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WALAA

01 October, 2024 09:28

Walaa Cooperative Insurance Co. announces the opening of the nomination period for the board of director’s membership

Element ListExplanation
IntroductionWalaa Cooperative Insurance Company is pleased to announce that nomination to the Board of Directors of the Company for the term staring from 26/05/2025 till 25/05/2028, for three years. Applicants must send their nomination notification in accordance with the Company’s Nomination and Appointment Policy (as attached), and the provisions of the related Laws, regulations and circulars including the Companies Law issued by the Ministry of Commerce, Corporate Governance regulations issued by CMA and IA, the requirements for Appointments for Senior Positions issued by Insurance authority.The nominated members will be elected during the company's General Assembly meeting, the date of which will be announced later, after obtaining the necessary approvals from the relevant authorities.
Type of AssemblyNew Session
Term Start Date2025-05-26
Term End Date2028-05-25
Number of members11
Nomination Start Date2024-10-01 Corresponding to 1446-03-28
Nomination End Date2024-10-30 Corresponding to 1446-04-27
Applications Submission MethodThose desiring to nominate themselves for the membership of the Board of Directors of Walaa are required to submit their nomination requests/applications to the Company at the address set out herein below: Adel Khashoggi Building, Custodian of The Two Holy Mosques Road, P.O. Box 31616, Al-Khobar 31952 Or Email: Investors@walaa.com For any inquiries, please contact the Secretary of the Board of Directors during official working hours at the following number: 0138299395
Policy and criteria of nomination"1. The nominees resume, qualifications, and experience along with the national ID and Passport for Saudis and Passport for Non- Saudi or copy of the CR for Companies and establishments, and the phone numbers of the nominees. 2. The companies’ that the nominee has held the position of Board Member and the Joining and membership end date, including the following information: A. The number of Board of Directors meetings that took place during all the years of the term and the number of meetings that the nominee member attended and the percentage of attendance. B. The Board Committees that the nominee participated in as a formal Committee member, and the number of meetings held for each of these committees during each year of the term. 3. A list of all the joint stock companies that the nominee is still a Board Member of, and the date of membership. 4. A list of the companies or establishments that the nominee manages or owns, and wherever the nominee is engaged in business which similar or related to the Company's business. 5. Completing the Fit and Proper form issued by Insurance Authority, the form can be found on Insurance Authority website: https://www.ia.gov.sa/Licenses/Apply.html 6. Completing Form (3) issued by the Capital Market Authority. (attached) 7. Any other information or documents that might be requested by the company later. 8. The nominee shall not be a member of the Board of Directors of any other insurance and/or reinsurance Company. 9. The nominee shall not hold membership in more than five boards of public companies at one time. 10. It is not allowed, except after written approval from Insurance authority, for a person who had held similar position in a liquidated Company or his membership was terminated to nominate himself
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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