Northern Region Cement Company (Northern Cement), listed on the Saudi Stock Exchange, has announced the opening of nominations for membership on its Board of Directors for the upcoming term, starting from the date of this announcement until January 24th. This step comes in response to regulatory requirements and to ensure the continuity of the company's strategic leadership during the next phase.
According to the official statement issued by the company on the Saudi Stock Exchange website, the new term of the Board of Directors will begin its work on March 16, and will extend for a period of four calendar years to end on March 15, 2030. This term is of particular importance as it coincides with crucial stages in achieving the objectives of the Kingdom’s Vision 2030, as the cement sector plays a pivotal role in supporting infrastructure projects and major projects being implemented in the Kingdom.
The importance of governance and leadership selection criteria
Saudi-listed companies are committed to applying the highest standards of governance and transparency. A strong and diverse board of directors is a cornerstone of any organization's success. Opening nominations aims to attract qualified Saudi professionals capable of strategic guidance, financial oversight, and risk management, thereby safeguarding shareholder rights and enhancing the company's competitive position in the building materials sector.
Membership Terms and Conditions
The company has set a set of strict controls for candidates, based on the membership policies and standards approved by the General Assembly, and the Corporate Governance Regulations issued by the Capital Market Authority. The most prominent conditions include the following:
- Competence and integrity: The candidate must not have been previously convicted of crimes involving moral turpitude or dishonesty, and must not be insolvent or bankrupt. The candidate must also enjoy complete independence (for independent members) and have no conflict of interest that hinders the performance of his duties.
- Leadership and strategic capabilities: The candidate must possess leadership skills that enable him to motivate performance, engage in long-term strategic planning, and have the ability to make quick and effective decisions.
- Financial and technical expertise: Membership requires the ability to read and understand financial data and reports, as well as familiarity with the technical and administrative aspects related to the company’s current and future activities.
- Membership limits: In compliance with regulations, a candidate may not hold membership on the boards of directors of more than five listed joint-stock companies at the same time.
Application mechanism and requirements
Those wishing to apply must submit their applications before the specified deadline, attaching all required documents that prove their eligibility, including:
- Fill out CV form No. (3) issued by the Capital Market Authority accurately.
- Submit a detailed CV outlining academic qualifications and work experience.
- Full disclosure of any conflicts of interest, whether direct or indirect, or any involvement in business that competes with the company.
- Attach copies of the national identity card and family record for individuals, or the commercial register for companies.
It should be noted that the board of directors of "Northern Cement" consists of 6 members, and the system stipulates that the number of independent members in it must not be less than two members, which represents one-third of the board, to ensure neutrality and objectivity in making decisions that serve the interests of the company and the shareholders alike.
