Riyadh - Mubasher: The Saudi Capital Market Authority (CMA) approved the new corporate governance regulations, according to a statement issued on Wednesday.
The decision comes in efforts to develop the capital market in Saudi Arabia as well as regulate and monitor the businesses and activities of entities subject to its supervision through issuing implementing regulations and rules governing the capital market in Saudi Arabia.
“Corporate Governance Regulations aim to achieve the best investment of the potentials and resources of companies through the creation of a work environment on the basis of responsibility, control and commitment, taking into account the principles of clearness and transparency in determining the company's objectives, commercial strategic plans and identifying the rights and obligations of each entity of its entities,” the statement explained.
These regulations come as a joint effort of the CMA and the Ministry of Commerce and Industry, and under the CMA various initiatives to develop the capital market in Saudi Arabia.
