Regarding the application of the conditions set out in the Board Nomination Form and their effective date, the Financial Services Authority (FSA) would like to clarify that these conditions will take effect from the date of issuance of Decision No. (8/2026), as follows:

1. Upon the expiry of the term of the current Board of Directors of each public joint-stock firm and the formation of its first new Board.
2. When filling vacancies or electing new members to vacant positions, for any reason, on the Boards of existing firms.

This approach aims to move beyond formal compliance with the conditions set out in the form, ensuring effective Board performance and sound governance through genuine adherence to independence requirements. This contributes to strengthening corporate discipline and ensuring the full protection of the rights of investors and other stakeholders.

It is important to note that the Board Nomination Form will not affect existing Boards or require firms to take any action in relation to their current Boards. Rather, its application is intended to enable companies to identify qualified Board members who meet the prescribed requirements.