Title: Announcement Regarding Issuance of Disciplinary Board Resolution No. (47/2021 Disciplinary Board) (44/2021 Authority) and imposition of a fine of two thousand Dinars against Al Manar Financing and Leasing Company for violating Corporate Governance
Announcement Regarding Issuance of Disciplinary Board Resolution No. (47/2021 Disciplinary Board) (44/2021 Authority) and imposition of a fine of two thousand Dinars against Al Manar Financing and Leasing Company for violating Corporate Governance
For the following reasons:
Violating the Provision of Article (3-5) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. It was proven to the Authority that there is an authorization from the Company’s Board of Directors to the General Manager for an unlimited time, in accordance with the minutes of the Board of Directors No. (30) dated 07/04/2010, which included in its clauses the following:
Authorizing the General Manager to issue and amend all regulations and instructions that cover organizational procedures and policies.
Granting the General Manager the authorization of the Chairman of the Board of Directors that may be delegated, as stipulated in the internal bylaws, and granting him the authority to delegate them to whomever he deems appropriate for work needs.
The Resolution included the infliction of the following penalty: -
“The violating Company is fined an amount of two Dinars for the attributed violation.”
In this regard, the CMA emphasizes the implementation of CMA Law and its Executive Bylaws on all persons dealing in securities activities, and urges them to comply with these Laws in order to promote investors' confidence, create a sound investment environment, and implement the Law according to the principles of fairness, transparency, and integrity in line with the best international practice.