Correction announcement from Fawaz Abdulaziz Alhokair Co. in regards to Correction announcement in regards to Calling Candidature for Board Members Elections
| Element List | Explanation |
|---|---|
| Date of Publishing the Previous Announcement Sought to be Corrected on Tadawul's Website | 2020-04-23 Corresponding to 1441-08-30 |
| URL of the Previous Announcement | Click Here |
| Incorrect statements in the previous announcement | Whereas the announcement stated: |
Application requirements:
The membership standards for the Company’s Board of Directors are defined in the framework of the conditions set out in the Ministry of Commerce’ Circular No. 222/9362/3245 and dated 18/6/1412 and the Ministry of Commerce and Industry’ Circular No. 322/205/3800 and dated 26/12/1420 pursuant to Companies Law, the Company’s Articles of Association; the Corporate Governance Regulations, the Registration and Listing Rules issued by the Board of the Capital Market Authority.
According to the following:
1- A member of the Board of Directors must be the owner of a number of the Company’s shares, whose nominal value must not be less than ten thousand riyals (10,000). These shares shall be deposited, within thirty (30) days from the date of the member’s appointment, in one of the banks appointed by the Minister of Commerce and Industry for this purpose. These shares are to guarantee the responsibility of the members of the Board of Directors and remain non-negotiable until the time specified for hearing the liability claim in article (76) of the Companies Law expires or until the said case is determined, and if a member of the Board of Directors does not submit the guarantee shares within the specified period, his membership shall be canceled. Article (68) of the Companies Law, article (18) of the Company’s Articles of Association.
2- He must have an academic qualification that allows him to fulfill his responsibilities in the Board.
3- He must have sufficient experience in the Company’s field of business of similar fields.
4- He must have knowledge of the Companies Law; rules, regulations and circulars related to the Company’s activity.
5- He must have; the ability to read and analyze balance sheets, knowledge of accounts and finance.
6- He must have the incentive and time to contribute to directing the Company’s business and policies.
7- He must be independent in his thoughts and courageous in presenting his own opinions on strategic and commercial matters in the field of the Company’s activity.
8- He must have knowledge and constantly learning.
9- He must be committed to serving the Company as a member of the Board of Directors for at least one full term starting from his appointment.
10- He must enjoy morals, integrity, honesty and credibility.
11- He must have not been convicted of a crime against honor or honesty.
12- There must not be a decision issued by the Capital Market Authority against him.
13- He must not have any conflict of interest with the Company.
14- He must not have any direct or indirect interest in the business and the contracts that are made for the account of the Company, exceptions to that are made through public tenders if a member of the Board of Directors is the best bidder. Article (69) of the Companies Law.
15- He must not; be involved in any business that would compete with the Company, or trade in one of the branches of the activity that the Company is engaged in. Article (70) of the Companies Law.
16- He must not be a board member in more than five listed joint stock companies.
17- He must comply with all articles and items related to membership in the board of directors of joint stock companies stated in the Companies Law and the regulations of the Capital Market Authority.
18- It is not permissible (except with the prior written approval of the competent authorities) for a candidate to nominate for membership in the Board of Directors whoever has; occupied the same position in a liquidated company, or has been isolated in another company.
19- He must agree to conduct a personal interview with the Company’s Nomination and Remunerations Committee.
1- He must have an academic qualification that allows him to fulfill his responsibilities in the Board.
2- He must have sufficient experience in the Company’s field of business of similar fields.
3- He must have knowledge of the Companies Law; rules, regulations and circulars related to the Company’s activity.
4- He must have; the ability to read and analyze balance sheets, knowledge of accounts and finance.
5- He must have the incentive and time to contribute to directing the Company’s business and policies.
6- He must be independent in his thoughts and courageous in presenting his own opinions on strategic and commercial matters in the field of the Company’s activity.
7- He must have knowledge and constantly learning.
8- He must be committed to serving the Company as a member of the Board of Directors for at least one full term starting from his appointment.
9- He must enjoy morals, integrity, honesty and credibility.
10- He must have not been convicted of a crime against honor or honesty.
12- There must not be a decision issued by the Capital Market Authority against him.
12- He must not have any conflict of interest with the Company.
13- He must not be a board member in more than five listed joint stock companies.
14- He must comply with all articles and items related to membership in the board of directors of joint stock companies stated in the Companies Law and the regulations of the Capital Market Authority.
15- It is not permissible for a candidate to nominate for membership in the Board of Directors whoever has; occupied the same position in a liquidated company, or has been isolated in another company.
16- He must agree to conduct a personal interview with the Company’s Nomination and Remunerations Committee.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.