Fitaihi Announces Calling Candidacy for the Board Members’ Elections for the Next Session
| ELEMENT LIST | EXPLANATION |
|---|---|
| Introduction | Fitaihi Holding Group is pleased to announce to its honorable shareholders the opening of candidacy for membership of the Company’s Board of Directors for the next session, to elect seven members, provided that at least three of them are independent, according to the definition of the independent member stipulated in the Corporate Governance regulations issued by the Saudi Capital Market Authority, for the next session starting on 22-04-2022 up to 21-04-2025. The nomination process will take place for the next session of the membership of the Board of Directors in accordance with the provisions contained in the Companies Law issued by the Ministry of Commerce, the Corporate Governance Regulations issued by the Capital Market Authority, in addition to the membership policy approved by the General Assembly of the Company. (Attached)However, candidates will be elected to the Board of Directors during the next General Assembly meeting, which will be announced later. The gentlemen who wish to nominate themselves for the membership of the Board of Directors of the Company, and who meet the conditions and qualifications for membership, will have to submit their candidacy applications within the period specified in the announcement and in accordance with the details contained in this announcement. |
| Type of Assembly | New Session |
| Assembly Start Date | 2022-04-22 Corresponding to 1443-09-21 |
| Assembly End Date | 2025-04-21 Corresponding to 1446-10-23 |
| Number of members | 7 |
| Application Start Date | 2022-01-03 Corresponding to 1443-05-30 |
| Application End Date | 2022-02-05 Corresponding to 1443-07-04 |
| Applications Submission Method | Candidacy applications are required to be sent with the attached documents to the attention of the Remuneration and Nomination Committee by mail to the Company’s address in Jeddah or handing them over to the following address (and it’s necessary to send a copy by email): 1)- The Headquarters of Fitaihi Holding Group, Madinah Road, beside Fitaihi Center, Jeddah. Attn.: CG & Investor Relations Dept. 2)- P.O. Box: 2606 – Jeddah 21461Tel.: 012-2604200Fax: 012-65148603)- Email: sh@fitaihi.com.saFor more information, please call us using the phone number shown above. Please fill in the attached C.V. Form No. (1) in both Arabic and English languages. |
| Application Requirements | I: Basic Qualifications and Skills of the Board Member: A Board Member 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) Leadership Capacity: He/ she shall enjoy leadership skills that enable him/ her to grant powers in order to enhance performance, apply best practices in the field of effective management and comply with professional ethics and values. 2) Efficiency: He/ she shall have the academic qualifications, proper professional and personal skills, an appropriate level of training and practical experience related to the current and future businesses of the Company, management, economics, accounting, law or governance, as well as the desire to learn and be trained. 3) Mentoring Capacity: He/ she shall have the technical, leadership, and administrative competencies, prompt decision-making, and understand the technical requirements and developments related to the work progress. He/ she shall also be able to provide strategic mentoring and clear future planning and vision. 4) Financial Literacy: He/ she shall have the ability to read and understand financial statements and reports. 5) Physical Fitness: He/ she shall not suffer from any health issue that may hinder him/ her from performing his/ her duties and responsibilities. When electing Board Members, the General Assembly shall take into account the recommendations of the nomination Committee and the availability of the personal and professional capabilities required to perform the assigned duties effectively pursuant to this Article. II: Conditions and Criteria of the Nomination for the Board Membership: 1) The nominee shall not be less than thirty (Gregorian) years old at the time of application unless the nominee is a representative of a company or an investing entity according to the requirements of the regulations, and the company position. 2) The nominee shall hold shares in the Company or represent a legal person holding shares in the Company, with par value not less than ten thousand Saudi Riyals. 3) It is not permissible for any Board Member to combine the membership of more than five joint-stock companies at the same time. 4) An interview with the Nomination and Remuneration Committee members shall be accepted upon the Committee’s request. 5) It is necessary for the members- collectively – to have the qualifications, competencies, and experiences required for the Board to perform the assigned duties, and to be distributed in a balanced manner among the members, in order to achieve effectiveness and provide sufficient experience for the Board. It is not necessary to have all the required skills in each member. 6) The Board Member shall have the ability to manage, supervise, and understand the legal and financial aspects and in particular, be aware of the Company’s business and activities. Each Board Member shall provide an adequate time to follow up the Company’s affairs and tasks assigned by the Board. The Board shall seek to select candidates, who fulfill the membership standards, or another type of candidate. Please press HERE to read the Membership Criteria |
