr. Abdulaziz bin Abdulrahman Al-Turki as Chairman of the Board and Mr. Muhannad bin Sulaiman Al-Fayez as his deputy, in a strategic step aimed at leading the company during an important stage of growth and development in the Saudi insurance sector.
According to an official statement from the company, this decision came after the Ordinary General Assembly meeting held on December 10, which witnessed the election of the Board of Directors for a new five-year term, starting from December 17, 2024 and ending on December 16, 2029. The decisions also included the appointment of Professor Haya bint Ibrahim Al-Saeed as Secretary of the Board of Directors, and the formation of the Nominations and Remuneration Committee, chaired by Professor Ahmed bin Mohammed Al-Salem, with the following members: Munir Hashim Al-Burno, Zaid Abdullah Al-Kathiri, and Karim Mohammed Bashti.
General context and importance of governance in the insurance sector
These appointments come at a time when the Saudi insurance sector is undergoing radical transformations, driven by the objectives of the Financial Sector Development Program within the Kingdom's Vision 2030. The procedures for electing and forming boards of directors in publicly traded companies are a cornerstone of corporate governance, overseen by the Capital Market Authority (CMA) and the Saudi Central Bank (SAMA). These procedures aim to ensure transparency, protect shareholder rights, and enhance investor confidence in the market. Selecting a board of directors for a relatively long term (five years) reflects a focus on stability and the development of long-term strategies capable of adapting to regulatory and competitive changes in the market.
Expected impact on the company and the Saudi market
The new leadership is expected to shape the next phase for Gulf Union Insurance Company, focusing on strengthening its competitive position, developing innovative insurance products, and leveraging digital transformation to enhance customer experience and operational efficiency. Domestically, the company is anticipated to play a significant role under its new leadership in deepening the insurance sector and increasing its contribution to GDP, a key objective of Vision 2030. Regionally, the success of major Saudi companies like Gulf Union Insurance Company reinforces the Saudi market's position as a leading financial center in the region and attracts further foreign investment seeking stable regulatory environments and promising growth opportunities.
