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13 May 06:39 AM

The Savola Group Announces the Appointment of an Audit Committee Member

Default Company 2050.B 6.03% 37.80 2.15
Element List Explanation
Introduction The Savola Group announces the approval of its Board of Directors issued on 6th October 2020 on the recommendation of the Remuneration and Nomination Committee (RNC) to appoint Mr. Tareq Abdullah Al-Garaawy as a member in the Audit Committee of Savola Group (as an independent member from outside the Board). The appointment is effective as of the aforesaid Board approval date and until the end of the current office term of the Audit Committee, which shall terminate on September 30th, 2022.

The appointment of Mr. Tareq Al-Garaawy comes to fill the vacant seat after the resignation of Dr. Amr Kurdi from the Audit Committee membership effective from 1st of May 2020 due to his business commitments. It is worth to mention that Dr. Kurdi was appointed by the General Shareholders Assembly as of 1/7/2019.

Element List Explanation
Appointed Member Name Mr. Tareq Abdullah Al-Garaawy
Membership Start Date 2020-10-06 Corresponding to 1442-02-19
Brief Resume of the Appointed Member Mr. Tareq Al-Garaawy holds a bachelor’s degree in accountancy from King Saud University in 1996, and a master’s degree in accountancy from George Washington University in 2002. Mr. Al-Garaawy is also a Certified Management Accountant, and a member of the Institute of Management Accountants (USA) as well as a member of Institute of Internal Auditors.

Mr. Tareq Al-Garaawy has more than 22 years’ practical experience in financial, accountancy, compliance and consultancy gained from working with several banks such as, Saudi Investment Bank, Saudi Arabia British Bank and Bank Al-Bilad. He also worked in several companies like Idfa Management & Financial Consultants, and Tatweer Buildings Company (TBC), and he is currently a member of the Audit Committee in several joint stock companies.

Element List Explanation
Date of Board Meeting in which Appointed New Member(s) were Appointed 2020-10-06 Corresponding to 1442-02-19
Board Approval The Board approval is not final, and this appointment will be presented to the nearest General Shareholders Assembly Meeting for ratification in accordance with the related rules and regulations.
Additional Information In this regard, the Board expresses its sincere thanks and appreciation to Dr. Amr Kurdi for his valuable efforts during his tenure as a member in the Audit Committee of Savola Group, and wishes Mr.Tareq Al-Garaawy all the success in fulfilling his responsibilities as a member of the Audit Committee.

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