‎“SADAFCO” opens candidacy for BOD membership ‎

The Saudi Dairy and Food Products Company (SADAFCO) announced to shareholders the opening of nominations for membership in the company’s Board of Directors, in order to select 9 members, including at least 3 independent members, in accordance with the definition of an independent member stipulated in the Corporate Governance Regulations issued by the Capital Market Authority. .

It explained that the start of nominations is from today until December 14, 2023, while the next session is from January 1, 2024 – March 31, 2028.

According to the company, candidacy for membership in the Board of Directors for the next session will be in accordance with the provisions contained in the Companies Regulations issued by the Ministry of Commerce and the Corporate Governance Regulations issued by the Capital Market Authority, in addition to the policy, standards and procedures for membership in the Board of Directors approved by the General Assembly.

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, after obtaining the necessary approvals from the competent authorities.

Nomination will be based on fulfilling the conditions for candidacy for membership in the Board of Directors contained in the relevant rules and regulations and in accordance with the following:

1- Completing the conditions and criteria for Board of Directors membership approved by the General Assembly (attached).

2- Submit a signed letter of application for candidacy in the attached format addressed to the Chairman of the Remuneration and Nominations Committee stating his desire to be nominated during the announcement period specified above, provided that the letter is accompanied by his CV, qualifications, and experience in the company’s field of business.

3- Complete and submit a signed copy of Disclosure Form No. (3) issued by the Capital Market Authority to nominate for membership in the Board of Directors.

4- Complete the CV Form No. (1) and attach it to the nomination application.

5- Submit a signed copy of the independence form (as defined by the Capital Market Authority) and attach it to the candidacy application.

6- Submit a clear and valid copy of the national ID, family registry for the married person, and passport (for non-Saudis).

7- If the candidate has previously served as a member of the company’s board of directors, he must attach with the candidacy application a statement from the company’s management for the last session in which he served as a member of the board, including the following information:

A- The number of Board of Directors meetings that took place during each year of the term, the number of meetings that the member attended in person, and his attendance percentage to the total number of meetings.

B- The permanent committees in which the member participated, the number of meetings held by each of those committees during each year of the session, the number of meetings he attended and the percentage of his attendance to the total number of meetings.

C- A summary of the financial results achieved by the company during each year of the cycle.