Arabian Cooperative Insurance Company, a leading insurance company in the Kingdom of Saudi Arabia, has announced the opening of nominations for membership on its Board of Directors for the upcoming term. This announcement marks a pivotal step for the company, as the new Board will shape its strategy and future direction for a four-year period, commencing on April 6, 2026, and ending on April 5, 2030. According to the official statement published on the Saudi Stock Exchange (Tadawul) website, the company will accept nominations from today until March 4, 2025.
Regulatory context and the importance of governance in the financial sector
This announcement comes at a time when the Saudi financial sector, and the insurance sector in particular, is undergoing rapid regulatory developments aimed at enhancing transparency, governance, and protecting shareholder rights. The Capital Market Authority (CMA) and the Insurance Authority (IA) oversee the implementation of global best practices in corporate governance for listed companies. Selecting a competent, experienced, and diverse board of directors not only impacts a company's financial performance but also strengthens investor and shareholder confidence in the Saudi market as a whole, aligning with the Kingdom's Vision 2030 objectives for developing the financial sector.
A strategic role in a critical phase
Arabian Cooperative Insurance Company was established in 1983 and is one of the long-established companies in the Saudi market. With the major economic transformations taking place in the Kingdom, the incoming Board of Directors bears the responsibility of leading the company through a critical phase characterized by intense competition and digital transformation. The Board will work to formulate investment policies, develop innovative insurance products, and effectively manage risks to ensure the company's sustainable growth and maximize value for both shareholders and customers.
Policy and criteria for candidacy to the Council
The company clarified that the nomination process is subject to a set of rigorous policies and criteria to ensure the selection of highly qualified and impartial members. Each shareholder has the right to nominate themselves or one or more other individuals for board membership, provided they meet the regulatory requirements issued by the Insurance Authority and the Capital Market Authority, which include:
- Complete the official application form provided by the company, attaching all required supporting documents.
- Complete and submit the “Suitability Form” issued by the Insurance Authority to the company in two copies: an electronic copy in Word format and a signed copy in PDF format. The form can be obtained directly from the Insurance Authority’s website.
- Fill out “CV Form No. (3)” issued by the Capital Market Authority, which aims to evaluate the candidate’s experience and qualifications, and submit it in both (Word) and (PDF) formats after signing it.
- Fill out the company's internal CV form No. (1) in both Arabic and English.
- For candidates working in the government sector, an official letter of no objection from the employer addressed to the Arab Cooperative Insurance Company must be submitted.
- Be prepared to provide any additional documents or data that the company or supervising regulatory bodies may request during the nomination review process.
The company confirms that the Nominations and Remuneration Committee will study the candidates' applications very carefully to ensure that they comply with the approved terms and standards before submitting them to the General Assembly for a vote.
