Gas opens door for BOD membership nominations

The Natural Gas Distribution Company announced on Wednesday to shareholders the opening of nominations for membership in the company’s Board of Directors from today till December 22, 2023, in order to select six members for a period of three years, including at least two independent members in accordance with the definition of an independent member stipulated in the Corporate Governance Regulations issued by the Capital Market Authority.

According to the Company statement on Tadawul, the nomination shall be for membership in the Board of Directors for the next session in accordance with the provisions contained in the Companies Regulations issued by the Ministry of Commerce and the Corporate Governance Regulations issued by the Capital Market Authority.

Members of the Board of Directors for the next session will also be elected during the next General Assembly meeting, the date of which will be announced later.

According to the Company, the nomination will be in accordance with the provisions contained in the Companies Law and the Corporate Governance Regulations issued by the Capital Market Authority, provided that all of the following documents are attached to the nomination application:

1- A detailed CV that includes qualifications and experience in the company’s field of business.

2- Attach a copy of your personal ID with contact numbers.

3- A statement of the boards of directors of joint-stock companies and committees in which the candidate has previously been a member, their history and membership status, as well as a statement of the boards of directors of joint-stock companies and committees in which the candidate is still a member and membership status.

4- A statement of the companies or institutions in which the candidate participates in ownership or management and which engage in activities similar to those of the company.

The candidate who previously served as a member of the Board of Directors of the Natural Gas Distribution Company must provide the following information:

A) A statement showing the number of Board of Directors meetings held in each year of the term, the number of meetings attended by the member, and the percentage of his attendance to the total number of Board meetings.

B) The names of the committees in which the member participated, the number of meetings held by each of those committees during each year of the session, the number of meetings the member attended, and the percentage of his attendance to the total number of committee meetings.

5- Fill out and sign Disclosure Form No. (3) issued by the Capital Market Authority, fill out Form No. (1) and attach it to the nomination application.

Voting in the General Assembly for the new session of the Board is limited to candidates who meet the conditions, controls and standards set forth in this announcement, noting that cumulative voting will be used to elect members of the Board of Directors.