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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.
