NCB elects new board

The Ordinary General Assembly of the National Commercial Bank's shareholders held their 13th meeting at its head office in Jeddah on Saturday, under the chairmanship of Abdullah Bahamdan.The assembly made a number of decisions, most important of which was the election of the members of the board for the new term, which starts on May 1 and lasts until April 30, 2015.The elected board includes nine members - Mansour Al-Maiman, Motlaq Al-Motlaq, Ibrahim Al-Rumaih, Abdulkareem Abu Alnasr, Yousef Al-Maimani, Saad Al-Rowaite and Abdul Aziz Al-Zaid, representative of the General Organization for Social Insurance, as well as Abdulrahman Al-Mfadhi, representative of the Public Investment Fund, and Khalid Al-Arfaj, representative of the Public Pension Agency.The assembly has also approved the financial statements and notes as at Dec. 31, 2011 and absolved the members of the board of directors of any liability for the period. It has also approved the distribution of dividends to the shareholders of SR1.80 per share for the year 2011.Bahamdan previously announced his decision not to nominate himself for the new board term, after having been elected as the chairman of the board of directors in August 1999. He was reelected as chairman in 2003, 2006 and 2009. His current term will end on April 30, 2012.It is expected that the new board will hold its first meeting during the month of May when the new chairman will be elected by the board.