Gulf Union Alahlia Cooperative Insurance : Al Ahlia Cooperative Insurance Company announces the opening of the nomination period for the board of directors’ membership for the next term 2022-07-25

First:
A member of the Board is required to be professionally capable and has the required experience, knowledge, skill and independence, which enable him/her to perform his/her duties efficiently. He/she shall have the following qualifications in particular:
1- Ability to lead
2- Competency
3- Ability to guide:
4- Financial knowledge
5- Physical fitness
6- That the person applying for membership in the Board of Directors has not previously been convicted of a crime against honor and honesty, or has been convicted of misconduct in the financial markets or business, or has been judged bankrupt, or is not valid for membership of the Board in accordance with any system or instructions in force in the Kingdom.
7- He should not be a senior executive or member of the board of directors in a company that has been declared bankrupt or liquidated based on a judicial order.
8- The candidate's age shall not be less than 25 Gregorian years with the date of the beginning of the period of the Board for which he is nominated.
9- The candidate must abide by the principles of honesty, trustworthiness, loyalty, care and concern for the interests of the company and shareholders, and prioritizing them over his personal interest.
10- The candidate shall not be a member of the board of directors of more than five joint stock companies listed on the market at the same time at the beginning of the period of the board for which he is nominated or at the time of appointment, whichever is earlier.
11- When nominating for membership in the Board of Directors, the absence of a conflict of interest shall be taken into account, and the candidate shall not be a government employee unless he is a representative of the entity that nominated him.
12- Not to be a member of the board of directors of any of the joint stock companies competing with the company.
13- A member of the company's board of directors may not be a member of the board of directors of another local insurance and/or Reinsurance Company, or one of its committees, or occupy a leadership position in those companies.
14- That he has the ability to allocate sufficient time to carry out the responsibilities of a member of the Board of Directors.
15- In the case of running as an independent member, the candidate must not have any of the independence affecting issues

Second:
Each candidate for membership of the Board of Directors must submit an application for his candidacy to the company during the announced candidacy period, accompanied by the following:
1- Fill out the company's nomination application addressed to the Nominations and Remunerations Committee and during the specified nomination period, and attach with it the candidate's CV, qualifications and experience in general and in the field of insurance in particular, along with attaching copies of the certificates and qualifications.
2- Fill out the company's nomination form completely and sign each page.
3- Complete the Fit & Proper form issued by the Saudi Central Bank (Attached) and provide the company with a complete and signed copy in the nomination application (PDF) and an electronic copy in word format identical to the signed copy. The candidate can obtain the form "(Fit & Proper Form") from the website The Saudi Central Bank
4- Fill out the forms specified by the Capital Market Authority, such as Form No. 3 attached (CV form for the candidate for membership in the Board of Directors of a Listed Joint Stock Company), which can be obtained from the website of the Capital Market Authority.
5- A statement of the number and dates of the board of directors of joint stock companies and the committees he had a membership and which he still holds membership in, provided that the statement states the following: -
a. The number of Board meetings that took place during each year of the period, the number of meetings attended by the member in person, and the ratio of his attendance to the total meetings.
b. The standing committees in which the member participated, the number of meetings held by each of those committees during each year of the period, the number of meetings he attended, and the ratio of his attendance to the total meetings.
c. Summary of the financial results achieved by the company during each year of the period.

6- If the candidate has previously served as a member of the company's board of directors, he must attach with the candidacy application a statement from the company's board of directors' secretariat about the last period in which he became a board member, including the following information:

a. The number of Board meetings that took place during each year of the period, the number of meetings attended by the member in person, and the ratio of his attendance to the total meetings.
b. The standing committees in which the member participated, the number of meetings held by each of those committees during each year of the period, the number of meetings he attended, and the ratio of his attendance to the total meetings.
c. Summary of the financial results achieved by the company during each year of the period

7- The membership status must be clarified, i.e. whether he is nominated as an independent member, a non-executive member or an executive member.
8- The nature of the membership must be clarified, i.e. whether he is a candidate in his personal capacity or is a representative of a legal person.
9- Attach a clear and valid copy of the national identity, passport and family register for individuals or the commercial register for companies and institutions with the nomination application and the candidate's contact numbers.