Governance is an important part of the values and practices of Saudi Tadawul Group, in which it seeks to support implementing the best corporate governance practices amongst the subsidiaries. In addition, the Company works towards raising the level of transparency and corporate integrity by maintaining the best governance practices based on the following:
- Companies Law
- Capital Market Law
- Corporate Governance Regulations
- Regulatory Rules and Procedures issued pursuant to the Companies Law relating to Listed Joint Stock Companies issued by CMA
- Company By-laws
As such, the Company has developed a governance manual for the Group which was approved by the Board of Directors on 29/12/442H (corresponding to 8 August 2021G) in accordance with the relevant rules and regulations. The Company’s internal governance aims to set out the overall functions required for implementation to facilitate the decision-making, enhance transparency, to ensure fairness and to protect the rights of shareholders and stakeholders. The governance manual includes; for example, the provisions relating to the following:
- Shareholders’ rights.
- Rights related to the General Assembly Meeting.
- The Board of Directors, its composition, responsibilities, competencies and work procedures.
- Executive Management, its functions and responsibilities.
- Provisions relating to the Company’s committees, their membership and meetings.