SACO announces opening of candidacy for board of directors membership

Saudi Company “SACO” For Hardware announces to its shareholders that it has open of the nomination period for the board of directors membership in accordance with the provisions of the Companies Law and the Corporate Governance Regulations issued by CMA and the Board of Directors Membership Policies and Standards approved by the General Assembly (attached). The selection of the nominated members for the Board of Directors will take place at the next General Assembly Meeting, which will be announced later.

Candidacy applications shall be received in full during the official working hours of the company, prior to the expiration date of the candidacy door, by sending them to one of the following addresses:

Saudi Company For Hardware (SACO)

1. Company location (Google Maps):

https://maps.app.goo.gl/QbenSzDwJMLbmVbH6?g_st=ic ,Riyadh, Almathar ashamali,- Prince Sultan bin Abdulaziz – SACO Head Office.

2. Email: [email protected]

The candidacy will be in accordance with the provisions contained in the Saudi Companies Law and the Corporate Governance Regulations issued by CMA, in addition to the Selection Policy for the membership of the Board of Directors and the sub-committees which has been approved by the General Assembly. The application for candidacy must be accompanied with all the following documents:

1- Detailed curriculum vitae (CV) clarifies the educational qualifications and professional experience.

2- Copy of their personal ID or identification papers.

3- To provide a detailed declaration of the companies or organizations in Saudi Arabia where the candidate participates in its management or ownership that engage in activities similar to the Company.

4- To provide a detailed declaration of the companies in Saudi Arabia where the candidate still a board member.

5- The candidate that was previously a board member of SACO shall provide the following information:

A. Number of board meetings held during the year for each board’s session, number of meetings he/she attended, and his/her attendance ratio compared to total board meetings.

B. The Committee where the member has participated during the year for each board’s session, number of meetings held by the Committee, number of meetings he/she attended, and his/her attendance ratio compared to total committee’s meetings.

6- Fill out and sign Form No. (3) – in both PDF and WORD formats – issued by CMA for Board Membership nomination from below link:

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

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

The Remuneration and Nomination Committee will review the applications of the nominees received by it, based on what was stipulated in Paragraph (2) of Article 62 of the Corporate Governance Regulations issued by CMA, which stated that among the competences and responsibilities of the Nomination and Remuneration Committee is to recommend to the Board of Directors the nomination of its members and re-nomination, in accordance with the approved policies and standards, taking into account not to nominate any person previously convicted of a breach of trust.