CmaBoardReleases
Title: Resolution No. (108) of 2021 Regarding Amending Some Provisions of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. (7) of 2010
Having Perused:
- Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their amendments; and
- CMA Board of Commissioners Resolution passed in its meeting No. (33) of 2021 held on 22/09/2021;
The Following Was Resolved
Article (1)
Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. (7) of 2010 is hereby amended pursuant to Annex (1) attached to this Resolution.
Article (2)
Appendix 2 (Structure of Corporate Governance Report Form) of Module Fifteen of the Executive Bylaws of Law No. (7) of 2010 is hereby amended pursuant to Annex (2) attached to this Resolution.
Article (3)
The minimum percentage and number of independent members shall be adhered to in accordance with item (3) of Article (2-2) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. (7) of 2010. This shall be, at most, in the first meeting of the ordinary general assembly to be held after the end of 2021. During such meeting, the new members of the company's board of directors shall be re-elected after the end of the membership term of the board.
Article (4)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of its issuance, and it shall be published in the Official Gazette.
Prof. Ahmad A. Al-Melhem
Issued on: 26/09/2021