Malath Announces Opening of Nomination for BOD Membership

Malath Cooperative Insurance Company (Malath Insurance) announced on Sunday the initiation of nomination for membership of the Board of Directors for the next term, starting from 06.04.2022 for three years and ending on 05.04.2025.

Every shareholder who meets the conditions has the right to nominate himself for membership of the Board of Directors, where applicants shall send their nomination notification in accordance with the Company’s nomination and appointment policies, and in accordance with the provisions and controls of the relevant laws, regulations and circulars, including the Corporate Governance Regulations issued for the Capital Market Authority(CMA), the Insurance Companies Governance Regulations issued by the Saudi Central Bank(SAMA), the requirements for appointment to leadership positions in financial institutions subject to the supervision of the SAMA, and what all applicable regulations in this regard.

Selection of the nominated members for the Board of Directors new term will take place at the upcoming general assembly meeting, which will be announced later after obtaining the necessary approvals from the relevant authorities.

Applicants who wish to nominate themselves for the membership of the Board of Directors shall submit their candidacy applications to the Company at investor.relation@malath.com.sa

Requests shall include original candidacy applications & required forms and titled with the Nomination and Remuneration Committee and addressed to Investors Relations through the following address:

Malath Insurance

P.O.BOX 99763, Riyadh 11625

Fax: 0114168333

Tel: 0114168222 EX:1213

Or through the E-mail address in (PDF and word) format on the following email:

investor.relation@malath.com.sa

Application Requirements:

1. Completing the fit and proper form issued by the Saudi Central Bank and which form can be found on below:

https://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. Submitting of the request to the company’s management, including the nominees resume, qualifications, and experience along with the supporting documents.
2. Any additional documents that may be requested by the Regulators or the Company.
3. 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:
4. 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;
5. 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;
6. A brief about the financial results that the company achieved during the nominees Board term;
7. A list of all the joint stock companies that the nominee is still a Board Member of; and
8. 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.
9. The nominee shall not be a member of the Board of Directors of any other insurance and/or reinsurance Company.
10. The nominee shall not hold membership in more than five boards of public companies at one time
11. 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.