ADVANCED PETROCHEMICAL COMPANY ANNOUNCES THE OPENING OF NOMINATION FOR BOARD MEMBERSHIP FOR THE FOURTH PERIOD
Advanced Petrochemical Company (the Company) is pleased to announce the opening of nominations for board membership for its fourth term beginning on October 1, 2016 and ends on September 30, 2019 (for three years) as per the Companys By-Laws.
Shareholders who wish to nominate themselves for board membership should submit a complete nomination application to the Company (Nomination & Remuneration Committee of the Board -or Board Secretary) not later than Thursday 09/06/2016 at the below address along with the curriculum vitae with full compliance with the terms and conditions stated in the Ministry of Commerce and Industry circular number 3245/9362/222 issued on 18/06/1412 H and circular number 3800/205/222 dated 26/12/1420 H Listing Regulation issued by the Capital Market Authority (CMA) and Corporate Governance Regulation, with the following requirements:
1. Submit a written application signed by the candidate express his details of the candidate in terms of curriculum vitae, qualifications and experience in the area of the Companys business
2. Indicate the number and the periods of membership of the boards of joint stock companies of which the candidate has been a member.
3. Statement of all the joint stock companies of which the candidate is still a member.
4. Membership type shall be clarified, i.e. if the candidate would like to nominate himself as an executive member or a non-executive member or an independent member as per criteria in Corporate Governance Regulations.
5. The membership nature shall be clarifies, i.e. if the candidate is a nominee for himself or if he represents a legal person.
6. Statement of all companies, establishments or institutions in which candidate is engaged in the management or ownership and functioning in business activities similar to the Company.
7. Any nominee who is previously a board member in a joint stock company shall enclose with the nomination notice a statement from the companys administration on the last session in which he was a board member including the flowing information:
- The number of Board meetings which were held during every year of the term and the number of meetings attended by the board member in person and his attendance percentage.
- The sub-committees of the Board in which the member participated, the number of the meetings held by each committee during every year of the term, the number of meetings attended by the board member and his attendance percentage.
- Summary of the financial results achieved by the company during each year of session.
8. The candidate should not participate in any business that may compete with the Companys business as per Article 72 of the Companies Law.
9. Fill out the Capital Market Authority form No. 3 (CV of a candidate for membership of the Board of Directors of model listed company on the Saudi Stock Exchange), which can be accessed from the site of the Capital Market Authority on the following link:
10. Attach a clear and valid image of national identity, family card and passport for individuals or the commercial registration of companies and institutions with the nomination request and contact numbers for candidate.
Be informed that the Nomination and Remuneration Committee will take into consideration variety of academic qualifications and practical experience and giving priority of nomination to the required needs of persons having appropriate skills for the board of directors and voting should be confined only for those who nominated themselves as board members in line with the above mentioned regulations. The number of independent members shall not be less than one third of the board of directors.
The notice for the next general assembly meeting along with its agenda will be announced later after obtaining the necessary approvals from the concerned authorities.
Should you have any enquiry, you can communicate with the shareholders relations at +966 13 356 6061 e-mail at email@example.com or corresponding to: Advanced Petrochemical Company, PO Box 11022, Jubail 31961, and Fax: +966 13 356 6005.