Saudi Arabian Cooperative Insurance Co. (SAICO) is pleased to announce the opening of the candidacy for the membership of the Board of Directors for the next term starting from 25 June 2022 for 3 years ending on 24 June 2025. In accordance with the Companies Law issued by the Ministry of Commerce, the Corporate Governance Regulations issued by SAMA, the Corporate Governance Regulations issued by the Capital Market Authority, the requirements for appointment to leadership positions in financial institutions subject to the supervision of SAMA, and the policies and procedures for nomination and appointment of members of the Board of Directors and Board Committees of the company.
Kindly note that the nominated members will be elected at the company’s general assembly meeting, which will be announced later after obtaining the necessary approvals from the relevant authorities.
Those who wish to nominate for membership of the Board of directors and who meet the conditions and criteria for membership, must submit applications for candidacy during the specified candidacy period according to the details provided below.
Applications Submission Method: The candidates who meet the criteria and wish to run for election for membership of the company’s Board of Directors must submit applications for candidacy during the specified candidacy period, as below:-
1- via email (Investor.email@example.com) and the original should be sent to the company’s address above.
2- Or by registered mail to P.O. Box 58073 Riyadh 11594.
– Type of Board term : New term.
– Start date of the term : 26th Thul-Qu’dah 1443H, corresponding to 25th June 2022G
– Ending date of the term : 28th Thul-Hejjah 1446H, corresponding to 24th June 2025G
– Number of Board members: 5
– Opening date for candidacy: 25 Jumada I, 1443H, corresponding to 29 December 2021G
– Ending date for candidacy: 26 Jumada II, 1443H, corresponding to 29th January 2022G
If there are any queries, please contact Shareholders Affairs Department on 0118749666 ext. 382.
Application Requirements: Each shareholder has the right to nominate himself or one or more persons for membership of the Board of Directors, provided that the candidate meets the conditions and criteria for membership in accordance with the Companies Law issued by the Ministry of Commerce, and the Corporate Governance Regulations issued by the Saudi Central Bank and the Corporate Governance Regulations issued by the Capital Market Authority. The candidate must also meet the conditions indicated in the policies, criteria and procedures for membership of Board of Directors approved by the company’s General Assembly (attached), in addition to the following:
1- Fill, sign and submit the candidacy form to the Nomination & Remuneration Committee, for the Board membership, including the personal information, qualifications, and experience as per the attached form.
2- Fill in and sign the Fit & Proper form issued by the Saudi Central Bank and attach it to the candidacy form. The Fit & Proper form and candidacy form should be completed in (WORD) and (PDF) format. The word format may be sent to the above mentioned company’s email ID, and the originals should be handed over or sent by mail to the company. The form may be obtained by visiting the Website of the Central Bank on Forms (sama.gov.sa).
3- Fill in form (3) CV (attached) of the candidate for the Board of Directors of a joint stock company listed on the Saudi stock market and attach it with the candidacy form, to send the form in both (WORD) and (PDF) format on the email in addition to sending the original by mail, or by hand.
4- A copy of the national ID / resident ID / passport, and the family record.
5- A list of the companies in which the candidate previously held board membership including the date of the membership, its expiry date, and the company’s legal form.
6- A list of companies in which the candidate is still a board member with a statement of the date of membership and the legal form of the company, bearing in mind that the candidate cannot be a member of the board of directors for more than five listed joint stock companies at any one time, or be a member of the board of directors in another insurance and/or reinsurance company.
7- A list of companies or institutions that the candidate is jointly managing or has ownership.