C. Corporate Governance
Effective from Jan 01 2024 - Dec 31 2023
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| 13. | Applicants must satisfy the requirements set out in SAMA’s Principles of Corporate Governance for Banks Operating in Saudi Arabia with regard to the composition and functioning of the Board. Applicants must also satisfy SAMA that they have policies and related procedures in place to ensure that persons who hold the key positions within the proposed bank are fit and proper, in accordance with SAMA’s Requirements for Appointments to Senior Positions in Financial Institutions Supervised by the Saudi Arabian Monetary Authority (SAMA). |
| 14. | SAMA may consult other regulators (domestic and overseas) regarding the suitability of individuals who will manage the affairs of the proposed bank. Where necessary, applicants will be expected to provide SAMA with consent to seek details in this regard. |