Corrective announcement from Saudi Cable Company regarding the announcement on opening of nominations of the Board Members for the forthcoming new term
|Date of publishing the previous Announcement sought to be corrected on Tadawul’s Website
|12/03/1442H, corresponding to 29/10/2020
|The Incorrect statements in the previous announcement
|Introduction: It has been mentioned in the announcement on opening of nomination for shareholders or others who are interested to apply for the Company’s Board membership for the forthcoming new term Conditions & requirements for nomination as below: A written consent of the nominee shows his interest to apply for the membership of the Board of Directors including his profile and a resume included his qualifications, previous work experiences in the Company field of business and his current work attached with all supporting documents thereof. The nominee must conduct and show his commitment with the highest related code of ethics and values. The nominee must have a vast experience in corporate business or governmental or non-profitable organizations or have a professional expertise shows that the nominee is capable to provide significant or instant contribution in the Board discussions and in taking decisions. The nominee must have specific skills and expertise that shall add or complete the set of expertise and skills available in other Board Members. The nominee must effectively, continuously and appropriately handle considering and balancing the legal interests and the affairs of other parties of interest upon reaching decisions. The nominee must have the required capability to provide suggestions on the matters to be listed in the Assemblies and Board of Directors agenda. The nominee must be aware of the Companies laws to ensure the continuation of the Company profitability improvement and the rate or the value of its shares. The nominee must have the capability to contribute in approving the main strategies and goals of the Company and in supervising the implementation thereof. The nominee must be aware of manufacturing, preferably electrical products, in order to monitor the operational and financial conditions of the Company. The nominee must not be engaged in activity or activities that may have conflict of interests with his position as the Board Director of the Company. The nominee must have capability to perform his tasks as the Board Director and must allocate adequate time to perform these tasks. The nominee must attach a copy of his ID, family card and means of contact. Fill the Disclosure form No. (3) issued by CMA and attach it with the nomination application including a list of the companies or firms in which management or ownership the nominee is engaged and which of them is practicing works similar to the Company or which have contracts or interests with the Company, taking into consideration the requirements of Companies Governance regulation in relation to the conflict of interests. Form can be obtained by visiting CMA website: cma.org.sa Provided that, Nominations and Remuneration Committee will consider, upon preference between the nominees, the variety of scientific qualifications and work expertise of the nominee and will give priority in nomination to the persons with the appropriate skills that shall be available in the Board Director. The voting in the General Assembly will be restricted to the nominees satisfying the aforesaid conditions and requirements. The Nominations and Remuneration Committee will not consider any incomplete applications. The time the next General Assembly meeting will be announced later after having the approval of the concerned parties.
|URL of the Previous Announcement
|The Correct Statements
|Introduction: Saudi Cable Company is pleased to announce to its respective Shareholders opening of nomination for Company’s Board membership for the forthcoming new term which will start from 14th January 2021 for a period of three years. The nomination to the Board Membership shall be pursuant to the provisions of the Companies Law, Corporate Governance Regulations issued by Capital Market Authority, Articles of Company bylaws and Rules of the Charter of the Company’s Nominations & Remunerations Committee as it approved by Shareholders General Assembly. Voting on electing the nominees will take place on the forthcoming General Assembly Meeting, which shall be announced later.
|Application Submission Method
|Saudi Cable Company Attention: Nominations & Remunerations Committee/ Shareholders Department. P. O. Box: 4403 Jeddah 21491 E-mail : firstname.lastname@example.org Phone No. : 012-6087500/ 012-6087220 Fax : 012-6352220/ 012-6370023
|Nominee must observe the regulations, rules and procedures on Membership of the Company’s Board, that have been approved by resolution of the Extraordinary General Assembly (23) held on Sunday 227/04/1439H, corresponding to 14/01/2018. The Board Member must be of professional competency, possesses the necessary expertise, knowledge, skills and independence in order to perform his tasks efficiently and capably and particularly must own the following: Leadership: Nominee must have leadership skills that promote authorization of powers and capacities in a way that leads to stimulating performance and the application of the best practices of effective management and show his commitment with the professional code of ethics and values. .None interference of Board Members in the tasks and authorities delegated to the Company’s executive management. Competency: Nominee must have appropriate scientific qualifications, expertise and professional and personal skills, have level of training and practical experiences related to the current and future activities of the Company, in management or economics, accounting, law or governance, in addition to the ability to learn and interest in continuing training. Direct & control: Nominee must have technical, leadership, management capabilities, immediate decision-making, understanding of technical requirements related to work confidentiality, capable for strategic direction, planning and a clear future vision. Knowledge in finance: Nominee must be able to read, understand and discuss financial statements and reports. Fitness: Nominee must be free of any health problems that may hinder exercise of his tasks and duties. There must be at least one member who has administrative and professional competencies in manufacturing and Company field of activity. The General Assembly must consider upon electing Board Members the Recommendation of the Nominations & Remunerations Committee and the availability of the necessary personal and professional characteristics for the nominee to perform his duties in effective way pursuant to Corporate Governance Regulations (Related Article) Official Requirements: Clean copy of valid National ID or Resident Identity as well as the family registry (for married), nominee’s contact numbers including his telephone, mobile, fax and email. Nominee’s Curriculum vitae (CV). Fill CV form No. 1 (Attached).Fill form No. 4 (see, CMA website, the following link: https://cma.org.sa/RulesRegulations/FormsSite/Pages/default.aspx Fill nomination notification form (In accordance with the membership regulations and procedures). Ensure that all information have been properly filled in the aforesaid forms. In case that the nominee has previously a member of the Company’s’ Board of Directors, he must attach with the application the following details (As stipulated on the regulations and procedures for Board Membership): The number of Board meetings that were held during the last Board’s term in which he became a member of the Board, the number of meetings he attended in person, and percentage of his attendance compared with the total number of meetings being held.The permanent committees in which the nominee had participated and number of meetings of each committee during the last session in which he became a Board member, number of meetings attended and percentage of his attendance compared with the total number of meetings being heldRemunerations & Nominations Committee will study all the applications received by it, pursuant to Paragraph (2), Article (65) of Corporate Governance Regulations issued by the Capital Market Authority. Incomplete applications will be disregarded.