Gulf General Cooperative Insurance Co. announces the opening of board membership nomination for its next term.

Element ListExplanation
IntroductionGulf General Cooperative Insurance Company is pleased to announce the opening of the nomination for membership of the Board of Directors for the next session for a period of three years, starting from February 17, 2022 AD corresponding to Rajab 16, 1443 AH, according to the Umm al-Qura calendar, and ending on February 16, 2025 AD, corresponding to Shaban 17, 1446 H.

Noting that the door for candidacy for membership will remain open for a period of one month, starting from tomorrow Tuesday, August 31, 2021 AD corresponding to Muharram 23, 1443 H, until September 30, 2021 AD corresponding to Safar 23, 1443 AH.

This is for those who meet the conditions and qualifications for membership in accordance with the policy of criteria and procedures set for membership in the Board of Directors (attached), and in accordance with the conditions, controls and requirements contained in the statutory texts, the Corporate Governance Regulations issued by the Capital Market Authority, and the instructions issued by the Saudi Central Bank regarding the requirements for appointments to Senior Positions in financial institutions subject to the supervision of the Saudi Central Bank, , and in accordance with the main principles of governance issued by the Saudi Central Bank, and as required by the applicable regulations in this regard.

Type of AssemblyNew Session
Assembly Start Date2022-02-17 Corresponding to 1443-07-16
Assembly End Date2025-02-16 Corresponding to 1446-08-17
Number of members9
Application Start Date2021-08-31 Corresponding to 1443-01-23
Application End Date2021-09-30 Corresponding to 1443-02-23
Applications Submission MethodPlease submit an application for candidacy by sending the application with the required documents by post to the following address:

Gulf General Cooperative Insurance Co. - care of the Nomination and Remuneration Committee Secretary

P.O. Box 1866 Jeddah, 21441.

or Email it to:

Application Requirements1. Submit the application to the company's management in Arabic or English and include an introduction to the candidate, including his CV, qualifications, and experience, with copies of qualifications and certificates attached.

2. A candidate who has previously served as a member of the board of directors of a joint stock company must state the following:

a) The number of Board meetings that took place during each of the years of the term, the number of meetings attended by the member in person, and the percentage of his attendance of the total meetings.

b) The permanent committees in which the member participated and the number of meetings held by each of those committees during each year of the session.

c) A summary of the financial results achieved by the company.

3. A list of all public companies that he still is a board member of.

4. A list of the companies or institutions that he jointly manages or own and that practice similar or related business to the company's business.

5. Filling out the fit and proper form issued by the Saudi Central Bank, which is available on SAMA's website

6. Fill out Form No. (3) issued by the Capital Market Authority, which is available on CMA's website

7. The candidate may not be a board member of another insurance and/or reinsurance company.

8. The candidate must not be a member of the Board of Directors of more than five joint stock companies at the same time.

9. Anyone who has occupied the same position in a company that has been liquidated or has been dismissed from the same position in another company may not be nominated for membership of the Board of Directors without the prior written approval of the Saudi Central Bank.

10. A clear copy of the national identity card for individuals, the passport and iqama for non-Saudis, the commercial register for companies and institutions, and the candidate's contact numbers shall be attached to the nomination application.

Candidate Conditions
Attached Documents      

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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