Disclosure of early Elections of the Board of Directors term of Takaful International Company

TDT | Manama

Email: mail@newsofbahrain.com

Takaful International Company B.S.C. has decided to hold early elections for the term of its Board of Directors. In this regard, it is noteworthy that this step is undertaken in light of a number of strategic and governance considerations, which include the following:

1. Developments in the local insurance market: The accelerating developments in the local insurance market, alongside evolving regulatory requirements, necessitate strengthening diversity within the Board of Directors in terms of experience and competencies, in a manner that supports the sustainability of the Company’s growth and the realization of its future strategic objectives.

2. Alignment of the Board’s election cycle with the parent company: This alignment is intended to further enhance corporate governance practices, improve coordination, and support more efficient decision-making at the group level.

In compliance with regulatory requirements and in accordance with the laws and regulations in force in the Kingdom of Bahrain to conduct early elections, the members of the company’s Board of Directors have decided to submit their resignations, effective from the date of the next Ordinary General Assembly for the Financial year 2025.

In view of the Company’s commitment to ensuring the continuity and effectiveness of the Board’s functions, strengthening corporate governance practices, and safeguarding the interests of the Company and its shareholders, the Board of Directors has resolved to convene early elections for a new board of Directors at the upcoming ordinary General meeting, in accordance with the provisions of the Company’s Articles of Association and the relevant regulatory requirements. Further details regarding the meeting date and nomination.