Saudi Aramco opens board membership nominations

Saudi Arabian Oil Co. (Saudi Aramco) opened the nomination process for board of directors’ membership for the upcoming three-year term, starting May 3, 2021.

Applicants can submit an application for nomination from Jan. 1, 2021 until Jan. 31, 2021, as per the regulatory requirements, the company said in a statement to Tadawul.

Any shareholder or a group of shareholders (other than the State) holding more than 0.1% of Saudi Aramco’s ordinary shares (a qualified shareholder) may propose to the nomination committee a candidate for membership on the board; provided that written notice of such qualified shareholder's nomination has been given, along with the necessary supporting documentation all in accordance with the director nomination procedures.

Candidates will be elected at the next general assembly meeting, which will be announced at a later time, the statement added.