Chapter 5 Senior Positions that Do Not Require Sama’s Non-Objection
No: 42064776
Effective from 2021-04-24 - Apr 23 2021 To view other versions open the versions tab on the right
24.
The Financial Institution shall establish clear and precise policy, standards and procedures to ensure that candidates for and holders of positions that do not require SAMA’s non-objection meet and continue to meet the fitness and propriety criteria throughout their tenure. Such policy, standards and procedures shall, as a minimum, cover the provisions hereof.
25.
The Financial Institution’s board of directors shall be responsible for ensuring the fitness and propriety of candidates for positions that do not require SAMA’s non-objection, including candidates for Senior Positions in the Financial Institution’s subsidiaries or its overseas branches, in accordance with these Requirements and the Financial Institution’s relevant policies and procedures.
26.
All assessments of candidates conducted by the Financial Institution shall be supported by relevant information and data and shall be properly documented.
27.
SAMA shall have access to the data collected or procedures conducted by the Financial Institution in the context of the nomination, appointment or interim appointment to Senior Positions that do not require SAMA’s non-objection.
