Copyrights © All Rights Reserved to Savola Group
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No member of the Board or Senior Executives may accept gifts from any person who
has entered into commercial transactions with the Company if such acceptance of gifts
may lead to conflicts of interest
unless the gift has unsubstantial value of not more
than SAR 1,000 and a refusal to accept it would be discourteous or otherwise harmful
to Savola.
The Company shall disclose any contracts when it enters into a transaction with a
Related Party, this shall include notifying the CMA and the public without any delay
of that contract or transaction if it equals to or exceeds 1% of the Company's total
revenues according to the last annual audited financial statements
unless a
Board
member have any interest (whether direct or indirect) in this case he/she shall have
prior authorization of the GA as per regulations.
Once a member has notified the Board of a potential conflict of interest, the interested
Board member shall:
a)
Not participate in discussions or be permitted to hear the Board’s or
Committee’s discussions in which they are an interested party, except to
disclose material facts and to respond to questions.
b)
Abstain from voting on decisions after notifying the Board. In all cases, when
the Board is voting on an issue in which a Board member has a potential
conflict of interest, all voting must be done anonymously.
11)
Confidentiality
Protect the confidentiality of the information related to the Company and its activities,
and not to disclose any of such information to any person.
In other than the meetings of the ordinary general assembly, the members of the Board
of directors may not disclose the company’s confidential information that may have
become known to them, nor may they use any information known to them by reason
of their position as members with a view toward achieving any benefit for themselves
or for their relatives or third parties. Otherwise, they shall be dismissed and
compensation must be claimed from them.
12)
Disclosure of Conflicts of Interest
All Board members and employees shall be committed to immediately disclose and notify
about their following personal interests:
Interests regarding investment or ownership in a commercial activity or a facility
having interests or providing services to any of the OpCos or its subsidiaries,
benefiting from the Company and its OpCos, or receiving any services from them.
A commercial activity or any facility providing or seeking to provide a particular
service with any of the Company's OpCos or subsidiaries, such as banks, media, etc.
Any interest with a customer, client or any other facility which receives a service or
benefits from the Company or its OpCos.
A commercial activity, client or any other facility which is in a position to benefit from
any procedures performed by a Board member or employee
.
Direct or indirect interests to any member of the Board, Senior Executives, direct
relatives, or submitting a denying proof.
Summary of current and proposed contracts to members of the Board, the CEO, and
Senior Executives
.
Full details of any contract or arrangement in which the CEO, the CFO, Board
members or any relative has substantial interest and is important for the Company's
activities, or submitting a denying proof
.
A person who desires to nominate himself/herself for the membership of the Board shall
disclose to the Board or the GA any cases of conflict of interest, including having a direct
