Part Five : Corporate Governance
Article 28
The Finance Company must comply with corporate governance rules determined by SAMA.
Article 29
The Finance Company shall develop an internal corporate governance rules and implement a specific regulation for corporate governance and provide SAMA with a copy of the regulation after its approval by the Board. The corporate governance code shall at least address the following:
1. The description of the organizational structure, including all departments and functions and their tasks and responsibilities; 2. Independence and separation of duties; 3. Roles of the Board, its committees, and the composition and duties of each. 4. Remuneration and compensation policies; 5. Conflict of interest controls; 6. Integrity and transparency controls; 7. Compliance with applicable laws and regulations; 8. Methods for securing confidentiality of information; 9. Fair dealing; and 10. Protection of Company’s assets. Article 30
The Board must form specialized committees to expand the scope of work in the areas requiring special expertise, including at least an audit committee and a risk management and credit committee, and shall grant those committees the necessary powers to perform their work and monitor their performance.