Malath Cooperative Insurance Co. announces the opening of the nomination period for the board of director’s membership
| Element List | Explanation |
|---|---|
| Introduction | Malath Cooperative Insurance Company (Malath Insurance) pleased to announce the opening of the nomination period for the board of directors’ membership for the next term, starting from 06/04/2025 for three years and ending on 05/04/2028.
Those who willing to nominate themselves for the board of directors’ membership who meet the conditions and qualifications for membership, must submit their candidacy applications within the period specified in the announcement and in accordance with the details contained in this announcement.
The nomination for the Board of Directors membership will be in accordance with the provisions of the Companies Law issued by the Ministry of Commerce, the Corporate Governance Regulations issued by the Capital Market Authority, Insurance Corporate Governance regulations, the requirements for Appointments for Senior Positions in Financial Institutions under the supervision of the Insurance Authority and all applicable regulations in this regard, and the Board of Directors Nomination and Appointment Policy approved the General Assembly. Candidates will be elected at the General Assembly meeting, which will be announced later after obtaining the necessary approvals from the competent authorities. |
| Type of Assembly | New Session |
| Term Start Date | 2025-04-06 |
| Term End Date | 2028-04-05 |
| Number of members | 9 |
| Nomination Start Date | 2024-12-16 Corresponding to 1446-06-15 |
| Nomination End Date | 2025-01-17 Corresponding to 1446-07-17 |
| Applications Submission Method | Those wishing to run for membership in the Board of Directors of Malath Cooperative Insurance Company must submit their Nomination applications within the announced specified period for submission, so that the application is directed to the Company’s Nomination and Remunerations Committee. Nomination applications that meet all requirements, necessary documents and forms shall be sent to Investors Relations through the following address through one of the following means: -
1-Email: (investor.relation@malath.com.sa).
2-By hand delivery at the company's Head Office during the company's official working hours at the following address: (Building No.4774), prince muhammad ibn abdulaziz rd-alsulimaniyah, Riyadh city.
3- Delivery by mail: P.O. Box: 99763, Riyadh 11625, KSA (Considering the arrival of the shipment during the nomination period) |
| Policy and criteria of nomination | The candidate needs to fulfill the conditions for nomination for the Board of Directors membership in accordance with the relevant laws and regulations and as follows:
1- Fulfill of Board of Directors membership’s general conditions and the nomination requirements contained in the Board of Directors Nomination and Appointment Policy approved the General Assembly of the Company (attached).
2- Completely fill out the fit and proper form issued by the Insurance Authority and provide the company within the nomination application with a complete and signed copy in (PDF) format and an electronic copy in (Word) identical to the signed copy. The candidate can obtain the form (fit and proper form) from the Insurance Authority website via the link: https://www.ia.gov.sa/Licenses/Apply.html
3- Completely fill out the CV Form No (3) of the Capital Market Authority and provide the company within the nomination application with a complete and signed copy in (PDF) format and an electronic copy in (Word) format identical to the signed copy. The candidate can obtain the form (Form )3- (CV form of a candidate for membership in the Board of Directors of a joint stock company listed on the Saudi Stock Exchange Tadawul (- from the website of the Capital Market Authority via the link: https://cma.org.sa/RulesRegulations/FormsSite/Pages/default.aspx
4- To be attached with the application, a clear copy of the national ID, as well as a copy of the family ID and passport for Saudi nationals, and a clear copy of the passport for non-Saudis.
5- Submitting an updated copy of the CV, along with copies of qualifications and work experience.
6- Any additional documents that may be requested by the Regulators or the company.
7- A statement of the joint-stock companies in which he is still a board member, if any.
8- The candidate who previously was a member in the board of directors of a joint-stock company or an insurance company must submit a statement of the number and date of his membership in the boards of directors of the companies he assumed their membership, including the following information:
1. The number and dates of board meetings he attended during each year of his membership, the number of meetings attended on his own behalf, and his attendance percentage of the total number of meetings.
2. The permanent committees in which the member participated, the number and date of the meetings held by each of those committees during the years of his membership in them, the number of meetings he attended on his own behalf and the percentage of his attendance to the total number of meetings.
9- The candidate should not be a member of the Board of Directors, a member of a board sub-committee, or occupy any of the leading positions in another Saudi insurance and/or reinsurance company.
10- The candidate should not be hold membership of more than five boards of listed companies simultaneously. |
| Attachment of the CMA approved resume for the nominees for board memberships in the joint-stock companies listed on the Saudi Exchange |  |
| Attached Documents | |