20-02-2025
Al Sagr Insurance board member resigns over governance concerns
Logo of Al Sagr Cooperative Insurance Co.
Al Sagr Cooperative Insurance Co. announced the resignation of independent board member Saleh Alderaan.
In a statement to Tadawul, Al Sagr said Alderaan resigned due to what he described as weak implementation of effective governance practices and the absence of a clear strategy.
The resignation was submitted on Feb. 19, the company added. Alderaan had joined the board on Jan. 19.
According to data available on Argaam, the insurance regulator issued a decision yesterday suspending Al Sagr from selling mandatory vehicle insurance due to violations of supervisory and regulatory requirements and the board's failure to implement effective governance measures.
