Raydan Announces Opening of Nominations for BOD Membership

Raydan Food Company announced on Monday the initiation of nomination for membership of the Board of Directors for the next term, starting from 21.04.2022 and for three years that will be ending on 20.04.2025.

The company added that this is in accordance with the rules and procedures set out in the laws and regulations in particular those stipulated in the Companies’ Law and Corporate Governance Regulations issued by the Capital Market Authority (CMA) as well as the company’s policies, standards, procedure for nomination Members of the Board of Directors and its committees.

It also added that the selection of the nominated members for new term will take place at the upcoming general assembly meeting, which will be announced later after securing the necessary approvals from the concerned authorities.

The candidate must fulfill the criteria for candidacy for membership of the Board of Directors, according to the following:

1. The candidate must have scientific and practical qualifications that help him to perform his duties and responsibilities in the Council.

2. The candidate must not have any interest or membership or participate in any business that would compete with the company in its main activity.

3. The person nominated for membership of the Board shall not be a member of the Board of Directors of more than five joint stock companies listed at the same time.

4. The candidate must commit himself to the membership application by allocating sufficient and appropriate time to carry out his functions and duties towards the membership.

5. He must not have been convicted by a court ruling of a crime against honor and honesty, or has been declared bankrupt.

6. Complete and sign the attached nomination form, taking into account the periods and dates stipulated in the company announcement and the rules and regulations.

7. Fill out the Capital Market Authority Form No. (3) for the CV.

8. For the candidate who has occupied or is still a member of the board of directors of a joint stock company, a statement must be attached to the names of the joint stock companies in which he was a member of their boards of directors, the dates of filling in the membership, the minutes of attendance of the sessions he attended, the standing committees in which the candidate participated, and the number of meetings that The candidate held each of those committees during each year of the session, the number of meetings he attended and the ratio of his attendance to the total meetings.

9. Submit a clear copy of the valid national identity card, family record and contact numbers of the candidate.

10. A list of the companies or institutions that the candidate shares in managing or owned and that practice similar business to the company or have contracts or common interests with the company.

11. The candidate’s obligation, if elected to the Board of Directors, to submit the required disclosures in accordance with the policy of conflict of interests of members of the Board of Directors and members of the committees emanating from the Board.

12. The candidate should not be a state employee.

13. The candidate did not engage in an inappropriate behavior in the financial markets.

14. The candidate must abide by the provisions of the applicable rules, regulations, and instructions.

15. The candidate should be able to read and understand financial statements and reports (financial knowledge).

16. The candidate should not have a health impediment that prevents him from exercising his duties and competencies (health fitness).

17. The candidate shall abide by the principles of honesty, trustworthiness, loyalty, care and concern for the interests of the company and shareholders, and prioritizing them over his personal interest.

18. The candidate must be a natural person at least twenty-five (25) years old

19. Good conduct and behavior

20. The ability to supervise the internal control systems and risk management.