Corporate Governance Developments and Outlook
Key Developments in 2025
During 2025, several governance related developments took place, including changes in leadership and updates to Board composition and committee arrangements.
Following the Extraordinary General Assembly Meeting held on 26 June 2025, shareholders elected the members of the Board of Directors for a four-year term beginning on 7 August 2025 and ending on 6 August 2029. The Board reappointed HH Prince Naif Bin Sultan Bin Mohammed Bin Saud Al Kabeer as Chairman and Mr. Sulaiman Almuhaidib as Vice Chairman for the new term.
Further key developments during the year included:
- Formation of the Audit Committee: The Audit Committee was formed for the new term and its membership and mandate were approved by the Board.
- Changes in Board membership: A Board member resigned during the year, and a new Board member was appointed in accordance with applicable requirements.
- Chief Executive Officer transition: The Chief Executive Officer resigned during the year, and a new Chief Executive Officer was appointed.
Key Events Scheduled in 2026
Dates | Subject of Announcement* |
|---|---|
5 Apr – 19 Apr 2026 | Announcement of the Interim Consolidated Financial Results for Q1 2026 |
21 Apr 2026 | The Extraordinary General Assembly meeting will be held to approve the Financial Statements for 2025, the Dividends distribution, as well as other subjects |
23 Apr – 14 May 2026** | Distribution of Dividends to shareholders for the financial year 2025 |
5 Jul – 19 Jul 2026 | Announcement of the Interim Consolidated Financial Results for Q2 2026 |
4 Oct – 18 Oct 2026 | Announcement of the Interim Consolidated Financial Results for Q3 2026 |
*Announcement dates for Financial Results are preliminary and subject to change
** Dividends distribution date is preliminary and subject to change