5.2 Compliance Report
Effective from Jan 05 2023 - May 31 2023
To view other versions open the versions tab on the right
| 56. | Banks are required to submit a semiannual Compliance Report to SAMA that includes an assessment of the bank’s existing remuneration practices and alignment with these rules; by assuring full compliance, or highlighting gaps along with an action plan (how to cover the gap, responsible persons/ department and target date) in addition to updates on the progress of the action plan until all gaps are covered. The report should include the items mentioned in Appendix-I. | |
| 57. | Banks shall submit, along-with the Compliance Report, the following about all types of remuneration: | |
| a. | Details of total remuneration including break-up of fixed and variable remuneration, and remuneration adjustments as per Appendix-II; | |
| b. | Details of remuneration of the top 12 highly compensated employees of the bank as per Appendix-III. | |
| 58. | Banks shall submit its semiannual Compliance Report for the second half year before March 31, and for the first half of the year before August 31. | |
| 59. | Banks shall submit the results of the annual review of the remuneration, and any consequential actions before March 31 of each year. | |