Riyadh – Mubasher: United Wire Factories Company (Aslak) has announced the resignation of Turki Mohammed Faheed Al Quraini from his position as an independent member of the Board of Directors, according to a bourse filing.
The resignation was accepted by the board through a circular resolution in addition to including his departure from the company’s Nomination and Remuneration Committee.
The resignation has been effective since 25 June 2026, marking the conclusion of a tenure that has spanned more than seven years.
Al Quraini served the company in a dual capacity, holding a seat as an independent director on the main board while simultaneously contributing to the oversight functions of the Nomination and Remuneration Committee.
Aslak noted that the board’s approval of this transition was conducted through a vote by circulation, a standard administrative procedure for managing board-level changes between scheduled meetings.
Meanwhile, Al Quraini submitted his resignation on 24 June. Meanwhile, the scheduled exit follows a long-standing period of service for the outgoing director, as Al Quraini first joined the Board of Directors on 10 April 2019 and has since been a consistent figure in the company’s governance structure during a significant period of its operational history.
Regarding the motivation behind the departure, the disclosure specifies that Al Quraini cited personal reasons for stepping down from his roles. Such resignations are common within the Saudi corporate landscape and are handled in accordance with the Companies Law and the Corporate Governance Regulations issued by the Capital Market Authority (CMA).
As an independent member, the role was centered on providing objective oversight and ensuring that the interests of all shareholders, particularly minority investors, were represented in the company’s strategic decision-making processes.
Furthermore, the involvement in the Nomination and Remuneration Committee placed him at the heart of the company’s human capital and governance strategies. This committee is responsible for recommending board appointments, evaluating the performance of directors, and establishing compensation frameworks that align the interests of the executive management with those of the shareholders.
Meanwhile, losing an independent voice in these specific areas necessitates a future appointment to maintain the balance of the board and satisfy regulatory requirements regarding committee composition.
It is worth noting that Aslak’s shareholders recently voted against a proposed board remuneration package but granted the board authority to distribute interim dividends for 2026.
