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Effective from 2021-06-30 - Jun 29 2021 To view other versions open the versions tab on the right
a.
These principles aim to set the minimum requirements that would enhance the effective management of financial institutions, direct their financial and non-financial resources towards achieving their strategic objectives, maintain their stability, and preserve the rights of stakeholders.
b.
An effective governance system requires independence of and separation between the position of the Chairman of the Board of Directors and that of the Chief Executive Officer (CEO). This would require good organizational and administrative structures and explicit powers and responsibilities among the main parties of the financial institution, including members and executives, in addition to establishing a general framework for control through a risk management department, an internal audit department, and a compliance department, as well as internal control systems and an external auditor.
c.
These principles shall not prejudice the requirements imposed on financial institutions under other relevant laws, regulations, and instructions.
d.
SAMA has issued several regulations related to governance; these principles shall be read alongside these regulations, as the case may be, including the following:
Corporate governance has received international attention, as a number of international agencies and organizations have issued guiding instructions for governance. These agencies and organizations include the following, among others:
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Basel Committee on Banking Supervision (BCBS);
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Organization for Economic Cooperation and Development (OECD);
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Islamic Financial Services Board (IFSB);
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The World Bank (WB); and
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Committee on Payments and Market Infrastructure (CPMI).
