Allowances for members to attend Board meetings for the year 2021
| Fixed remunerations | Variable remunerations | ||||||||||||||||
| Specific amount | Allowance for attending board meetings | Total Allowance for attending committee meetings committee | In-kind benefits | Remunerations for technical, managerial and consultative work | Remunerations of the chairman, Managing Director or Secretary, if a member | Total | Percentage of the profits | Periodic remunerations | Short-term incentive plans | Long-term incentive plans | Granted shares (insert the value) | Total | End-of-service award | Aggregate amount | Expenses allowance | ||
|
First: Independent Directors |
|||||||||||||||||
| 1. |
Mrs. Sarah Jammaz Al-Suhaimi |
250,000 | 0* | 0* | 3,600,000** | 3,850,000** | 3,850,000** | ||||||||||
| 2. |
Mr. Hashem Othman Al Hekail |
250,000 | 21,000 | 9,000 | 280,000 | 280,000 | |||||||||||
| 3. | Mr. Youssef Abdullah Al-Benyan | 142,857.14 | 12,000 | 12,000 | 166,857.14 | 166,857.14 | |||||||||||
| Total | 642,857.14 | 33,000 | 21,000 | 4,296,857.14 | 4,296,857.14 | ||||||||||||
|
Second: Non-Executive Directors |
|||||||||||||||||
| 1. |
Mr. Yazeed Abdulrahman Al Humaid |
214,285.71 | 18,000 | 12,000 | 244,285.71 | 244,285.71 | |||||||||||
| 2. | Mr. Sabti Sulaiman Al-Sabti | 250,000 | 21,000 | 9,000 | 280,000 | 280,000 | |||||||||||
| 3. | Ms. Rania Mahmoud Nashar | 250,000 | 21,000 | 12,000 | 283,000 | 283,000 | |||||||||||
| 4. | Mr. Xavier Rolet | 250,000 | 21,000 | 9,000 | 280,000 | 280,000 | |||||||||||
| 5. | Mr. Mark Stephen Makepeace | 250,000 | 21,000 | 12,000 | 283,000 | 283,000 | |||||||||||
| Total | 1,214,285.71 | 102,000 | 54,000 | 1,370,285.71 | 1,370,285.71 | ||||||||||||
| Third: Executive Directors | |||||||||||||||||
| 1. | Eng. Khalid Abdullah Al-Hussan | 250,000 | 21,000 | 9,000 | 280,000 | 280,000 | |||||||||||
| Total | 250,000 | 21,000 | 9,000 | 280,000 | 280,000 | ||||||||||||
* Based on the provisions of Article (76) of the Companies Law, which states, “The total amount of remuneration and financial or in-kind benefits that a board member receives does not exceed 500,000 Saudi riyals annually.”; therefore, the chairperson’s membership will be limited to the 350,000 for her membership in the Board of Directors and 150,000 for the board committees (as shown in the next schedule).
** SAR 100,000 as per the Remuneration Policy for the Board Members and Executives and SAR 3.5 Mn for her contribution in the IPO project of the Company.
