Arabia Cement opens nominations for BOD membership

Arabian Cement Company announced on Monday the opening of nominations for membership in the company’s Board of Directors, for the next session, starting on January 1st, 2024, for a period of four years.

The Company explained Today on Tadawul that Nomination for membership in the Board of Directors shall be, in accordance with the provision contained in the Company’s bylaws and the Corporate Governance Regulations issued by the Capital Market Authority, the related articles of the Company’s Bylaws and the policies, criteria and procedures of the Board membership approved by the General Assembly.

The Company indicated that the voting will take place to elect the nominated members at the next General Assembly meeting; the date will be announced later.

And indicated that nomination applications are submitted in full to the company before the end of the nomination period by sending them during official working hours.

The conditions for nomination are as follows:

1- Submit the application signed by the candidate expressing the desire to apply for membership of the Board of Directors (attached).

2- Complete form No. (1), the resume of the candidate for membership in the Board of Directors (attached).

3- Complete Form No. (3), the declaration by the candidate nominated to the Board of Directors (attached).

4- A statement of the Board of Directors of the joint-stock companies and the committees of which the candidate has previously been a member, the date of membership and the membership recipe, as well as a statement of the boards of Directors of the Joint- Stock Companies and the committee of which the candidate is still in their board and status of the membership.

5- A statement of the companies or establishments that the candidate co-owns or manages and that are engaged in activities similar to the activities of Arabian Cement company.

6- A candidate who has previously served as a member of the Board of Directors of Arabian Cement Company must provide a statement from the company’s management about the last session in which he/she assumed membership of the board, including the following information:

a- The number of board meetings held in each year of the session, the number of meetings attended by the member and the percentage of attendance to the total meetings held.

b- The committees in which the member participated in, the number of meetings attended by the member and the percentage of attendance to the total meetings held.

7- The status of membership must be clarified, that is, whether the applicant is an executive member, a non-executive member, or an independent member.

8- Attach a clear and valid copy of the national identity card, family card (for Saudis) and residency card and passport (for non-Saudi) in addition to the candidate contact numbers.

The Nomination and Remuneration Committee will study the applications received based on Clause (2) of article sixty-two of the Corporate Governance Manual issued by the Capital Market Authority.

Voting in the General Assembly for the new session of the board is limited to candidates who meet the conditions and criteria described in this announcement, knowing that cumulative voting will be used to elect the members of the Board of Directors.