Riyadh – Mubasher: Al Muneef Trading, Industry, Agriculture and Contracting Company has formed its Nominations and Remuneration Committee following a resolution by the Board of Directors, according to a bourse filing.
The committee, which includes a mix of internal board representation and external expertise, is tasked with overseeing the company’s governance and compensation frameworks through the end of 2028.
Al Muneef confirmed that its Board of Directors reached the decision on 24 June 2026, while the establishment of this committee is a fundamental requirement for listed companies in the Kingdom of Saudi Arabia, serving to ensure transparency in leadership appointments and the objective determination of executive and board compensation.
The tenure for the committee members began immediately upon the board's approval on 24 June 2026. According to the announcement, their term is set to conclude on 12 December 2028, coinciding with the expiration of the current Board of Directors' term.
This alignment ensures that the committee can effectively support the board throughout its entire operational cycle, providing continuity in the evaluation of the board’s composition and the effectiveness of its members.
The newly formed committee consists of three members. Khalid Nasser Murshid Al Muneef Al Hajri, an existing member of the Board of Directors, has been appointed as the Chairman of the committee.
To ensure a balanced perspective and to enhance independent oversight, the company has appointed two members from outside the Board, namely Nasser Abdullah Mubarak Al Askar and Yousef Abdulrahman Yousef Al Nashmi.
The inclusion of external members is a recognized practice in corporate governance intended to mitigate potential conflicts of interest and provide impartial recommendations regarding the company’s administrative structure.
The Nominations and Remuneration Committee holds significant responsibilities under the Saudi Capital Market Authority’s governance regulations.
Meanwhile, the primary functions of the committee include the annual review of the skills required for board membership, the preparation of descriptions for the capabilities and qualifications needed for such roles, and the development of clear policies for the remuneration of board members and senior executives.
By formalizing this committee, Al Muneef aims to align its internal incentives with the long-term strategic goals of the company and the interests of its shareholders.
This administrative development reflects Al Muneef’s ongoing commitment to regulatory compliance and the strengthening of its internal oversight mechanisms.
As the company continues its operations across the trading, industrial, agricultural, and contracting sectors, the committee will play a vital role in maintaining the integrity of the company’s leadership selection processes. The move provides shareholders and market participants with clarity regarding the governance structures that will guide the company’s human capital and compensation strategies over the next two and a half years.
