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Membership Policies, Standards, and Procedures in The Board of directors Item Text before amendment Text after amendment
Preamble These policies aim to establish clear and specific standards and procedures for membership in BOARD OF DIRECTORS , in accordance with provisions of paragraph (3) of Article 22 of the Governance Regulations issued by the Capital Market Authority.
These policies aim to establish clear and specific standards and procedures for membership in BOARD OF DIRECTORS, in accordance with
provisions of paragraph (3) of Article 21
of the Corporate Governance Regulations issued by the Capital Market Authority’s Board.
Article (1):
BOARD OF DIRECTORS
’s Formation:
(Paragraph 1, 2 and 3)
1. The Company's BOARD OF DIRECTORS consists of five members elected by the
Shareholders’ GENERAL
ASSEMBLEY for a term not exceeding three years, in accordance with Article (16) of the Company's Bylaws and pursuant to Article (17) of the Corporate Governance Regulations issued by the Capital Market Authority. The cumulative voting system shall be followed when electing BOARD OF DIRECTORS members in the GENERAL ASSEMBLEY.
2. According to Article (16) of the Corporate Governance Regulations issued by the Capital Market Authority, the majority of BOARD OF DIRECTORS members in the Company shall be non-executive members. Although the Company's Article of association do not specify the required number of independent
members in BOARD OF
DIRECTORS , the requirements of the Capital Market Authority (Article 16) state that one-third of the Board members, or a minimum of two members (whichever is higher), shall be independent.
3. It may not for a person with leGeneral Assembleyl personality, who is entitled according to the Company's Article of association to appoint representatives on BOARD OF DIRECTORS , to vote for the selection of other BOARD OF DIRECTORS members(when applicable).
1. The Company's BOARD OF DIRECTORS consists of seven members elected by the Shareholders’ GENERAL ASSEMBLEY for a term not exceeding four years, in accordance with Article (15) of the Company's Bylaws and pursuant to Article (17) of the Corporate Governance Regulations issued by the Capital Market Authority’s Board. The cumulative voting system shall be followed when electing BOARD OF DIRECTORS members in the GENERAL ASSEMBLEY.
2. According to Article (16) of the Corporate Governance Regulations issued by the Capital Market Authority’s Board, the majority of BOARD OF DIRECTORS members in the Company shall be non- executive members. Although the Company's Article of association do not specify the required number of independent members in BOARD OF DIRECTORS , the requirements of the Capital Market Authority (Article 16) state that one-third of the Board members, or a minimum of two members (whichever is higher), shall be independent.
3. It may not for a person, who is entitled according to the Company's Article of association to appoint one member or more on BOARD OF DIRECTORS , to vote for the selection of other BOARD OF DIRECTORS members (when applicable).
Article (2):
Appointing BOARD OF DIRECTORS
1. The GENERAL ASSEMBLEY shall elect BOARD OF DIRECTORS for three years, and may be reelected unless otherwise stated by the Company’s Article of Association.
2. The Company's Management shall notify the Capital Market Authority of the names of BOARD OF DIRECTORS members and their membership attributes within five working days from the commencement date of the Board's term or from their appointment date (whichever is closer). Any changes to
1. The GENERAL ASSEMBLEY shall elect BOARD OF DIRECTORS for four years, and may be reelected unless otherwise stated by the Company’s Article of association.
2. The Company's Management shall notify the Capital Market Authority of the names of BOARD OF DIRECTORS members and their membership attributes within five working days from the commencement date of the Board's term or from their appointment date (whichever is closer). Any changes to
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their membership shall be reported within five working days from the date of its occurrence.
their membership shall be reported within five working days from the date of its occurrence.
Article (7):
Effective Date
These policies shall be in force from the date of its approval by the GENERAL ASSEMBLEY. Any amendments to these policies shall be within the authority of BOARD OF DIRECTORS , as deleGeneral Assembleyted by the Shareholders’ GENERAL ASSEMBLEY.
Such amendments shall comply with the regulations and rules issued by the relevant Authorities.
These policies shall be in force from the date of its approval by the GENERAL ASSEMBLEY. Any amendments to these policies shall be within the authority of the Shareholders’ GENERAL ASSEMBLEY.
Such amendments shall comply with the regulations and rules issued by the relevant Authorities.
