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Effective from Oct 23 2022 - Oct 22 2022 To view other versions open the versions tab on the right
All members of the board of directors or any of its committees must meet the professional eligibility, and the appointment and ‘fit and proper’ criteria set by SAMA. In particular, the member must:
1.
Not combine work in supervising or auditing the Company with being a member in the board of the Company.
2.
Not have been dismissed from a leadership or executive position in a financial institution as disciplinary measure.
3.
Not be a board member in another real estate financier
4.
Not have been convicted of violating the provisions of any penal law, the Banking Control Law, the Capital Market Law, the Cooperative Insurance Companies Control Law and its regulations, finance laws and their regulations, or any other laws or regulations inside or outside Saudi Arabia.
5.
Not have been previously convicted of a breach of trust offense, unless rehabilitated, or unless 10 years have passed since the completion of the sentence and on the condition of obtaining a no-objection letter from SAMA.
6.
Have the sufficient solvency and have not breached any financial obligations towards their creditors nor have given an indication that they are unable to continue to meet their financial obligations towards their creditors.
7.
Be informed of laws and instructions relevant to finance and fully versed in the tasks and responsibilities of board members.
