Lazurde opening the nominations for Board of Directors

21/07/2016 09:39 AST

Lazurde Company is pleased to announce to its shareholders, the opening of nominations for membership to the Board of Directors for the vacant independent board seat during the current session that ends on 25th April 2018. That the candidates are elected in the next General Assembly meeting which will be announced later after obtaining the necessary approvals from the competent authorities.

Consequently, the shareholders who wish to nominate themselves for membership of the Board of Directors who meets the following criteria for membership in the Board:

The nominee shall be a natural person of at least 25 years of age.

The nominee shall not be previously convicted of dishonor or dishonesty crime, decided as bankrupt, has made arrangements or conciliation with his creditors or unfit for the Board membership in accordance with any law or instructions applied in the Kingdom.

The nominee shall not be previously convicted of dishonor or dishonesty crime, decided as bankrupt, has made arrangements or conciliation with his creditors or unfit for the Board membership in accordance with any law or instructions applied in the Kingdom.

The nominee shall not be a board member of more than 5 other joint stock companies simultaneously.

The nominee shall not be a government employee.

The nominee shall have effective ability of communication and strategic thinking.

In the case of independent member, the independent member shall not have any case contradicting to independency.

The board member shall represent all shareholders and shall abide by what realizes the interests of the company in general and not what realizes the interests of the group he represents or the group that voted in favor of his appointment as a board member.

The conditions should be met as set forth by the circular by the Ministry of Commerce and Industry No. (222/9362/3254) date of 18/06/1421 AH, and Circular No. (222/205/3800) date of 26/12/1420 AH, and the form attached to it. Submit and notify the company (to Nomination and Remuneration Committee - or board secretary) start from 21 July 2016 no later than end of business Thursday, 11 August 2016, with the following requirements:

Submit a written request signed by the candidate express his Details of the candidate in terms of curriculum vitae, qualifications and experience in the area of the Company's business.

Indicate the number and the periods of membership of the boards of joint stock companies of which the candidate has been a member.

Statement of all the joint stock companies of which the candidate is still a member.Membership type shall be clarified, i.e. if the member is an executive member or a non-executive member or an independent member.

The membership nature shall be clarifies, i.e. if the member is a nominee for himself or if he represents a legal person.

Statement of all companies and institutions that participate in the management or ownership of the work and exercise similar to the work of the company.

Any nominee who is a previous company board member shall enclose with the nomination notice a statement from the company administration on the last session in which he was a board member including the flowing information:

The number of the board meetings held in each year of the session years and The standing committees in which the member participated, the number of the meetings held by each committee within one year of the session period, the number of the meetings he attended and the percentage of his attendance to the total meetings.

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