Al Sagr National Insurance Company

The National Falcon Insurance Company has established a policy and guidelines for its nomination and rewards committee, as per the decision of the Chairman of the Securities and Commodities Authority and the institutional governance system for insurance companies issued by the Central Bank. The board oversees the company's compensation system, which should align with the company's strategy, risk tolerance, long-term interests, values, and should not encourage excessive risk-taking. The rules for selecting and forming the nomination and rewards committee are as follows: 1) The board forms a permanent committee called the nomination and rewards committee. 2) The committee consists of non-executive board members, with a minimum of three members. 3) At least two members of the committee must be independent members. 4) The committee is chaired by one of the independent members. 5) The Chairman of the board cannot be a member of any of the committees. The committee holds its meetings once a year or as needed. No board member or executive manager, except for the committee's secretary or a member, is allowed to attend the committee's meetings.

The text is a disclosure clarifying the approval of agencies according to clauses 1 and 2 of Article 40 of the Corporate Governance Manual. It states that any shareholder with the right to attend the general assembly can delegate someone other than board members or company staff to attend on their behalf. This person should have a written delegation stating their right to attend the general assembly and vote on decisions, but they cannot have more than 5% of the company's issued capital. People lacking legal capacity must be represented by their legal representatives. The shareholder's signature on this power of attorney is also required.

Al Sagr National Insurance Company has announced the opening of nominations for its Board of Directors. The nomination period will run from 07/02/2024 to 07/03/2024. Interested shareholders who meet the conditions for nomination can apply for one of the three available positions (Executive Director, Non-Executive Director, Independent Director). The company has stipulated that nominees must meet certain criteria as outlined in various governance regulations and federal laws. After the nomination period closes, the company will publish a list of candidates. The company also commits to reserving 20% of board seats for women.

The Nomination Form for Membership of the Company's Board of Directors outlines several requirements for nominees. They must not have been convicted of a crime involving moral turpitude, unless rehabilitated or amnestied. Nominees cannot hold membership in more than five public joint stock companies, hold positions as chairman or deputy chairman in more than two companies, or be a managing director in more than one company, all within the State. Nominees cannot be a board member of a competing insurance company, nor compete with the company's business, or be involved in any work that creates a conflict of interest. Nominees must sign an acknowledgment of their responsibility and understanding of the laws and regulations governing membership. The completed form must be submitted during the nomination period. Violations of these provisions result in nullified membership and potential compensation claims from the company. An independent board member, who has no relationship with the company that could lead to material or moral benefit, must also sign to confirm their independence.