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Zain holds Ordinary General Assembly, elects Bader Nasser Al-Kharafi as Vice Chairman of the Group’s Board of Directors

Saad Al-Nahedh elected an independent member

Bader Al-Kharafi (Zain Group Vice Chairman & CEO)
Bader Al-Kharafi (Zain Group Vice Chairman & CEO)

Zain Group today held an Ordinary General Assembly at its headquarters with a quorum of 76%, whereby the assembly’s proceedings witnessed the addition of a new item, related to electing a member of the Board of Directors to complete the term of the board member who had submitted his resignation previously.

The Ordinary General Assembly agreed to include this new item on the agenda and accordingly, Zain Chairman Osamah Al Furaih, opened the floor for voting on this item, along with the main item previously included on the Assembly’s agenda. The main item was to elect an additional member of the Board of Directors, as a second independent director, in order to fulfill regulatory requirements.

The Ordinary General Assembly elected Oztel Holdings SBC Limited as a complementary member of the Board of Directors, which in turn named Bader Nasser Al-Kharafi as its representative on the Board of Directors. The Ordinary General Assembly also elected Dr. Saad Ahmed Al-Nahedh as an independent member of the Board of Directors, and Fahd Abdel Al-Rahman Al-Mukhaizeem as an alternate board member.

After the Assembly, Zain Group’s Board of Directors met, and the Board elected Bader Nasser Al-Kharafi as Vice Chairman of the Board of Directors.

On May 22, 2024, the Group held an Extraordinary General Assembly that witnessed the Assembly’s approval of the Board of Directors’ recommendation to approve the amendment of Article 15 of the Company’s Articles of Association in accordance with the requirements of Article 2-2 of Module Fifteen “Corporate Governance”.

Article 15 now stipulates: “The Company shall be managed by a Board of Directors consisting of ten members. Each shareholder, whether a natural person or a legal entity, may appoint representatives to the board in proportion to the shares that they own. The General Assembly shall elect the remaining members by secret ballot. The number of Board members appointed in said manner shall be deducted from the aggregate number of Board members that are elected. Shareholders having representatives on the Board of Directors may not participate with other shareholders in electing the remaining members of the Board of Directors, except in relation to those shares that exceed the percentage used for the appointment of their representatives to the Board of Directors.

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