26 June, 2024 16:14
Saudi Cable Co. Announces Resignation of a Board Member
Element List | Explanation |
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Introduction | Saudi Cable Company announces the resignation a member of the Board of Directors, Mr. Ziyad Abdullatif Albarrak (Independent member) from his position, effective from 18/12/1445 corresponding to 24/06/2024. The Board of Directors extend their thanks and appreciation Mr. Ziyad Abdullatif Albarrak and wish him continued success. |
Element List | Explanation |
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Resigned Member Name | Mr. Ziyad Abdullatif Albarrak |
Membership Type | Independent |
Resignation Submission Date | 2024-06-24 Corresponding to 1445-12-18 |
Resignation Effective Date | 2024-06-24 Corresponding to 1445-12-18 |
Membership Starting Date for the Resigned Member | 2024-04-04 Corresponding to 1445-09-25 |
Reasons of Resignation | Alleging that Board of Directors meetings do not comply with the relevant laws and regulations. The company confirms that the resignation is in violation of Article Sixteen of the company’s bylaws, which stipulates: “Membership of the Board ends with the expiration of its term or with the expiration of the member’s validity in accordance with any law or instructions applicable in KSA. However, the Ordinary General Assembly may at any time dismiss all or certain of the members of the Board of Directors, without prejudice to the right of the dismissed director towards the company to claim compensation if the dismissal occurred for an unacceptable reason or at an inappropriate time. A director of the Board of Directors may retire, provided that this is at an appropriate time, otherwise he will be liable to the company for the damages resulting from his retirement.” The company confirms to the shareholders requesting the removal of member Ziad Al-Barrak that their resignation does not negate the vote on the item of filing a liability lawsuit against them in the general assembly held today. The company reserves its full right to recourse against any violation issued or claim issued by him. |
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