Page 20 - SAMENA Trends - July-September 2024

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

MEMBERS NEWS

stc Group Board of Directors Recommends
Raising Annual Dividend Distributions from SAR
1.6 to SAR 2.2

The stc Group’s Board of Directors has
recommended increasing the annual cash
dividends by 37.5%, from SAR 1.6 to SAR
2.2 per share annually, raising the total
amount from SAR 8 billion to SAR 11 billion
over the next three years. The dividend
distribution policy will be presented to stc’s
General Assembly at its next meeting, the
date of which will be announced later. This
recommendation is based on the group’s
solid financial position and exceptional
operational performance, supported
by stc’s strategy focused on continued
expansion and growth.

Comprehensive Ethics Audit: Advancing Our Commitment to Ethics and
Integrity

stc Group is excited to begin a new assessment, benchmarking our current Group Regulatory and Compliance, Mr
chapter in our dedication to ethical merit. compliance and ethics initiatives against Amir Algibreen: “This audit underscores
To enhance our compliance and ethics the standards of an effective program. our dedication to fostering a culture of
program, we have engaged an external This review will cover several key areas, integrity and accountability. We believe
audit firm to conduct a comprehensive including written standards, policies, that this comprehensive ethics audit will
third-party ethics audit for all operations, governance, program structure, training, not only enhance our compliance and
on a Group level. Moving forward, we will risk management, third-party relationships, ethics program but also reinforce our
continue to carry out these audits every and enforcement mechanisms. The commitment to ethical leadership and
three years. The primary goal of this third audit will culminate in a detailed report, transparency. With our international offices
party ethics audit is to evaluate the design, followed by a discussion with the stc and numerous subsidiaries, we have a
implementation, and effectiveness of stc Group executive management team and profound responsibility to uphold the
Group’s ethics-related objectives, anti- presentation of documentation to the highest standards of integrity and ethical
corruption and business ethics programs, Board Audit Committee to review identified conduct.” stc Group, Chief of Strategy,
and employee training at the group level. gaps and actionable recommendations for Mr Abdullah A. Alkanhl: “By rigorously
Auditors will conduct a comprehensive enhancement. stc Group, Chief of Ethics, evaluating our ethical framework on, anti-
corruption and business ethics on Group
level, we aim to reinforce our position as
a responsible organization, dedicated
to making a positive impact on both our
industry and the communities we serve. We
are excited about the opportunity to refine
our practices and continue our journey
towards excellence.” stc Group remains
committed to maintaining the highest
standards of integrity, and this audit marks
an important milestone in the ongoing
efforts to strengthen the compliance and
ethics program, ensuring alignment with
global best practices and ethical leadership.
20 JULY-SEPTEMBER 2024