Your access and use of SAMA Regulatory Rulebook and its content is considered as an acceptance and approval of commitment by you without any limitation or condition to the following:
SAMA Regulatory Rulebook is a platform that aims to assist the regulated entities to access SAMA regulatory content adeptly and efficiently.
SAMA Regulatory Rulebook is still on its development and soft launch stage. SAMA is not liable for its contents and does not warrant or represent that (the Services related to the platform, information or material presented in the platform) is displayed free of any inaccuracies, omissions, or errors (“Faults”). SAMA accepts no liability for any loss, claim or damage resulting from any use of the platform, and any decisions made, or actions taken based on the information contained in or generated by the platform.
SAMA Regulatory Rulebook has no legal effect and it does not aim to amend or revoke any legal provisions. The Rulebook still Contains some documents under review, including translated versions. Therefore, SAMA Regulatory content circulated through SAMA official channels remains in force.
Without prejudice to the terms of use of SAMA website Hereby, you acknowledge that any illegal, unauthorized use and/or any breach of any of these provisions may result in legal actions against you.
The report should cover all actions taken by the bank to comply with SAMA rules or other related regulations. It should contain at a minimum the following information:
1.
Composition of the Nomination and Remuneration Committee including the names, qualification, status (whether shareholder, independent, non-executive) and terms of reference of the Committee;
2.
Confirmation to the effect that the bank has formulated a Remuneration Policy for Senior Management with the approval of the General Assembly, and a Remuneration Policy for all other employees approved by the Board of Directors. The policies should be annexed with the report;
3.
Confirmation to the effect that all employment contracts negotiated or renegotiated after issuance of SAMA’s rules are compliant with these rules. Also information regarding the number of contracts, if any, which were in force at the time of issuance of SAMA rules but are still non-compliant with these rules along-with the reasons thereof and the timeline for their regularization;
4.
Details of the measures taken to ensure compliance with these rules by the bank’s subsidiaries and the name and location of all such subsidiaries and branches to which these rules have been applied;
5.
Categories of employees and their number to which the measures taken to implement SAMA rules apply. Such categories of employees should, inter-alia, include senior management, employees engaged in risk taking activities as defined in the Remuneration Policy, employees working in control functions, other employees of the bank and outsourced employees/service providers (engaged in material risk taking activities on behalf of the bank, if allowed under the SAMA’s Rules on Outsourcing). Definitions for each category of those employees should be provided as well in detail;
6.
Listing down the material changes to date in the remuneration practices of the bank/subsidiaries since implementation of these rules. Each of these changes should be elaborated with supporting information;
7.
Description of / reference to the disclosures made in the bank’s Board of Directors Annual Report with regard to risk management framework, internal controls and Remuneration Policy and practices;
8.
Confirmation to the effect that the bank has established appropriate compliance arrangements by seeking commitment from their employees not to use personal hedging strategies or remuneration - and liability - related insurance to undermine the risk alignment effects embedded in their remuneration arrangements;
9.
Any unexpected issues that have been encountered to date in the implementation of these rules should be enumerated;
10.
Details of the steps planned for the next half-year for further refinement of the remuneration practices.
