| Element List | Explanation |
| Introduction | Saudi Arabian Refineries Company – Sarco announces the resignation of a member of the Audit Committee, Mr. Bassem Adnan Abu Al-Faraj, who submitted his resignation from the membership of the Audit Committee (an independent member from outside the board) on 19/06/2023 AD, for the following reasons :
1- Attempting to influence and direct implicitly and repeatedly to adopt unprofessional decisions that do not serve the interest of the company, including, for example, contracting with a company to play the role of internal auditor at a higher price than other applicants, despite the presence of those who are lower in price and better technically in the field, and when they start their work, weakness is revealed Professionally submitted reports. 2- The lack of professionalism of some of the reports issued by the committee. The resignation was accepted according to the minutes of the Board of Directors issued by circulation on 21/06/2023 AD, provided that this resignation takes effect from its date and after verifying the validity of the submitted resignation.
The members of the Board of Directors of the Saudi Arabian Refineries Company Sarco extend their thanks and appreciation to Mr. Basem Adnan Abu Al-Faraj 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 |
| Name of Resigning Member | Basem Adnan Abu Al-Faraj |
| Reasons for Resignation | 1- Attempting to influence and direct implicitly and repeatedly to adopt unprofessional decisions that do not serve the interest of the company, including, for example, contracting with a company to play the role of internal auditor at a higher price than other applicants, despite the presence of those who are lower in price and better technically in the field, and when they start their work, weakness is revealed Professionally submitted reports.
2- The lack of professionalism of some of the reports issued by the committee. The Board of Directors will ascertain the reasons for the submitted resignation.
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