In continuance to the Capital Market Authority's role in regulating and developing the capital market, and based on the Companies Law issued by the Royal Decree number (M\3) dated 28/01/1437H, and in accordance with the powers vested in the Authority under the Capital Market Law, the Capital Market Authority's Board issued its resolution regarding the adoptions of the amended Corporate Governance Regulations, the Regulatory Rules and Procedures Issued Pursuant to the Companies Law relating to Listed Joint Stock Companies and the Guidance Note to the Regulatory Rules and Procedures issued pursuant to the Companies Law relating to Listed Joint Stock Companies, to be effective upon their publication date.
The amendments come in line with the amendments made to the Companies Law issued by the Royal Decree Number (M/79) dated 25/07/2018G, as these amendments granted the competent authorities to establish rules of authorisation for businesses or contracts that are made for the company, which a board member has direct or indirect interest in, and rules of authorization over the engagement of a Board Member in any business that may compete with the company or with one of its activity.
It's worth mentioning that the views of the public, specialists and interested parties were taken into consideration when preparing these amendments.
The Regulatory Rules, the Guidance Note and the amended Regulations can be viewed on the Authority's website via the following links:
Corporate Governance Regulations
Regulatory Rules and Procedures issued pursuant to the Companies Law relating to Listed Joint Stock
Guidance Note to the Regulatory Rules and Procedures issued pursuant to the Companies Law relating
