Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) announced the restructuring of its board as per a royal decree, based on the Capital Market Law Article 7/b.
Mohammed Aljadaan and Mohammed bin Abdullah Elkuwaiz will remain in their positions as the chairman and the vice chairman of the authority, respectively.
Moreover, Abdulrahman Al Barrak, Tariq bin Abdullah AlNaeem and Wail bin Mohammed AlKahtani will be appointed as board members, according to CMA statement on Tuesday.
“The term of the members shall be five years, except Al Barrak who shall continue until the completion of the maximum period of the commissioners' term of ten years expiring on 23 January, 2019,” the announcement said.
The composition of the CMA board is in line with the international practice of capital market authorities, which set forth that the authorities’ boards should be changed on two stages to transfer of expertise and knowledge from continuing members to new ones.
