Article 29
| No: 2/MFC | Date(g): 24/2/2013 | Date(h): 14/4/1434 |
Effective from Feb 24 2013 - Mar 07 2013
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The Finance Company shall develop an internal corporate governance rules and implement a specific regulation for corporate governance and provide SAMA with a copy of the regulation after its approval by the Board. The corporate governance code shall at least address the following:
| 1. | The description of the organizational structure, including all departments and functions and their tasks and responsibilities; | |||
| 2. | Independence and separation of duties; | |||
| 3. | Roles of the Board, its committees, and the composition and duties of each. | |||
| 4. | Remuneration and compensation policies; | |||
| 5. | Conflict of interest controls; | |||
| 6. | Integrity and transparency controls; | |||
| 7. | Compliance with applicable laws and regulations; | |||
| 8. | Methods for securing confidentiality of information; | |||
| 9. | Fair dealing; and | |||
| 10. | Protection of Company’s assets. | |||