Public rights of shareholdersShareholders have all the rights linked to their shares and precisely the right to receive share's profits the company decides to distribute, the right to receive a share of the company's assets upon liquidation, the right to attend the shareholders assembly meetings, the right to participate in the deliberations and voting on resolutions, the right to dispose of the shares, the right to monitor the work of the Governing Council and impeach the responsibilities of the members of the Council , and the right of inquiry and request information that does not harm the interests of the company and does not conflict with the Capital market Law and its executive regulations .
The Statute and regulations of the company's internal procedures and precautions ensure that all shareholders exercise their statutory rights. The company shall provide all the information needed that enables shareholders, without any discrimination , to exercise their full rights, so that the information provided is complete, accurate, provided and updated in a regular and timely manner , and using the most effective ways to communicate with shareholders
Shareholders General Assembly
- The General Assembly meeting shall be held at least once a year during the first six months after the end of the financial year.
- The General Assembly meeting shall be held based on an invitation from the Board of Directors or in case of a request from a Legal Accountant or from a number of shareholders who own not less than 5 % of the capital
- Shareholder who owns ( 20 ) shares has the right to vote, to be invited, participate, and vote in the General Assembly meetings .
- The date, place, and agenda of the General Assembly meeting shall be advertised not less than twenty-five days prior to General Assembly meeting or according to the time provided by the rules and regulations, and shall be advertised in the Saudi Capital Market website "Tadawul", the company's website, Official newspapers, and in the daily newspaper distributed in the city the company resides. A copy of the invitation and agenda of the meeting shall be sent to the Companies General Directorate of the Ministry of Commerce.
- The company shall give the opportunity for shareholders to participate effectively, vote on the topics included in the agenda, and inform them of the rules that govern those meetings and voting procedures.
- The Company shall follow the necessary methods to facilitate the participation of the largest number of shareholders in the General Assembly meeting and the selection of the appropriate time and place.
- In the preparation of the agenda, the Board of Directors must take into account the topics they wish to discuss or add to the agenda of the meeting. Those who own at least 5% (5 per cent) of the shares of the company can add one or more subject to the agenda of the General Assembly during its preparation.
- Shareholders have the right to discuss the topics included in the agenda of the General Assembly, and ask members of Board of Directors and Auditors questions related to the agenda. The Board of Directors or the Legal Accountant must answer all the questions coming from shareholders to the extent that it does not harm the interest of the company.
- The agenda of the Assembly meeting must be accompanied by sufficient information to enable shareholders to make their decisions.
- The company shall enable shareholders to see the minutes of meeting of the Assembly meeting. Also, the company shall supply the Capital Market Authority with a copy of the minutes of meeting within ten days from the date it was held.
- The Company shall notify the Capital Market Authority about the results of the General Assembly meeting immediately after completion.
The right to vote
- Voting is a fundamental right for shareholders and cannot be canceled in any way and the company shall facilitate the exercise of the shareholder the right to vote.
- Shareholder has the right to appoint another Shareholder who is not a board member or a company employee to attend the General Assembly meeting and vote on his behalf.
- The company shall ensure that investors with legal status who act on behalf of others such as investment funds to disclose their policies in the voting and shall vote effectively in their annual reports as well as the disclosure of how to deal with any conflict of fundamental interests that may affect the exercise of fundamental rights for their investments .
- The results of the vote shall be displayed to shareholders at the end of the meeting of the General Assembly .