Retailing and Operation Division

Saudi Automotive Services Company (SASCO) announces opening for candidature of board members elections for the next session

03 January 2021
Retailing and Operation Division

ELEMENT LIST

EXPLANATION

Introduction

Saudi Automotive Services Company (SASCO) is pleased to announce to the shareholders opening nominations for membership of the company's board of directors are open for the next session that begins on June 30, 2021 and ends on June 29, 2024 (three years), whom will be elected at the next General Assembly Meeting which will be announced later.

Those who wish to nominate themselves for membership of the Board of Directors, who meet the membership requirements, must submit their candidacy applications within the specified period, as nine members will be chosen, among whom at least three independent members shall be in accordance with the definition of an independent member mentioned in Corporate Governance Regulations.

The nomination for membership of the Board of Directors shall be in accordance with the provisions contained in the Companies Law, Corporate Governance Regulations issued by the Board of the Capital Market Authority, Company’s Bylaw, and the membership conditions mentioned in Policies, Standards and Procedures for Membership which approved by the Company’s Ordinary General Assembly held on December 24, 2017, which can be viewed on SASCO website www.sasco.com.sa.

Type of Assembly

New Session

Assembly Start Date

2021-06-30 Corresponding to 1442-11-20

Assembly End Date

2024-06-29 Corresponding to 1445-12-23

Number of members

9

Application Start Date

2021-01-04 Corresponding to 1442-05-20

Application End Date

2021-02-04 Corresponding to 1442-06-22

Applications Submission Method

Candidacy applications must submit to the company before the end of the nomination period by sending them during official working hours (from 7:30 am to 3:30 pm) Through following addresses:

Saudi Automotive Services Company (SASCO)

(by hand or via registered or EMS)

Remuneration and Nomination Committee

Head Office - Al-Ahsa Road - Building No. 6235, Unit 44

Postal code 12815 additional number 3210

Riyadh, Saudi Arabia

Or company email is election2021@sasco.com.sa 

For inquiries, please contact the following numbers:

Phone 00966112068855 ext. 1113 or 1114

Fax: 00966112068833

Application Requirements

The candidate must fulfill the conditions for candidacy for membership of the Board of Directors stipulated in the relevant laws and regulations accordance with the following:

1- Meet the conditions of the Policies, Standards and Procedures for Membership (attached).

2- The nominated member should not hold membership of more than five listed joint stock companies simultaneously.

3- Submit a signed letter addressed to the Remuneration and Nominations Committee stating the desire to run during the announcement period specified above, provided that the letter is accompanied by a CV, qualifications and experiences in the company's field of activity. (attached).

4- Submit Form (1). (attached)

5- Submit a signed copy of Form No. (3) issued by the Capital Market Authority for candidacy for membership of the Board of Directors. (attached)

The form can also be obtained through the authority's website www.cma.org.sa .

6- Submit a statement of the number and date of memberships in the boards of directors of joint stock companies, and the committees that took over or are still members on it.

7- Submit a statement of the companies or establishments that he participates in managing or owning and engaging in similar businesses.

8- Attach a clear and valid copy of the national identity card, family record and passport (for non-Saudis) or the commercial register for companies and establishments, in addition to the candidate's contact numbers, including phone, mobile, fax, and e-mail, and attach a personal photo of the candidate.

9- All documents and certificates supporting what is mentioned in the candidacy application are in Arabic, and certified by the official authorities, and the candidate must submit a certified Arabic translation of any documents written in a foreign language.

10- If the candidate has previously held the membership of the Board of Directors of the Saudi Automotive Services Co. (SASCO), he must attach a statement from the company's management about the last session in which he took up the membership of the board, including the number of board meetings that took place during each year of the session, and the number of meetings attended along with percentage of attendance to the total meetings. Addition to permanent committees in which the member participated, the number of meetings held by each of those committees during each year of the session, the number of meetings he attended along with percentage of attendance to the total meetings.

11- The relevant laws and regulations, including the policies, standards and procedures for membership in the company’s board of directors and the regulations issued by the Capital Market Authority, must be reviewed and made sure that they are met, and the candidate shall bear the responsibility for that.

The Remuneration and Nominations Committee will study the candidates' applications received by it, based on what was stipulated in Paragraph (2) of Article 65 of the Corporate Governance Regulations, which stated that one of the competencies and responsibilities of the Nominations and Remuneration Committee is to recommend to the Board of Directors to nominate its members and re-nominate them in accordance with the approved policies and standards. Note that no person has been nominated before being convicted of a breach of trust, noting that voting in the General Assembly will be limited to those who nominated themselves accordance with the terms and criteria for nomination.

Candidate Conditions

Attached Documents