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Board of Directors Remuneration Policy
Board committees and senior executives of the company
ARTICLE BEFORE
AFTER
Article Four:
Remuneration of the members of the Board of Directors and its committees:
(paragraphs 3, 6) 1. In all cases, the remuneration and
financial or in-kind benefits received by a member of the Board of Directors shall not exceed the amount of five hundred thousand riyals annually in accordance with the controls set by the competent authorities.
.6 A member of the Board of Directors may receive remuneration for his membership in the Audit Committee formed by the General Assembly, or for any additional work or executive, technical, administrative or advisory positions (a professional license must be available if the nature of the business is consultancy) assigned to him in the Company, in addition to the remuneration that he can receive as a member of the Board of Directors and in the committees formed by the Board of Directors in accordance with the Companies Law and the Company's Articles of Association.
2. The remuneration of the members of the Board shall be fair and proportionate to the terms of reference of the member and the duties and responsibilities carried out by the members of the Board of Directors, in addition to the objectives set by the Board to be achieved during the fiscal year.3. The remuneration of the Board members shall be based on the recommendation of the Nominations and Remuneration Committee and shall be commensurate with the company's activity and the skill necessary for its management. The sector in which the company operates, its size and the experience of the Board members shall be taken into consideration, and reasonably sufficient to attract qualified and experienced Board members and motivate them to retain them.
Article VI: Policy Review and Amendment (Paragraph 3) .3
The Committee shall submit any amendments or proposals to this policy to the Council for consideration and submission to the General Assembly for adoption in accordance with the regulations followed in this regard.
.3 The Committee shall submit any amendments or proposals to this policy to the Council for consideration and approval in accordance with the regulations followed in this regard.
Article Eight:
Effective Date This policy shall enter into application
after its approval by the General Assembly, and any amendments to it shall be the prerogative of the Board of Directors under the authorization of the General Assembly of Shareholders, provided that such amendments shall be in accordance with the laws and regulations of the relevant authorities.
This policy shall enter into application after its approval by the General Assembly, and any amendments to it shall be the prerogative of the General Assembly of Shareholders, provided that such amendments shall be in accordance with the laws and regulations of the relevant authorities.
Board of Directors Remuneration Policy Board committees and senior executives of the company
ARICLE BEFORE
AFTER
Article Four:
Remuneration of the members of the Board of Directors and its 1. In all cases, the remuneration and
financial or in-kind benefits received by a member of the Board of Directors shall not exceed the amount of five hundred thousand 1. The remuneration of the members
of the Board shall be fair and proportionate to the terms of reference of the member and the work and responsibilities
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committees:
(paragraphs 3, 6) riyals annually in accordance with
the controls set by the competent authorities.
.7 A member of the Board of Directors may receive remuneration for his membership in the Audit Committee formed by the General Assembly, or for any Additional work or executive, technical, administrative or advisory positions (a professional license is required if the nature of the work is consultancy) assigned to him in the company, in addition to the remuneration that he can receive as a member of the board of directors and in the committees formed by the board of directors in accordance with the Companies Law and the Company's Articles of Association.
performed and borne by the members of the Board of Directors in addition to the objectives set by the Board to achieve them during the financial year.
1. The remuneration of the members of the Board shall be based on the recommendation of the Nomination and Remuneration Committee and proportionate.
With the company's activity and the skill necessary to manage it, the sector in which the company operates, its size and the experience of the board members are also taken into account, and reasonably sufficient to attract board members of appropriate competence and experience and motivate them to retain them.
1. A member of the Board may not vote on the item of remuneration of the members of the Board of Directors at the General Assembly meeting.
2. If the General Assembly decides to terminate the membership of any member of the Board of Directors of the Company who is absent due to his failure to attend three consecutive meetings or five separate meetings of the Board during his term of office without a legitimate excuse acceptable to the Board, such member shall not be entitled to any remuneration for the period following the last meeting he attended, and he shall return the remuneration paid to him for that period.
.9 If the Audit Committee or the Authority finds that the remuneration disbursed to the members of the Board of Directors is based on incorrect or misleading information presented to the General Assembly or included in the annual report of the Board of Directors, they must be returned to the Company and the Company has the right to demand their refund.
Article VI: Policy Review and Amendment (Paragraph 3) .4
The Committee shall submit any amendments or proposals to this policy to the Council for consideration and submission to the General Assembly for adoption in .4
The Committee shall submit any amendments or proposals to this policy to the Council for consideration and approval in
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accordance with the regulations followed in this regard.
accordance with the regulations followed in this regard.
Article Eight:
Effective Date This policy shall enter into application
after its approval by the General Assembly, and any amendments to it shall be the prerogative of the Board of Directors under the authorization of the General Assembly of Shareholders, provided that such amendments shall be in accordance with the laws and regulations of the relevant authorities.
This policy shall enter into application after its approval by the General Assembly, and any amendments to it shall be the prerogative of the General Assembly of Shareholders, provided that such amendments shall be in accordance with the laws and regulations of the relevant authorities.
