Al Rajhi Bank held the first meeting of its newly elected Board of Directors on Sunday, 16th November, 2014.The meeting saw the announcement of four new Board members, who were elected during the bank’s Annual General Meeting (AGM) earlier last month. During the AGM, a total of eleven Board members were elected.
The new Board, which will serve a three year term, will be chaired by Abdullah Bin Suleiman Al Rajhi, who has served on the bank’s Board of Directors for the past 15 years. Prior to his new appointment, he was Vice Chairman of the board of directors, a position he has assumed since January 2013.
The new members, announced by the Chairman at the meeting, include Ali Bin Saleh Al Barrak (Independent Member), Moayyed Bin Issa Al-Qurtas (Non- Executive Member), Khalid Bin Abdurrahman Al-Quiz (Non- Executive Member) and Alaa Bin Shakeeb Al Jabri (Independent Member).
Commenting on the new appointments, Mr. Abdullah Bin Suleiman said: “We are delighted to welcome the new Board members, who bring with them a strong track record of achievements and decades of experience in the financial, industrial and engineering sectors.”
He added: “With its strong mix of knowledge, diversity of expertise and experience, we are confident the new Board will make important contributions to the development and sustainability of our business, support our commitment to making substantial investments in our processes and governance, and work towards our strive for excellence in the Banking sector.”
The Board also announced the formation of the following committees: Executive Committee, Nomination and Compensation Committee, the Audit Committee, Risk Committee and the Corporate Governance Committee.