Walaa Insurance announces opening of nominations for BOD membership

Walaa Cooperative Insurance Company announced on Tuesday the opening of nominations for its Board of Directors for the term starting on May 26, 2025, and ending on May 25, 2028, for a duration of three years.

The Company invites applicants to submit their nomination notifications in accordance with its Nomination and Appointment Policy, as well as applicable laws, regulations, and circulars. These include the Companies Law issued by the Ministry of Commerce, Corporate Governance regulations from the Capital Market Authority (CMA) and Insurance Authority (IA), and the requirements for appointments to senior positions set by the Insurance Authority.

The nominees will be elected during the company’s General Assembly meeting, with the date to be announced after obtaining the necessary approvals from the relevant authorities.

The nomination period will open on October 1, 2024, and close on October 30, 2024.

Policy and criteria of nomination:

1. The nominees resume, qualifications, and experience along with the national ID and Passport for Saudis and Passport for Non- Saudi or copy of the CR for Companies and establishments, and the phone numbers of the nominees.

2. The companies’ that the nominee has held the position of Board Member and the Joining and membership end date, including the following information:

A. The number of Board of Directors meetings that took place during all the years of the term and the number of meetings that the nominee member attended and the percentage of attendance.

B. The Board Committees that the nominee participated in as a formal Committee member, and the number of meetings held for each of these committees during each year of the term.

3. A list of all the joint stock companies that the nominee is still a Board Member of, and the date of membership.

4. A list of the companies or establishments that the nominee manages or owns, and wherever the nominee is engaged in business which similar or related to the Company’s business.

5. Completing the Fit and Proper form issued by Insurance Authority, the form can be found on Insurance Authority website:

https://www.ia.gov.sa/Licenses/Apply.html

6. Completing Form (3) issued by the Capital Market Authority. (attached)

7. Any other information or documents that might be requested by the company later.

8. The nominee shall not be a member of the Board of Directors of any other insurance and/or reinsurance Company.

9. The nominee shall not hold membership in more than five boards of public companies at one time.

10. It is not allowed, except after written approval from Insurance authority, for a person who had held similar position in a liquidated Company or his membership was terminated to nominate himself