Sipchem announces the opening of nominations for Board of Directors membership new term
Sunday, September 08, 2019
Back to News List

EXPLANATION

item

Sipchem announces the opening of nominations for Board of Directors membership new term

Title of Announcement

Sahara International Petrochemical Company (Sipchem) is pleased to announce to its shareholders, the opening of nominations for membership of its Board of Directors for the term starting from December 10, 2019 and ending on December 9, 2022 (3 years). The candidates will be elected at the General Assembly meeting, which will be announced later after obtaining the necessary approvals from the competent authorities. This is in accordance with the rules and procedures stipulated in the Companies Law, CMA Corporate Governance Regulations issued by the Capital Market Authority and the policies, standards and procedures of membership of the Board of Directors of Sipchem approved by the Ordinary General Assembly.

Introduction

New Term

Board Term type

13/04/1441H - 10/12/2019G

Start date of the Term

15/05/1444H - 09/12/2022G

End date of the Term

11

Number of members

09/01/1441H - 08/09/2019G

Opening date of nomination

09/02/1441H - 08/10/2019G

End date of nomination

Submission of nomination forms and required forms to the Nomination and Remuneration Committee through the Compliance & Corporate Affairs Department during official working hours (from 7:30 am to 4:00 pm), as follows:

By hand delivery: Sahara International Petrochemical Company (Sipchem), Sipchem Building, Al Khobar, Al-Hada District, King Saud Bin Abdulaziz Road.

By mail: PO Box 130 Khobar 31952.

By e-mail: [email protected]

For inquiries please contact the Compliance and Corporate Affairs Department on: Phone: 966 133599641 Fax: 966 133599610

Method of receiving nomination applications

First: Nomination Conditions:

Considering Sipchem policies, standards and procedures of membership in the Board of Directors approved by the Ordinary General Assembly resolution on 19/12/2017 (attached).

1 - Leadership: Who has the leadership skills to qualify him to give the powers to lead to stimulate performance and the application of best practices in the field of effective management and adherence to values ​​and professional ethics.

2- Efficiency: That the availability of scientific qualifications, professional and personal skills and appropriate level of training and practical experience related to the company's current and future activities and management, economy and accounting

3- Guidance: That the availability of technical capabilities, leadership, management and speed in decision - making, and to absorb the technical requirements related to the workflow and be able to strategic guidance and planning and vision for the future.

4- Financial knowledge: - To be able to read and understand financial statements and reports.

5- Health fitness: - That not to have a health barrier impede him from the exercise of his functions and competencies.

6- He should not have been convicted of a crime involving dishonesty or distrust or has been convicted of conducting an offense in financial markets or business.

7- When a candidate is a member of the Board of Directors, his membership in the Boards of Joint Stock Companies listed on the Saudi Stock Exchange shall not exceed four companies.

8- The candidate for membership of the Board shall abide by the principles of honesty, honesty, loyalty, care and attention to the interests of the company and shareholders and present them in his personal interest.

Second: Nomination requirements

· Biography, qualifications and previous and current scientific experience.

· Fill the CV form of the candidate for the membership of the Board of Directors of a listed joint stock company No. (3) of the Capital Market Authority and can be obtained from the website of the Capital Market Authority https://cma.org.sa/RulesRegulations/FormsSite/Pages/default.aspx (attached).

· Candidate must clarify the status of membership (executive member, non-executive member or independent member).

· The candidate must clarify the nature of the membership, i.e., whether he is a candidate in his personal capacity or a representative of a legal person:

· The candidate should disclose any conflict of interest that includes

  1. The existence of a direct or indirect interest in the works and contracts made for the Company's account
  2. Participating in work that would compete with the company or compete in one of the branches of the activity.

· Clear copy of the National Identity card, family register for individuals, commercial register of companies and institutions, and contact details of the candidate.

· The candidate who has previously served as a member of the board of directors of a joint stock company shall indicate the number and date of the boards of directors of the companies for which he is a member.

A statement of the shareholding companies that he still holds membership.

Nomination conditions