Al Rajhi Bank shareholders to elect new board on Nov. 9

Al Rajhi Bank shareholders will vote on electing a new board of directors for the next three-year term, in the ordinary general meeting scheduled for Nov. 9, the bank said in a bourse statement on Monday.

The new board term will start on Nov. 14, 2020.

If the bank will not be able to appoint the minimum number of independent board members based on the regulatory requirements, independent members will replace non-independent members according to the number of votes.

Shareholders will also vote on the audit committee formation and member remuneration policy for the next three-year term, which also starts on Nov. 14. Other agenda items include the amendment of the Sharia Board regulations.

Shareholders will be able to participate and vote on agenda items through Tadawulaty services as of Nov. 5, the statement added.