Principle 1: Duties and Responsibilities of the Board Towards Compliance
No: 46020562
Date(g): 1/10/2024 | Date(h): 28/3/1446
Status: In-Force
Effective from 2025-03-27 - Mar 26 2025 To view other versions open the versions tab on the right
1.
Subject to its duties and responsibilities contained in relevant laws and regulations and SAMA-issued instructions, the Board shall:
a.
Buttress and promote the values of honesty and integrity throughout the Company.
b.
Ensure the existence of a compliance unit that is effective, well-developed and independent. It shall be granted appropriate powers and resources, and its employees provided with specialized training while developing their abilities and skillsets in the field of compliance.
c.
Approve a written policy for compliance that sets out the powers,tasks and responsibilities of the Compliance Unit , as well as compliance programs and relevant processes.
d.
Appoint the Compliance Officer based on the Audit Committee’s recommendation after obtaining a no-objection letter from SAMA.
e.
Accept the Compliance Officer’s resignation based on the Audit Committee’s approval, and notify SAMA thereof.
f.
Set a clear outline of the responsibility and accountability of the Company; enforce compliance thereof by its employees; and establish complete separation of responsibilities at the level of Executive Management.
g.
Review the periodic compliance report submitted by the Compliance Officer.
