Referring to the requirements for appointment to senior positions in financial institutions under the supervision of SAMA, as communicated in accordance with Circular No. (1994/67) dated 10/1/1441H which specifies the minimum eligibility standards that financial institutions must adhere to when evaluating the suitability of individuals occupying or being considered for senior positions. It stipulates that a person in a senior role must have the necessary independence to perform the tasks and duties associated with the position and must not have interests, job commitments, or any other circumstances that could lead to a conflict of interest or affect their ability to perform the duties of the position in any way. In reference to the principles of conduct and work ethics in financial institutions, as communicated by Circular No. (72203/67) dated 4/12/1440 H Including a number of professional commitments for employees of financial institutions.

Given that SAMA issued the aforementioned instructions based on a number of Laws that it supervises, due to the nature of the financial sector and the importance of the efficiency of individuals holding senior positions, and their ability to perform their tasks in the best way, and considering that assigning or appointing any individual holding senior positions in financial institutions to general or specific tasks or other responsibilities such as memberships in boards of directors, committees, or similar entities; may affect the ability of those in senior positions within financial institutions to fulfill their job obligations and duties as stipulated in the laws and SAMA instructions or the internal policies of financial institutions in the best possible manner. Additionally, there is a potential for conflicts of interest between their functions in financial institutions and the positions for which they are nominated or occupy, which may influence SAMA's decision to grant non-objection to holding the senior position in the financial institution.

Based on the above, the financial institution must take the necessary steps to modify its internal policies to ensure that the incumbents of its senior positions obtain the financial institution's approval and meet SAMA’s non-objection requirements before accepting nomination or appointment/reappointment with any public or private entity, or assuming other responsibilities such as membership in boards of directors, committees, or similar roles. It should be noted that non-compliance with this is covered under the provisions of Article (20) of the aforementioned requirements.

Please refer to SAMA circular No. (1994/67), dated 10/01/1441H, and its amendments, to read the updated and the amended Requirements for Appointments to Senior Positions.