Riyadh Development Opens Candidacy for Board Membership

Al-Riyadh Development Company announced on Sunday the opening of candidacy for membership of the company’s Board of Directors, in order to select 7 members, among whom at least three will be independent members, according to the definition of the independent member stipulated in the corporate governance regulations issued by the Capital Market Authority.

  The company stated that the candidacy for membership of the Board of Directors for the next session shall be in accordance with the provisions contained in the Companies Law issued by the Ministry of Commerce and the corporate governance regulations issued by the Capital Market Authority , in addition to the Board Membership Policy (attached) approved by the Ordinary General Assembly.

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

 The type of Assembly is           new session.

 The Assembly start date is 25/6/2022.

The Assembly end date is 24/6/2022.

 The number of members is 7 members.

 The application start date is 2/1/2022.

 The application end date is 2/2/2022.

The Candidacy applications shall be submitted in full during the official working hours of the company, from seven thirty in the morning to three thirty in the evening, by handing to the corporate governance specialist or the secretary of the Remuneration and Nominations Committee, before the end of the candidacy date at the company’s head office.

In accordance with the conditions, controls and requirements contained in the Companies Law, the corporate governance regulations and the registration and listing rules issued by the Capital Market Authority and in accordance with the policies, standards and procedures for membership in the Board of Directors of Riyadh Development Company (attached(.The application for candidacy must include the following:

– Curriculum vitae of the candidate, explaining his personal data, qualifications and experience in both Arabic and English (according to the attached form(.

– A copy of the national ID (residency or passport for non-Saudis), and the family record (for the married(.

– A statement of the companies in which the candidate previously held membership in their Boards of Directors, the date of the membership, its expiry date, and the legal form of the company.

– A statement of the companies in which he is still a member of their Boards of Directors, with a statement of the date of membership and the legal form of the company, taking into account  that the candidate cannot participate in the membership of the Board of Directors of more than five joint stock companies listed in the financial market at one time.

– A statement of the companies or institutions that the nominated member participates in managing or owning.

-Disclosure of any case of conflict of interest that includes any direct or indirect interest in the business and contracts that are made for the company’s account or his participation in a business that would compete with the company, or its competition in one of the branches of the activity he is engaged in.

– Fill out and sign disclosure form No. (3) issued by the Capital Market Authority, and attach it to the nomination application, which can be obtained from the following CMA link:

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

– In the event that the candidate has previously served as a member of the Board of Directors of Al-Riyadh Development Company, he must attach with the candidacy application a statement that includes the following:

• The number of Board meetings held during the last term in which he assumed the membership of the Board, the number of meetings he attended in person, and the percentage of his attendance compared to the total meetings held.
• The permanent committees in which the member participated, the number of meetings held by each of those committees during the last term in which he became a member of the Council, the number of meetings he attended and the percentage of his attendance compared to the total meetings held.
• A summary of the financial results achieved by the company during the last term in which he was a Board member.

It is noteworthy that the cumulative vote will be used to elect the members of the Board of Directors, the company concluded.