The Company adopts a policy of disclosure and transparency as stipulated in the corporate governance rules and regulations and requirements for openness and disclosure while preparing this report in order to ensure that the correct information is delivered to the beneficiaries such as shareholders, lenders, government agencies and others. This chapter describes some of the information related to accounting disclosure, the extent of compliance with corporate governance standards, details relating to the Board of Directors and its committees and information about the executive management and their relevant tasks.
Shareholders’ Rights and Communications
The Company’s shareholders have all the rights and privileges stated in the Company’s Memorandum of Association, which is in line with the Companies’ Law and corporate governance regulations issued by the Capital Markets Authority. The Board of Directors and executive management are eager to create a healthy environment for shareholders enabling them to exercise all their rights in a convenient and straightforward manner, through communication with the Company’s management. Shareholders who meet the regulatory conditions have the right to be nominated for board membership. They are invited through local newspapers, the Company’s website and the ‘Tadawul’ website to attend the General Assembly meetings. Shareholders preserve their rights to vote and choose their representatives in the Board of Directors. Many shareholders participate in the discussions relating to the Company’s activities and future plans by attending the General Assembly meetings. As soon as the General Assembly approves the payment of dividend this is immediately declared and is paid to the shareholders who are registered in the records of the Securities Depository Center. This must take place at the end of the trading day on the day of the General Assembly meeting. Payments will be made through local banks within a maximum period of 30 days from the date of the General Assembly’s approval in this regard.
The Company participates in the investment forums organized by some investment companies. The Company has also met with prospective investors or current shareholders through meetings organized by some parties interested in investing. It has also received a number of investment officials. Please note that the information provided by the Company is limited to public information that has already been disclosed through the official channels of communication and is consistent with the directives of the Capital Markets Authority and the Ministry of Commerce and Industry. Through the Company’s website (www.bahri.sa), the Company provides a forum for its shareholders and all other users to communicate with the Company on an ongoing basis. This website can be used to search for any information that may be required, and any updated information relating to the Company, which includes annual, quarterly and operational reports, as well as the Company’s publications, advertisements, and information about current and previous shareholders. The Company also provides all news about its performance and activities through official channels such as the Tadawul website in accordance with the directives of the Capital Markets Authority and the disclosure policy adopted by the Company as part of the corporate governance regulations.
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