Press releases, Reports & Disclosures for Al Sagr National Insurance Company

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.