CORPORATE GOVERNANCE REGULATION
CORPORATE GOVERNANCE REGULATION
The Corporate Governance Regulation, within the framework of Saudi Arabia’s Corporate Laws & legislations, outlines the standards and guidelines that businesses operating within the Kingdom must adhere to. This regulatory framework emphasizes principles such as accountability, transparency, and fairness to ensure the ethical and efficient functioning of corporations. It serves to protect the interests of shareholders, promote responsible management practices, and bolster investor confidence in the Saudi Arabian market.
HIGHLIGHTS OF THE CORPORATE GOVERNANCE REGULATION IN SAUDI ARABIA
- Board Responsibilities: Outlines duties for strategic oversight and ethical management.
- Shareholders’ Rights: Ensures access to timely information and decision-making participation.
- Disclosure and Transparency: Mandates regular disclosure of financial and non-financial information.
- Internal Controls: Requires robust systems for risk management and internal controls.
- Audit Committee: Mandates independent oversight of financial reporting and audits.
- Conflict of Interest: Provides guidelines for managing conflicts to ensure fair decision-making.
ISSUER OF THE CORPORATE GOVERNANCE REGULATION IN SAUDI ARABIA
The Corporate Governance Regulations for non-listed companies are issued by the Ministry of Commerce (MOC) in Saudi Arabia. These regulations are generally expressed as voluntary guidelines, aiming to encourage non-listed companies to adopt best practices in corporate governance voluntarily.
WHO IS SUBJECT TO THE CORPORATE GOVERNANCE REGULATION IN SAUDI ARABIA?
All publicly listed companies, including board members, executives, shareholders, audit committees, auditors, and other stakeholders. Overall, the regulation aims to enhance corporate integrity and transparency in Saudi Arabia.
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RELATED SAUDI COMPANIES LAWS
- Anti-Money Laundering Law (AML).
- Implementing Regulations of the Companies Law.
- The Law of Trade Names.
- Executive Regulations of the Trade Names Law.
- The Law of Commercial Agencies.
- Implementing Regulations of the Law of Commercial Agencies.
- New Companies Law.
- Moveable Property Security Law,
- E-Commerce Law.
- Income Tax Law.
- The Law of Commercial Register.
- Implementing Regulations of the Commercial Register Law
- Chambers of Commerce Law.
- The Implementing Regulations of the Chambers of Commerce Law.
- The Law of Commercial Data.
- The Implementing Regulations of the Commercial Data Law.
- The Commercial Books Law.
- The Law of Trademarks.
- Law of Arbitration.