The CMA announces issuance of CMA Board regarding application of a penalty of SR (100.000) on Gulf Cooperative Insurance Company for violation of clause (a) of Article (9) of Corporate Governance Regulations. No mentioning is made in the  Board of Directors decision attached with the financial statements for the year 2011 as to the corporate rules and regulations observed and not observed by the company and the reasons thereof. The company violated clause (b) of Article (14) of the Corporate Governance Regulations, it failed to issue, based on the Board of Directors decision, the rules governing selection of the audit committee members and their tenure and method of committee operation. It also violated clause (b) of Article (15) of the Corporate Governance Regulations , it failed to issue, according to the Board of Directors decision, the rules governing selection of the nomination and remuneration committee members and their tenure and method of committee operation.