Advanced Announces Opening of Nomination Door for BOD Membership

Advanced Petrochemical Company announced on Thursday to its shareholders the opening of the nomination period for membership to the company’s board of directors for the new term commencing from October 1st, 2022 and ending on September 30th, 2025 (THREE YEARS PERIOD).

Candidates will be elected in the next general assembly meeting, which timing will be announced at a later date after necessary approvals are obtained from the competent authorities. The nomination for membership to the Board of Directors shall be in accordance with the provisions set out in the Companies Law, Capital Market Authority law and its implementing regulations, and as per the Policies, Standards & Procedures for the Membership of ADVANCED’s Board of Directors which were approved by the company’s General Assembly Meeting, and which could be accessed through reviewing the attachments hereof.

The type of assembly is new session. The assembly start date is 01.10.2022. The assembly end date is 30.09.2025. The number of members is 9. The application start date is 22.05.2025. The application end date is 22.06.2022.

A copy of the nomination application, attachments, and the forms mentioned hereunder shall be sent to the following email: (IR@advancedpetrochem.com).

Application Requirements:

First: Conditions and Standards for the Membership of the Board

A candidate wishing to be nominated to the Board shall:

1. be professionally qualified and has the required experience, knowledge, skill and absolute independence, which enable him to perform his duties efficiently in accordance with the provisions of Article (18) of the Corporate Governance Regulations;

2. not be previously convicted of dishonesty or dishonour crime, or held bankrupt, made arrangements or conciliation with his creditors or is unfit for the Board membership under any effective laws or regulations in the kingdom of Saudi Arabia;

3. not be a board member of more than five listed joint stock companies at the same time;

4. not have any issue contradicting with the issues affecting independence according to Article (20) of the Corporate Governance Regulations, if such candidate is running as independent; and

5. not have any direct or indirect interest in the contracts and business conducted for the Company and/or engage in any business that competes with the Company and/or competes with the company in any of the branch activities performed by the company, unless a prior permission is obtained from the ordinary general assembly of the Company in accordance with the relevant regulations.

Second: Nomination Procedures for the Board Membership:

1. A person wishing to be nominated to the Board membership shall submit in writing a nomination application to the company’s management at the specified address in this announcement as per the periods, timelines and the provisions provided for in the relevant laws, regulations and instructions and in accordance with the attached form titled “Nomination Application for Membership of the Board of Directors”;

2. The nomination application must contain the following:

1) An introduction about the candidate in terms of his curriculum vitae, qualifications, skills and practical experience, (Form No. 1)

2) A statement showing the number and the periods of membership of the boards of listed joint stock companies of which the candidate has been a member;

3) Statement of all the listed joint stock companies of which the candidate is still a board member;

4) Membership type shall be clarified; whether the candidate is running as an executive member or a non-executive member or as an independent member as per the criteria provided for in the Corporate Governance Regulations;

5) The membership nature shall be clarified; whether the candidate is a nominee for himself or if he is nominating himself as a representative for a legal person;

6) Statement of all companies, establishments or institutions in which the candidate is engaged in their management or ownership and which are performing business activities similar to the Company’s business;

7) Any nominee who is previously a board member in a listed joint stock company shall enclose with the nomination notice a statement from the respective company’s management showing the last term in which the candidate was a board member within the last (10) years, including the flowing information:

a. The number of board meetings which were held during every year of the term and the number of meetings attended by the board member in person and his attendance percentage versus the total number of meetings;

b. The permanent committees convened by the Board in which the member participated, the number of the meetings held by each committee during every year of the term, the number of meetings attended by the board member and his attendance percentage versus the total number of meetings; and

c. Summary of the financial results achieved by the company during each year of the term.

8. Fill out the Form No. (3), prepared by Capital Market Authority (relating to the CVs of the candidates for membership of the Board of Directors of the listed company on the Saudi Stock Exchange), which can be accessed through the following link: https://cma.org.sa/RulesRegulations/FormsSite/Pages/default.aspx; and

9. Attaching a clear and valid copy of national identity card, family card and passport for individuals or the commercial registration for companies and institutions as well as the contact number of the candidate.