Executive Committee

1. Study and implement all tasks assigned to it by the General Committee.

2. Establish temporary or permanent sub-committees, including preparing a charter that, at a minimum, covers the name of the sub-committee, its purpose and goals, its role and responsibilities, its composition, the process for appointing and relieving members, whether the committee is permanent or temporary (with duration specified if temporary), meeting procedures, required reports, and their submission process.

3. Ensure that sub-committees comply with all applicable regulations, rules, guidelines, and instructions.

4. The Executive Committee has the right to reconstitute any of the permanent or temporary sub-committees and to dissolve them before their term ends through a decision made by a majority vote.

5. Evaluate and monitor the performance of existing sub-committees periodically to ensure their effectiveness.

6. Prepare a comprehensive report, accompanied by all charters and necessary documents, and provide it to the General Committee and the Central Bank. This report should include, at a minimum, key decisions made by the committee, the number of meetings held during the period, the names of attendees, as well as the names, status, and major achievements of sub-committees throughout the year.

7. Focus on contributing to the development of the finance sector in the Kingdom of Saudi Arabia by adhering to best practices and international standards that benefit the sector in general and its stakeholders in particular.

8. Take necessary actions to stay updated on all developments in the finance sector, particularly those related to international standards and guidelines issued by local and international bodies that work on enhancing corporate governance practices and regulations.

Chair of the Committee

9. Ensure the effectiveness and success of the committee, as well as continuously follow up on all tasks assigned to the committee.

10. Develop plans for the Executive Committee that will contribute to the accomplishment and advancement of the committee’s work.

11. Manage discussions and debates during Executive Committee meetings, providing a conducive environment for meetings that facilitates achieving the desired benefits from exchanging opinions and viewpoints efficiently.

12. Approve the charter for establishing any sub-committees.

13. Define strategies and priorities for implementing committee decisions and seek new ideas to improve and develop the committee's role.

14. Provide the Central Bank's representative with all documents through a handover report at the end of their term so the representative can then transfer the documents to the new Chair.

15. Communicate and follow up with the Central Bank regarding pending issues, performance improvement, and achieving the committee's objectives.

Deputy Chair of the Committee

16. If the Chair of the Executive Committee is absent, leaves, or is relieved before the end of their term, the Deputy Chair will assume their responsibilities.

Secretary

17. Prepare all arrangements for meetings, including the meeting venue.

18. Prepare the agenda, including all topics to be discussed in the meeting, and obtain approval from the Chair.

19. Send the agenda along with the documents to be discussed in the meeting to all committee members and a copy to the Central Bank's representative at least ten (10) working days before the meeting via email.

20. Prepare meeting minutes for all meetings, which should include at a minimum the names of attendees, all topics discussed, decisions voted on, objections, and cases of abstention, including reasons if any.

21. Send the meeting minutes to all committee members and the Central Bank's representative within five (5) working days after the meeting via email, before they are approved and signed by the Chair and the members. Comments and feedback should be provided to the Secretary within five (5) working days from receiving the minutes.

22. Keep all reports, minutes, and documents in a manner that allows for easy retrieval.

Deputy Secretary

23. If the Secretary of the Executive Committee is absent, leaves, or is relieved before the end of their term, the Deputy Secretary will assume their responsibilities.

Committee Members

24. Discuss all financial, operational, and regulatory issues, as well as all risks, opportunities, and key challenges they face, with the aim of exchanging expertise and achieving mutual benefits.

25. Stay informed about all developments in the finance sector, including new rules and changes to existing rules, whether issued by the Central Bank or other relevant regulatory bodies, as well as international developments.

26. Members must maintain high professionalism by actively participating in discussions during committee meetings.