Honorable shareholders, based on Article (124) of the Companies Law, please note that it has been decided to open nomination for membership of the Board of Directors for the three years (2022, 2023, 2024) in accordance with the provisions of Law No. (8) of 2021 amending some provisions of the Commercial Companies Law Promulgated by Law No. (11) of 2015, provided that the company begins receiving nomination forms during the business hours from Wednesday 26/01/2022 to Tuesday 01/02/2022.
Nomination applications shall be submitted on the forms prepared for this purpose in accordance with the conditions and criteria specified in Article (97) of Law No. (8) of 2021 amending some provisions of the Commercial Companies Law promulgated by Law No. (11) of 2015 and the provisions of Articles (31, 32) of the company’s articles of association subject to the Corporate Governance Code of the legal entities listed in the main market, in particular articles (5 and 6).
General Nomination Conditions:
A board member shall be:
1- Not less than twenty-one (21) years of age and shall have full capacity.
2- Never have been punished by a criminal sentence; convicted of a crime involving moral
turpitude and honesty or convicted of a crime stated in Articles (334 and 335) of the aforementioned companies law; or ruled bankrupt unless rehabilitated.
3- Be a shareholder owning a number of 100,000 shares of the company’s shares. Such shares shall be allocated to guarantee the rights of the company, the shareholders, and third parties against the board members.
These shares shall be deposited in an accredited bank or the depository within sixty (60) days from the commencement of their membership. Such shares shall continue to be deposited and may not be traded, mortgaged, or subject to seizure until the term of membership expires and the budget of the last financial year during which the board member undertook his actions is approved.
If the member does not provide the guarantee as mentioned, its membership becomes invalid. The Independent and the Employees Representative Members shall be exempted from this requirement stipulated in clause (3).
4- All nominees shall observe the nomination requirements and membership conditions mentioned in the company’s articles of association, the provisions of the Commercial Companies Law and the Corporate Governance Code for Companies listed on the main market.
Shareholders wishing to submit nomination papers are kindly requested to contact the Board of Directors Secretariat at the company’s main headquarters – Lusail District, Dubai Investors Group Tower, in order to receive and fill out the required forms. Or otherwise, visit the company’s website to obtain a copy of the forms. All forms shall be submitted with the supporting documents before the nomination closing time.
