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All locally incorporated banks licensed and operating in Saudi Arabia.
2.
Where a locally incorporated bank has majority owned subsidiary(ies) operating in the financial sector, it will either formulate group level Remuneration Policy and practices consistent with these rules for application across the group or will ensure that the subsidiary’s Remuneration Policy and practices are in line with these rules.
3.
Where a locally incorporated bank has majority owned subsidiary(ies) outside Saudi Arabia, it will ensure that the Remuneration Policy and practices of such subsidiary or branch are in accordance with these rules provided that there is no inconsistency with the legal and regulatory requirements of the host country.
4.
Foreign Banks Branches (FBB) licensed and operating in Saudi Arabia shall also follow these rules in designing their Remuneration Policy and practices for Saudi operations, taking into consideration the following:
a.
The responsibilities of the Board of Directors, relative committees and General Assembly stated in these rules should lie with the authority responsible for overseeing the business and operations of the FBB at the Head Office/Regional Office.
