Saudi Basic Industries Corporation (SABIC) announces the opening of the Board of Director nomination for the next term
|Introduction||Saudi Basic Industries Corporation (SABIC) is pleased to announce to the Shareholders that it opens the nomination for Board Membership. The nomination is open to select four members, including at least three independent members as defined by paragraph (a), paragraph (c) and (d) of Article 20 of the Corporate Governance Regulations issued by the Capital Market Authority.
The nomination for the Board Membership for the coming period, will be in accordance with the provisions of the Companies Regulations issued by the Ministry of Commerce and Investment and the Corporate Governance Regulations issued by the Capital Market Authority, in addition to the Board Membership Policy approved by the Ordinary General Assembly. Candidates will be nominated at the next General Assembly meeting, which will be announced later.
It should be noted that the Board of Directors consists of nine members, five members nominated by the Public Investment Fund, representing Government Ownership.
|Type of Assembly||New Term|
|Assembly Start Date||10/4/2019|
|Assembly End Date||9/4/2022|
|Number of members||9|
|Application Start Date||28/1/2019|
|Application End Date||28/2/2019|
|Applications Submission Method|
Application of candidate must be submitted during the official working hours of the Company, from 7:30 am to 4:00 pm, and before the Application End Date, by sending it to one of the following addresses:
Saudi Basic Industries Corporation (SABIC)
Remuneration and Nomination Committee
According to the provisions governing Board membership and stipulated in the Companies Regulations and the Corporate Governance Regulations, the conditions and procedures of the Board Membership nomination are as follows:
Firstly: Requirement for Board Membership:
Secondly: Nomination Procedures
Submitting nomination request within the timeframe mentioned in the announcement to the Remuneration and Nomination Committee. In addition to attach the following documents to the nomination request:
The Remuneration and Nomination Committee will review the nomination request submitted to it, according to paragraph (2) of Article (65) of the Corporate Governance Regulations issued by the Capital Market Authority. The Article stated that it is the Committee responsibility to recommend to the Board of Directors the nomination and re-nomination of members in accordance with the approved policies and standards, taking into account that no person has already been convicted of a crime or misconduct.
The voting in the General Assembly will be limited to those who have nominated themselves to the Board Membership in accordance with the stated requirements and procedure in the announcement.