Yenasaab Company and Lana Company, both leading players in the Saudi Arabian market, have recently made significant announcements regarding their corporate governance and financial activities that are sparking attention among shareholders.
In its 16th ordinary general assembly, Yenasaab announced that it has received the thumbs up from its board of directors to proceed with profit distribution. Specifically, profits can be distributed either semi-annually or quarterly for the financial year ending on December 31, 2025. The meeting served as a platform for crucial discussions regarding the company’s financial health as well as its strategic direction moving forward.
During this assembly, the board reviewed and discussed the performance report of the financial year concluding December 31, 2024. This included a thorough examination of financial statements, which are vital for assessing the company’s position and future prospects. Reflecting the company's transparency, the board's decision to appoint PriceWaterhouseCoopers (PwC) as the auditors for the next four fiscal years, starting from the second quarter of 2025, was approved. Their audit will cover the important financial metrics necessary for stakeholders to evaluate the performance, all for a total estimated fee of 2.5 million riyals (excluding VAT).
In line with the company’s governance principles, the assembly also approved the discharge of the board of directors from liability for the financial year that concluded on December 31, 2024, reinforcing the trust stakeholders have in the organization’s management.
Meanwhile, Lana Company is making strides in digital engagement by announcing the commencement of electronic voting for its first extraordinary general assembly, scheduled for 9:00 PM on March 25, 2025. This meeting represents an important intersection of modernization and shareholder involvement, as the voting commenced on March 23, 2025, at 1:00 AM. This technology facilitates efficient participation from shareholders who may be unable to attend in person, thus broadening engagement and inclusivity.
Lana Company’s shareholders are invited to utilize the Tadawulaty platform for free registration and voting. Accessible via [www.tadawulaty.com.sa](http://www.tadawulaty.com.sa), the system allows remote participation, showcasing the corporation's commitment to adapting to modern technological advances. In a bid to enhance the meeting experience, Lana has also planned a live broadcast of the assembly for those who wish to follow along virtually.
Overall, these recent moves by both Yenasaab and Lana underline a shift towards transparency and increased shareholder interaction in the ever-evolving landscape of corporate governance. As companies like these embrace technology and modern practices, they set a precedent for accountability and stakeholder inclusion in their respective sectors.
Investors eagerly await the outcomes and decisions from these assemblies, reflecting their trust in leadership to navigate towards a prosperous future in the complex economic landscape of the Kingdom.
