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Middle East Paper Co. Announces Calling Candidature for Board Members Elections

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IntroductionMiddle East Paper Co. announces the opening of the nomination for membership of its board of directors for the next session, which starts from November 14, 2022 and until November 13, 2025 (a period of three years). The nominations will be in accordance with the provisions of the Companies Law and the Corporate Governance Regulations issued by the Capital Market Authority in addition to the policy of criteria and procedures for membership in the Board of Directors approved by the General Assembly. The nominated members will be elected at the next General Assembly meeting, whose date will be announced later, after the necessary approvals from the concerned authorities.
Type of AssemblyNew Session
Assembly Start Date2022-11-14 Corresponding to 1444-04-20
Assembly End Date2025-11-13 Corresponding to 1447-05-22
Number of members8
Application Start Date2022-07-13 Corresponding to 1443-12-14
Application End Date2022-08-13 Corresponding to 1444-01-15
Applications Submission MethodCandidacy applications shall be sent to the Nomination and Remuneration Committee in one of the following ways:

1- By hand delivery to the company address:

Jeddah - Al Andalus District - 3109 Prince Muhammad Bin Abdulaziz Street - Nujood Center 1st floor entrance (A) Unit No (45) Postal

Code: 23326 Additional number: 9249

2- By Email: MECPO.BoD@mepco.biz

For more information, you can contact the number +966122569600

Application RequirementsFirst: Standards for membership in the Board of Directors

1- Comply with the terms of the policies, standards, and procedures for membership in the Board of Directors (attached).

2- A member of the Board must be professionally capable and have the required experience, knowledge, skill, independence, and willingness to continuously learn, enabling them to perform their duties efficiently and effectively. The nominee must be at least 25 years

3- Must not have been convicted for a crime against integrity, and honesty, convicted of a felony in the financial market commercial business, declared bankrupt, made certain arrangements with his creditors, or unfit for being a candidate according to current rules or instructions in the Kingdom.

4- Shall not be a senior executive, board member, or partner in a company that has been declared bankrupt or liquidated based on a court order.

5- The independent member shall not have any issues affecting independence

6- Must be not a board of directors of five listed joint-stock companies at the same time.

7- The candidate should be taken into account that there is no conflict of interest and should not be a government employee unless nominated as a representative of the entity.

8- Legal persons shall specify the names of their candidates.

Second: The required documents.

Each candidate for the Board members shall submit a nomination application to the company at the specified period along with the following:

1)Application for candidacy addressed to the NRC.

2)Fill out the required forms by the Capital Market Authority. Forms No. (3) and (1) (attached)

3)Statement of all the listed joint-stock companies of which the candidate was or is a board member and the committees of the board he was assigned to.

4)A nominee who previously served as a member of the Board of Directors of the company must submit a statement from the company’s secretary of the board for the last term served stating the following:

a-The number of Board meetings that took place during each year of the term, the number of meetings attended by the member and the percentage of his attendance to the total meetings.

b- The permanent committees in which the member participated, the number of meetings held by each of those committees during the session, the number of meetings attended and the percentage of the members attendance to the total meetings.

c-Summary of the financial results achieved by the company during each year of the session.

5)Membership type shall be clarified; whether the candidate is running as an executive member or a non-executive member or as an independent member.

6)The nature of membership shall be clarified; whether the candidate is nominating himself or if he is nominating himself as a representative for a legal person;

7)Attaching a clear and valid copy of the candidates national identity card, family card for individuals or the commercial registration for companies and institutions as well as the contact number of the candidate and any other information required by the rules and regulations.

8) All forms must be completed in Arabic and English

Voting in the General Assembly for the new term of the Board shall be restricted to candidates who meet the terms, conditions and criteria set out in this Announcement, taking into account that the cumulative voting will be used to elect the Board members.

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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