Walaa Insurance Calls Candidature for Board Members Elections for New Term

Walaa Cooperative Insurance Company announced on Monday to its shareholders that nomination to the Board of Directors of the Company for the term staring from 26/05/2022 till 25/05/2025, for three years thereafter has commenced.

Applicants must send their nomination notification in accordance with the Company’s Nomination and Appointment Policy (as attached), The requirements for Appointments for Senior Positions in Financial Institutions Supervised by Saudi Central Bank (SAMA) the Corporate Governance Regulations as issued by SAMA and the Capital Market Authority (CMA).

The type of assembly is a new session.

Assembly Start Date: 2022-05-26

Assembly End Date: 2025-05-25

Number of members: 11

Application Start Date: 2021-11-01

Application End Date: 2021-12-01

Applications Submission Method:  Shareholders desiring to nominate themselves for the membership of the Board of Directors of Walaa are required to submit their nomination requests/applications to the Company at the address set out herein below:

Adel Khashoggi Building, Custodian of The Two Holy Mosques Road, P.O. Box 31616, Al-Khobar 31952

Email: Investors@walaa.com

Application Requirements

1. Submitting of the request to the company’s management, including the nominees resume, qualifications, and experience along with the supporting documents.
2. It is a requirement for any nominee that has held the position of Board Member in any joint stock company to provide the following information:
3. The number of Board of Directors meetings that took place during all the years of the term and the number of meetings that the nominee member attended and the percentage of attendance.
4. The Board Committees that the nominee participated in as a formal Committee member, and the number of meetings held for each of these committees during each year of the term.
5. A list of all the joint stock companies that the nominee is still a Board Member of.
6. A list of the companies or establishments that the nominee manages or owns, and wherever the nominee is engaged in business which related to the Company’s business.
7. Completing the Fit and Proper form issued by the Saudi Central Bank, including the submission of the required supporting certificates and other documents, and which form can be found on SAMAs website:

http://www.sama.gov.sa/ar-sa/Insurance/Pages/Forms.aspx

1. Completing Form (3) issued by the Capital Market Authority which can be found on CMA’s website:

https://cma.org.sa/RulesRegulations/FormsSite/Pages/default.aspx

1. The nominee shall not be a member of the Board of Directors of any other insurance and/or reinsurance Company.
2. The nominee shall not hold membership in more than five boards of public companies at one time.
3. It is not allowed, except after written approval from SAMA, for a person who had held similar position in a liquidated Company to nominate himself.
4. To be attached with the application, a clear copy of the national ID for individuals, commercial registration for companies and establishments and the phone numbers of the nominees.