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Watani Steel Shareholders Approve New Board and 2025 Financial Statements
By KlickAnalytics Data Insights | June 30, 2026 02:03PM ET
- Results of Watani Iron Steel Company's Ordinary General Assembly meeting announced
- Shareholders approve financial statements for 2025 and discharge board of directors from liability
Riyadh – Watani Iron Steel Company disclosed the outcomes of its Ordinary General Assembly meeting held on 28 June 2026, where shareholders gave the green light to the financial statements for 2025 and elected a new board for a four-year term. During the meeting, the shareholders also discharged the board of directors from any liability and authorized specific members to engage in activities that may compete with the company's operations.
The assembly primarily focused on reviewing and ratifying the company's performance for the 2025 fiscal year. Shareholders formally examined the Board of Directors' report, the financial statements, and the external auditor's report for the same period. Following these assessments, the General Assembly decided to relieve the Board of Directors from liability regarding their management of the company in 2025.
In a significant move towards corporate governance and conflict of interest, shareholders granted permission to certain board members to undertake business activities that could compete with Watani Steel's operations. Additionally, the election process for the new Board of Directors was concluded, with the newly appointed members set to lead the company from 2 July 2026 to 1 July 2030.
The General Assembly meeting witnessed the participation of the heads of the company's internal committees, highlighting Watani Steel's commitment to oversight and regulatory compliance during the transition to the new board term. This assembly marks a crucial point for Watani Steel as it finalizes its 2025 financial accounts and establishes a leadership structure to steer its strategic direction for the upcoming decade.
- Shareholders approve financial statements for 2025 and discharge board of directors from liability
Riyadh – Watani Iron Steel Company disclosed the outcomes of its Ordinary General Assembly meeting held on 28 June 2026, where shareholders gave the green light to the financial statements for 2025 and elected a new board for a four-year term. During the meeting, the shareholders also discharged the board of directors from any liability and authorized specific members to engage in activities that may compete with the company's operations.
The assembly primarily focused on reviewing and ratifying the company's performance for the 2025 fiscal year. Shareholders formally examined the Board of Directors' report, the financial statements, and the external auditor's report for the same period. Following these assessments, the General Assembly decided to relieve the Board of Directors from liability regarding their management of the company in 2025.
In a significant move towards corporate governance and conflict of interest, shareholders granted permission to certain board members to undertake business activities that could compete with Watani Steel's operations. Additionally, the election process for the new Board of Directors was concluded, with the newly appointed members set to lead the company from 2 July 2026 to 1 July 2030.
The General Assembly meeting witnessed the participation of the heads of the company's internal committees, highlighting Watani Steel's commitment to oversight and regulatory compliance during the transition to the new board term. This assembly marks a crucial point for Watani Steel as it finalizes its 2025 financial accounts and establishes a leadership structure to steer its strategic direction for the upcoming decade.
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