ACIG Opens Candidacy for 5 Vacant Seats Board Membership

Allied Cooperative Insurance Group (ACIG) announced the opening of candidacy for membership of the Board of Directors for five vacant seats to complete the current session, ending on 17/05/2022.

The company stated that the application for those who meet the conditions and qualifications for membership in accordance with the policy and procedures for nomination and appointment of members of the Board of Directors and the company’s Board committees (attached), and in accordance with the conditions, controls and requirements included in the statutory texts, the corporate governance regulations issued by the Capital Market Authority, the instructions issued by the Saudi Central Bank and the requirements for appointment to leadership positions in financial institutions subject to the supervision of the Saudi Central Bank, and also in accordance with The governance regulations issued by the Central Bank of Saudi Arabia, and what the applicable regulations require in appointing members of the Board of Directors.

The type of Assembly is supplementary session.

The Assembly start date is 18/5/2019.

The Assembly end date is 17/5/2022.

The number of members is 5 members.

The application start date is 3/1/2022.

The application end date is 3/2/2022.

The Application Requirements:

1) Submitting the application to the company’s management in Arabic, including an introduction to the candidate, including his CV, qualifications and experience, with copies of qualifications and certificates attached.

2) A statement of the joint stock companies of which he is still a member..

3) A list of the companies or establishments that he jointly manages or owns and that carry out similar or related business to the company’s business.

4) The ability to lead, by having leadership skills that qualify him to grant powers that lead to motivating performance and applying best practices in the field of effective management and adherence to professional values and ethics.

5) Competence by having the appropriate professional and personal skills, level of training, and practical experience related to the company’s current and future activities, management, economics, accounting, law or governance, as well as the desire to learn and train.

6) The ability to direct, by having technical, leadership and administrative capabilities, speed in decision-making, understanding the technical requirements related to workflow, and being able to strategically direct, plan and have a clear future vision.

7) Financial knowledge by being able to read and understand financial statements and reports.

8) Health fitness that he does not have a health impediment that hinders him from exercising his duties and competencies.

9) Submitting a written notification signed by the candidate expressly declaring his desire to run for membership in the Council.

10) Fill out the adequacy form issued by the Saudi Central Bank in English, sign and send it in PDF and Word formats, which can be obtained from the bank’s website http://www.sama.gov.sa/ar-sa/Insurance/Pages/Forms.aspx

11) Fill out form No. (3) issued by the Capital Market Authority, print it, sign and send it as a PDF, which is available on the Authority’s website: https://cma.org.sa/RulesRegulations/FormsSite/Pages/default.aspx

12) The candidate may not be a member of the Board of Directors of another insurance and/or reinsurance company.

13) The candidate must not be a member of the Board of Directors of more than five joint stock companies listed on the market at the same time.

14) Anyone who has occupied the same position in a liquidated company or has been dismissed from the same position in another company may not be nominated for membership of the Board of Directors without a prior written approval of the Saudi Central Bank.

15) A clear copy of the national identity card for individuals, the commercial register for companies and institutions and the candidate’s contact numbers shall be attached to the nomination application.

The company indicated that the candidate who has previously served as a member of the Board of Directors of a public joint stock companies must state the following:

a. The number and date of the Board of Directors meetings that took place during each of the years of the session, the number of meetings attended by the member in person, and the percentage of his attendance of the total meetings.

B. The standing committees in which the member participated, and the number and date of meetings held by each of those committees during each year of the session.

c. Summary of the financial results achieved by the company during his tenure as a member of its board of directors.

The company pointed out that the Nominations and Remunerations Committee reviews all incoming applications and evaluates them fairly in light of the criteria mentioned in these policies and procedures.The Nomination and Remuneration Committee shall document the reasons for the disqualification or rejection of the candidates and the organizers may need to be informed of the reasons upon request.