SABIC shareholders vote to amend bylaws at EGM
A majority of SABIC shareholders yesterday (June 10, 2020) voted to amend a total of 34 bylaws related to articles of incorporation at a virtual extraordinary general assembly (EGM).
The meeting follows April’s Annual General Meeting (AGM) and invited shareholders to update or remove a range of longstanding bylaws. This included the removal of one article of incorporation which afforded the government of Saudi Arabia – represented by the Public Investment Fund (PIF) – to ‘retain ownership of at least twenty-five percent (25%) of the shares of the Corporation’.
In March 2019, the PIF signed a share purchase agreement to sell its 70% majority stake in SABIC to Saudi Aramco.
SABIC Chairman, Dr. Abdulaziz bin Saleh Al-Jarbou, said:
“My career-path runs deep in both the chemical and energy sectors. I’ve seen how industries must continually change to sustain success and how smart collaborations unlock synergies for sustained growth.”
SABIC Vice Chairman and CEO, Yousef Al-Benyan said the changes to the bylaws were a precursor to a new chapter for the company:
“We recognize the importance of meeting shareholder expectations and delivering value is fundamental for us. We are geared for long-term growth and moving towards a new chapter that can position SABIC as the Kingdom’s chemical growth platform.”
During EGM proceedings, shareholders voted to change bylaws relating to a wide range of matters including the company’s head office; ownership of shares; privileged shares; and formation, meetings and resolutions of the Board of Directors.
The meeting took place virtually using technology provided by Tadawulaty and in line with preventative precautionary COVID-19 guidance from relevant authorities.