Red Sea International Co. Announces the opening of the nomination period for the Board of Directors Membership for the Next Term
| Element List | Explanation |
|---|---|
| Introduction | Red Sea International company is pleased to announce the opening of nominations for the Board of Directors membership for the next three-year term, which begins on 10 May 2024 and ends on 9 May 2027.
The nomination for membership of the Board of Directors will be in accordance with the provisions of the Companies Law and the Corporate Governance Regulations issued by the Capital Market Authority and the Board of Directors Membership Policies approved by the extraordinary general assembly (attached).
The nominated members will be elected during the company’s next general assembly meeting, the date of which will be announced later after obtaining the necessary approvals from the relevant authorities. |
| Type of Assembly | New Session |
| Assembly Start Date | 2024-05-10 Corresponding to 1445-11-02 |
| Assembly End Date | 2027-05-09 Corresponding to 1448-12-03 |
| Number of members | 8 |
| Application Start Date | 2024-02-11 Corresponding to 1445-08-01 |
| Application End Date | 2024-03-11 Corresponding to 1445-09-01 |
| Applications Submission Method | Before the end of the nomination period, as stated in the announcement, all nomination applications and their attachments shall be sent to The Nominations and Remuneration Committee via email:
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| Policy and criteria of nomination | Directors as stipulated in the relevant regulations and rules, as follows:
1. Fulfill the conditions and standards for membership in the Board of Directors Policy approved by the Company’s Shareholders General Assembly (attached). 2. Submit a signed letter addressed to the Nominations and Remuneration Committee expressing their desire to be nominated during the specified announcement period , All of the following documents must be attached to the nomination application :
A- Complete and submit a signed company’s form (attached). B- Complete and submit Form (1) the Candidate’s CV (attached). C- Complete and submit a signed copy of Form (3) issued by the Capital Market Authority for the nomination for membership of the Board of Directors (attached) D- Attach a clear and valid copy of the national ID card, family card, and passport (for non-Saudis) or commercial registration for companies and institutions, along with the candidate’s contact information. Also, attach a photograph of the candidate.
You must review the relevant laws and regulations, including those issued by the Capital Market Authority, and ensure that they are met, and the candidate bears responsibility for this. The Nominations and Remuneration Committee will study the applications received by the candidates based on what was stipulated in Paragraph (2) of Article Sixty-Two of the Corporate Governance Regulations, noting that voting in the General Assembly will be limited to those who nominated themselves for Board membership in accordance with the conditions and standards. Note that cumulative voting will be used to elect members of the Board of Directors. |
| Attachment of the CMA approved resume for the nominees for board memberships in the joint-stock companies listed on the Saudi Exchange |  |
| Attached Documents | |
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