CMA LAW: Circular No. (01) of 2023 Regarding the Governance Report

“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

Chairman of the Board of Directors

The CMA would like to draw your attention to the provision of Item No. (9) of Article (3-7) 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, which stipulates that all entities shall prepare an annual report to be cited in the annual general assembly including the  requirements  and  procedures  of  completing  corporate  governance  rules  and commitment degree thereof.  However, this report shall  be  included  in  the  annual  report  of  company  activities  and  showing  the  complied  and  non-complied rules and excuses for the same. Such report shall be prepared as a minimum pursuant to Appendix 2 of this Module.

Therefore, your Company is required to fill out the form to fulfill the requirements of the governance report through the governance system in the CMA's electronic portal, along with attaching a copy of the governance report and the audit committee report before the date of the Company's ordinary general assembly.

Othman I. Al-Issa

Acting Managing Director
Issued on: 23/01/2023

Copy of the Official Document

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