Riyadh Steel Announces Audit Committee Member Resignation and Al-Osaimi’s Appointment as Chairman

Riyadh Steel Company announced the Board of Directors’ approval of the resignation of Mr. Adib bin Abanami from the chairmanship of the membership of the Audit Committee as of Dec. 4, 2023.

Based on the Corporate Governance Regulations issued by the Capital Market Authority, paragraph (g) of Article Fifty-first stipulates that a member of the Audit Committee shall not be a member of review committees in more than five companies listed on the stock market.

Mr. Adel bin Mohammed Al-Osaimi was also appointed Chairman of the review committee (outside the BOD) and until the end of the term of the current review committee session, provided that this appointment is presented at the first meeting of the General Assembly for approval.

Adel Al-Osaimi holds a master’s degree in finance and accounting from the University of De Montfort in Britain. He has also vacated several different positions in the Capital Market Authority. He is currently vacant as Executive Vice President of Governance and Compliance in a company, Vice Chairman of the Board of Directors of the Saudi Society for Governance, and a member of the Audit Committee in one of the listed companies.

The board expressed its thanks to Mr. Adib bin Mohammed Abanami for his distinguished role and valuable and effective efforts during his work period on the committee.