Saudi United Cooperative Insurance Company SJSC

11/01/2021 | Press release | Distributed by Public on 11/01/2021 00:19

اعلان شركة ولاء للتأمين التعاوني عن فتح باب الترشح لعضوية مجلس الادارة للدورة القادمة

Walaa Cooperative Insurance Co. Announces Calling Candidature for Board Members Elections for the New Term

Share this: Facebook TwitterLinkedIn

Element List Explanation
Introduction Walaa Cooperative Insurance Company is pleased to announce to its shareholders that nomination to the Board of Directors of the Company for the term staring from 26/05/2022 till 25/05/2025, for three years thereafter has commenced. Applicants must send their nomination notification in accordance with the Company's Nomination and Appointment Policy (as attached), The requirements for Appointments for Senior Positions in Financial Institutions Supervised by Saudi Central Bank (SAMA) the Corporate Governance Regulations as issued by SAMA and the Capital Market Authority (CMA).
Type of Assembly New Session
Assembly Start Date 2022-05-26 Corresponding to 1443-10-25
Assembly End Date 2025-05-25 Corresponding to 1446-11-27
Number of members 11
Application Start Date 2021-11-01 Corresponding to 1443-03-26
Application End Date 2021-12-01 Corresponding to 1443-04-26
Applications Submission Method Shareholders desiring to nominate themselves for the membership of the Board of Directors of Walaa are required to submit their nomination requests/applications to the Company at the address set out herein below:

Adel Khashoggi Building, Custodian of The Two Holy Mosques Road, P.O. Box 31616, Al-Khobar 31952

Email: [email protected]

Application Requirements 1. Submitting of the request to the company's management, including the nominees resume, qualifications, and experience along with the supporting documents.

2. It is a requirement for any nominee that has held the position of Board Member in any joint stock company to provide 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.

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

5. Completing the Fit and Proper form issued by the Saudi Central Bank, including the submission of the required supporting certificates and other documents, and which form can be found on SAMAs website:

http://www.sama.gov.sa/ar-sa/Insurance/Pages/Forms.aspx

6. Completing Form (3) issued by the Capital Market Authority which can be found on CMA's website:

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

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

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

9. It is not allowed, except after written approval from SAMA, for a person who had held similar position in a liquidated Company to nominate himself.

10. To be attached with the application, a clear copy of the national ID for individuals, commercial registration for companies and establishments and the phone numbers of the nominees.

Candidate Conditions [Link]

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.