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CMA LAW: Circular No. (13) of 2022 Regarding Meetings of the Committees Emanating from the Board of Directors “Circular to All Companies Subject to the Provisions of Module Fifteen (Corporate Governance)” of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments
Date Publish
12 October 2022
Pursuant to Item No. (4) of Article (3-4-4) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments, which stipulates that “He, or his representative, shall meet periodically with the Client’s internal audit committee at the Client’s invitation before submitting the quarterly and annual financial statements to the Board of Directors to make any decision or recommendations”, in addition to the provisions stipulated in Article (4-4), and Item No. (6) of Article (5-6) and Item No. (10) of Article (6-5) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. 7 of 2010 and their amendments regarding the mechanism of organizing meetings of committees emanating from the Board of Directors.
The CMA would like to draw your attention to the importance of writing and keeping all the minutes of the meetings of the committees emanating from the Board of Directors, and all those present shall sign the minutes of the meetings held by such committees.
Prof. Ahmad Almelhem
Issued on: 12/10/2022
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