Remuneration of committee members for their membership in the Board's committees:
| Fixed Remuneration (Except for the allowance for attending Board meetings) | Allowance for attending Board meetings | Total | ||
| Audit Committee | ||||
| 1. | Mr. Yazeed Abdulrahman Al Humaid | 150,000 | 12,000 | 162,000 |
| 2. | Mr. Hashem Othman Al-Hekail | 112,500 | 9,000 | 121,500 |
| 3. | Mr. Abdulrahman Mohammed Al-Odan | 150,000 | 12,000 | 162,000 |
| 4 | Mr. Abdullah Abdulrahman Al-Shuwayer | 150,000 | 12,000 | 162,000 |
| 5 | Mr. Omar Mohammed Al Hoshan | 150,000 | 12,000 | 162,000 |
| Total | 712,500 | 57,000 | 769,500 | |
| Nomination and Remuneration Committee(1) | ||||
| 1. | Mrs. Sarah Jammaz Al-Suhaimi(2) | 90,000 | 0 | 90,000 |
| 2. | Mr. Youssef Abdullah Al-Benyan | 60,000 | 6,000 | 66,000 |
| 3. | Mr. Mark Stephen Makepeace | 120,000 | 12,000 | 132,000 |
| 4. | Ms. Rania Mahmoud Nashar | 90,000 | 9,000 | 99,000 |
| Total | 306,000 | 27,000 | 333,000 | |
| Regulatory Policy and Oversight Committee(3) | ||||
| 1. | Mr. Abdullah Hassan Al-Abdulqader | 60,000 | 6,000 | 66,000 |
| 2. | Mr. Abdulrahman Abdul Mohsen Al-Khalaf | 60,000 | 6,000 | 66,000 |
| 3. | Mr. Naijm Abdullah Al-Zaid | 60,000 | 6,000 | 66,000 |
| 4. | Eng. Khalid Abdullah Al-Hussan | 60,000 | 6,000 | 66,000 |
| Total | 240,000 | 18,000 | 258,000 | |
| Risk Management Committee(4) | ||||
| 1. | Mr. Yousef Abdullah Al-Benyan | 100,000 | 6,000 | 106,000 |
| 2. | Mr. Sabti Sulaiman Al-Sabti | 100,000 | 6,000 | 106,000 |
| 3. | Mr. Xavier Rolet | 150,000 | 9,000 | 159,000 |
| 4. | Mr. Yahya Ali Al-Jabr | 150,000 | 9,000 | 159,000 |
| Total | 500,000 | 30,000 | 530,000 | |
| Investment Committee(4) | ||||
| 1. | Mrs. Sarah Jammaz Al-Suhaimi(2) | 60,000 | 0 | 60,000 |
| 2. | Mr. Sabti Sulaiman Al-Sabti | 75,000 | 3,000 | 78,000 |
| 3. | Eng. Khalid Abdullah Al-Hussan | 75,000 | 3,000 | 78,000 |
| Total | 225,000 | 6,000 | 231,000 |
(1) The committee has been reformed on 11/08/2021G.
(2) Based on the provisions of Article (76) of the Companies Law, which states, “The total amount of remuneration and financial or in-kind benefits that a board member receives does not exceed 500,000 Saudi riyals annually.”; therefore, the chairperson’s membership will be limited to the 350,000 for her membership in the Board of Directors and 150,000 for the board committees.
(3) The committee roles have ended on the 31/05/2021G.
(4) The committee has been reformed on 11/08/2021G.
(5) The committee has been established on 11/08/2021G.
Paid Remunerations to the Top five Senior Executives 2021
(including CEO and CFO)
| Amount | ||
| Fixed Remunerations | Salaries | 5,764,808 |
| Allowances | 2,527,639 | |
| In-kind Benefits | 240,000 | |
| Total | 8,532,448 | |
| Variable Remunerations | Periodic Remunerations | 3,500,000 |
| Profits | – | |
| Short-Term Incentive Plans | 8,400,000 | |
| Long-Term Incentive Pans | ||
| Granted Shares | – | |
| Total | 11,900,000 | |
| End of Service award | – | |
| Total Remunerations for Board Executives, if any | – | |
| Aggregate Amount | 20,432,448 |
Remuneration of the Board members and Executive Management Policy
Pursuant to the Board of Directors and Committees Remuneration Policy which was approved at the General Assembly dated 17 August 2021, the Directors receive an annual remuneration of SAR 250,000 (excluding the attendance allowance) by virtue of their positions as members of the Board and in consideration for their contribution to the business of the Board. The Chairperson receives an additional annual remuneration of SAR 100,000. Attendance and transportation allowances shall be determined in accordance with the applicable laws, decisions and directions specified by the competent authorities of the Kingdom. Each Director shall receive SAR 3,000 as an attendance allowance for each meeting of the Board of Directors, whether the Director attends in person or participates in the meeting through any remote communication channel.
Remunerations mechanism
The Remuneration Policy for the Board, its Committees and Executive Management shall be performance-related standards, disclosure and verification of their implementation taken into account the following:
- Being consistent with the Company's strategy and objectives.
- Being consistent with the magnitude, nature and level of risks faced by the Company.
- Acquiring and maintaining the Board members and executive management, and encouraging them to achieve the success of the Holding company, its shareholders and its long-term development.
- Determine remuneration based on job level, duties and responsibilities, educational qualifications, practical.
There was no arrangement or agreement whereby a Board member or a senior executive waived any salary or compensation.