Wednesday, December 27, 2023 at 9:45 AM
Osool & Bakheet Investment Company is pleased to announce to its esteemed shareholders the opening of the nomination period for membership in the company's Board of Directors for the current term, in order to elect a substitute member for the resigned member
The nomination for membership in the Board of Directors for the current session shall be in accordance with the provisions set forth in the Companies Law, the Corporate Governance regulations issued by the Capital Market Authority, and company's by-laws, in addition to the Board membership criteria (attached)
A Board member will be elected to complete the current term during the upcoming General Assembly meeting, the date of which will be announced later
Start date of term : 27/12/2021 G Corresponding to 23/05/1443 H
End date of term: 26/12/2024 G Corresponding to 25/06/1446 H
Nomination period opening date : 27/12/2023 Corresponding to 14/06/1445 H
Nomination period closing date: 26/01/2024 Corresponding to 14/07/1445 H
Applications submission method: All nomination applications should be sent to the company before the end of the nomination period via the following email address
For more information please contact us at the following phone number
011-4191797
Ext: 207 – 204 – 202
Nomination Conditions:
1.Every shareholder is entitled to nominate himself / herself or other person(s) for the membership of the Board of Directors within the limits of his/her ownership percentage in the capital of the Company.
2.The nominee must hold academic and professional qualifications and appropriate experience that qualifies him/her to carry out the roles and responsibilities assigned to him/her.
3.The nominee must not be a member of the Board of Directors of more than five listed joint stock companies at the same time.
4. The nominee must not be a member of the Board of Directors of any Capital Market Institution licensed by the Capital Market Authority and operating within the Kingdom of Saudi Arabia.
5. The nominee has not been previously convicted by a judicial ruling or a crime involving moral turpitude or breach of trust.
6.The nominee must not be insolvent or bankrupt.
7. The nominee not having engaged in misconduct in the Capital Market or in business activities.
8.The nominee must comply with the provisions of relevant rules, regulations, and instructions.
9.The nominee commits to diligence and attention in regards to performing their duties and responsibilities as an effective Board member by allocating sufficient and appropriate time to fulfill their role and duties towards the company.
Requirements for Nomination:
2. A clear copy of valid national identity card of the Saudi individual nominee, the family register, and the passport (for non- Saudis) , or the commercial registration of the corporate nominee. In addition, provide the nominee contact numbers and a personal photograph.
3. Filling in and signing attached CV form issued by the Capital Market Authority.
4. Filling in and signing attached form issued by Tadawul.
5. Filling in and signing, attached independence form.
6. The nominee 's commitment, if elected to the Board of Directors, to submit the required disclosures in accordance with Company’s Conflict of Interest Policy for the Board members and members of the Board’s Committees.
7. Filling in and signing any additional forms, information or documents specified by the regulatory or supervisory authorities or the Company.
The Nomination and Remuneration Committee will be responsible for reviewing the received nominee applications based on the provisions stated in Article 62 of the Corporate Governance Regulations issued by the Capital Market Authority. Consequently, the voting process in the General Assembly will be limited to nominees who meet the specified conditions and requirements outlined in this announcement. Note that cumulative voting will be used to elect an alternate member for the resigned member.
