Arabian Centres Co. Announces the opening of nomination period for the Board of Directors Membership for the next term
| Element List | Explanation |
|---|---|
| Introduction | Arabian Centres Company announces to its shareholders the opening of the nomination period for the Board of Directors membership for the next term (which shall start on 19 June 2022, and for three Gregorian years ending on 18 June 2025). The board of directors will be elected for the new session in the next general assembly meeting which will be announced later after obtaining the necessary approvals from the respective authorities. |
Noting that the nomination for membership of the board of directors will be conducted according to the provisions of the Companies Law issued by the Ministry of Commerce, and the Corporate Governance Law issued by the CMA, in addition to the Company’s Board Membership Policy and Procedures approved by the general assembly (attached).
1) National Address (Wasel):
Arabian Centres Company, Head Quarter, Building No: 8838- King Saud University, Unit No: 70, Riyadh, 12373-4925, Prince Turki bin Abdulaziz Al-Awwal Road, Kingdom of Saudi Arabia.
2) E-mail: nrc@arabiancentres.com
First: Requirement for Board Membership:
• Fulfillment of Board Membership Policy and Procedures approved by the General Assembly (attached).
• The candidate shall not be a member of more than five listed Joint-Stock companies at the same time.
Second: Nomination Procedures:
Submitting nomination application within the timeframe mentioned in the announcement to the Nomination and Remuneration Committee, attaching the following documents to the application:
• Complete and sign an application letter (attached a template).
• Complete Form No. (1) Resume Information (attached).
• Complete and sign Form No. (3) issued by the CMA for Board Membership nomination (attached). and available on the CMA website.
https://cma.org.sa/_layouts/15/download.aspx?SourceUrl=/RulesRegulations/FormsSite/Documents/Form3.doc
• All forms must be completed in Arabic and English to comply with the requirements of CMA Circular Number (I/7/5/6465/20) dated 26/10/2020.
• In addition to fulfilling the criteria set forth in the Board Membership Policy and Procedures approved by the General Assembly (attached), that include:
- Attach copies of the nominee’s qualifications and experience within the Company’s business field.
- Submit a separate record of the important and major works and achievements made by the candidate in the course of his membership on other Boards of Directors or in senior executive and administrative positions occupied during the previous ten years, and the current profession.
- For natural persons, attach a copy of the National ID and the Family ID; and, for companies and establishments, the Commercial Register, and contact details.
The Nomination and Remuneration Committee will be responsible for examining the submitted nomination requests in accordance with the Board Membership Policy and Procedures, which detailed the requirements that must be met in to become a Board member and the general criteria for selecting members of the Board of Directors.
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.