Your access and use of SAMA Regulatory Rulebook and its content is considered as an acceptance and approval of commitment by you without any limitation or condition to the following:
SAMA Regulatory Rulebook is a platform that aims to assist the regulated entities to access SAMA regulatory content adeptly and efficiently.
SAMA Regulatory Rulebook is still on its development and soft launch stage. SAMA is not liable for its contents and does not warrant or represent that (the Services related to the platform, information or material presented in the platform) is displayed free of any inaccuracies, omissions, or errors (“Faults”). SAMA accepts no liability for any loss, claim or damage resulting from any use of the platform, and any decisions made, or actions taken based on the information contained in or generated by the platform.
SAMA Regulatory Rulebook has no legal effect and it does not aim to amend or revoke any legal provisions. The Rulebook still Contains some documents under review, including translated versions. Therefore, SAMA Regulatory content circulated through SAMA official channels remains in force.
Without prejudice to the terms of use of SAMA website Hereby, you acknowledge that any illegal, unauthorized use and/or any breach of any of these provisions may result in legal actions against you.
The Board shall ensure that the financial institution’s corporate governance policies protect the rights of shareholders and enable them to exercise their rights with ease, and help to provide effective communication channels and various means of contact with all shareholders of the financial institution. It shall also ensure that all shareholders, including minority shareholders, are treated fairly, and shall constantly urge them to participate in the General Assembly meetings and to submit proposals related to the financial institution’s performance and the development of its operations.
94.
The financial institution shall have specific procedures to ensure that shareholders exercise their rights and obtain appropriate information without delay. These rights shall comprise the following: obtaining profits, attending shareholder assemblies and participating in their deliberations, and voting on their decisions in person or through the use of technology, as determined by the relevant laws and instructions.
95.
The financial institution shall provide the Central Bank with a copy of the General Assembly meeting minutes within a period not exceeding 15 days from the meeting date.
96.
The main rights of shareholders shall comprise the following:
a.
Obtain all relevant information that enables them to fully exercise their rights on a regular basis and without delay without prejudice to the interests of the financial institution;
b.
Participate and cast their votes in the General Assembly meetings, taking into account the topics that they wish to raise therein;
c.
Discuss the topics listed on the General Assembly agenda, direct queries to Board members and the certified accountant, and obtain a statement thereon;
d.
Select Board members by using cumulative voting.
97.
Shareholders shall be provided with information about the venue, date and agenda of the General Assembly 21 days prior to its meeting.
98.
Shareholders may nominate and elect members, inquire about their qualifications, experience and ability to perform their work, discuss the amount of remuneration and financial incentives received by members and senior executives. Moreover, they shall be entitled to submit any inquiry to the Board regarding any unprofessional practices and to obtain a statement thereon.
