| Element List |
Explanation |
| Introduction |
Saudi Arabian Refineries Company Sarco announces the resignation of a member of the Audit Committee, Mr. Khaled bin Abdulaziz Al-Hoshan – who submitted his resignation from the membership of the Audit Committee (an independent member from outside the Board) on 22/07/1444 AH corresponding to 13/02/2023 , in implementation of the text of paragraph ( g) From Article Fifty-One of the Corporate Governance Regulations issued by the Capital Market Authority, which stipulates that it is required that a member of the audit committee not be a member of audit committees in more than five joint-stock companies listed in the market at the same time. |
| The resignation was accepted according to the minutes of the Board of Directors issued by circulation on 23/07/1444 AH corresponding to 14/02/2023 , provided that the resignation is effective from the date of completion of the signing of the minutes by majority on 15/02/2023 . |
| The members of the Board of Directors of the Saudi Arabian Refineries Company, Sarco, extend their thanks and appreciation to Mr. Khaled bin Abdulaziz Al-Hoshan for his efforts and effective contribution during his tenure as a member of the Audit Committee during the last period, wishing him success. |
| The Board of Directors will appoint a member in the vacant position before the end of the current session of the Committee, according to the followed procedure, as soon as possible, so that the formation of the Committee is in line with the requirements of the relevant statutory articles in terms of the minimum number of members of the Audit Committee (three members), provided that an announcement is made at a later time. For the name of the appointed member in accordance with the requirements of the relevant regulations and instructions. |
| Element List |
Explanation |
| Resigned Member Name |
Khalid Abdulaziz Al-Hoshan |
| Membership Type |
Independent |
| Resignation Submission Date |
2023-02-13 Corresponding to 1444-07-22 |
| Resignation Acceptance Date |
2023-02-14 Corresponding to 1444-07-23 |
| Resignation Effective Date |
2023-02-15 Corresponding to 1444-07-24 |
| Membership Starting Date for the Resigned Member |
2021-06-15 Corresponding to 1442-11-05 |
| Reasons of Resignation |
In implementation of the text of paragraph (g) of Article 51 of the Corporate Governance Regulation issued by the Capital Market Authority, which stipulated that it is required that a member of the review committee not occupy membership committees in more than five joint stock companies listed in the market in that one. |
