| Saudi Arabia: Corporate Governance Rules amended |
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| Written by Administrator |
| Thursday, 08 January 2009 08:44 |
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Capital Markets Authority (CMA) in Saudi Arabia issued an amendment to Article 9(e) of the Corporate Governance Regulation of 2006. Article (9) of the said regulation states the disclosure terms in the Board of Director's report. Paragraph (e) lists the compensation and remuneration details that should be included in the report. The amendment has only added a note that explains what is considered as compensation. The amended Article 9(e) now states as follows: Article 9: Disclosure in the Board of Directors’ ReportIn addition to what is required in the Listing Rules in connection with the content of the report of the Board of Directors, which is appended to the annual financial statements of the company, such report shall include the following: e) Details of compensation and remuneration paid to each of the following: 1. The Chairman and members of the Board of Directors. 2. The Top Five executives who have received the highest compensation and remuneration from the company. The CEO and the chief finance officer shall be included if they are not within the top five. For the purpose of this paragraph, “compensation and remuneration” means salaries, allowances, profits and any of the same; annual and periodic bonuses related to performance; long or short- term incentive schemes; and any other rights in rem.
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| Last Updated on Monday, 12 January 2009 11:15 |
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