The Board approves the work of the Remuneration and Nomination Committee, which determines its function, scope of work, powers and tasks, and ensures the effectiveness of the regulations and compliance with them, provided that it submits its reports directly to the Board. The work shall be carried out in good faith and constant diligence with the necessary professional care and compliance with the relevant laws and regulations for the benefit of shareholders, insured and other stakeholders. In compliance with the Corporate Governance Regulations issued by the Capital Market Authority pursuant to Resolution No. 16/08/2017.
Preparing the regulations, standards and procedures specified for membership in the Board of Directors of SARCO (Saudi Arabian Refineries Company) with the aim of implementing the principles of the Corporate Governance Regulations issued by the Capital Market Authority under Ministerial Resolution No. (8-16-2017) dated 16/5/1438H corresponding to 13/2/2017G, which stipulated that the Board of Directors shall prepare clear and specific policies, standards and procedures for membership in the Board in a manner that does not conflict with the mandatory provisions of the Corporate Governance Regulations – and put them into practice. After its approval by the General Assembly.
The General Assembly shall vote on the Audit Committee’s bylaws after being approved by the Board of Directors, which shall determine its function, scope of work, powers and tasks, and ensure the effectiveness of the laws and regulations and compliance with them, provided that it submits its reports directly to the Board. Based on the Corporate Governance Regulations issued by the Capital Market Authority pursuant to Resolution No. 16/08/2017G. Dated 16/5/1438H corresponding to 13/2/2017G. Based on the Companies Law issued by Royal Decree No. M/3 dated 28/1/1437 AH, as amended CMA Board Resolution No 808/05/2023. And the date of 25/6/1444 AH corresponding to 18/01/2023 AD. Based on the Companies Law issued by Royal Decree No. M/132 dated 1/12/1443 AH. Based on what the regulation referred to in Chapter IV. Based on the company’s corporate governance regulations.
This regulation aims to define clear criteria for the remuneration of members of the Board of Directors, its committees and senior executives in light of the Companies Law and the regulations of the Capital Market Authority, and the regulations also aim to attract members with a degree of competence, ability and talent to work in the Board of Directors, committees and executive management by adopting incentive plans and programs for remuneration and related to performance, which contributes to improving the company’s performance and achieving the interests of its shareholders.
