Imposition of a penalty on Saudi Indian Company for Co-operative Insurance (Wafa insurance)

The Capital Market Authority announces the issuance of a CMA Board resolution to impose a penalty of SR 20,000 (Twenty Thousand Saudi Riyals) on Saudi Indian Company for Co-operative Insurance, due to its violation of clause (D) of Article (10) of the Corporate Governance Regulations. The Company did not lay down specific and explicit policies, standards and procedures, for the membership of the Board of Directors and implementing them after they have been approved by the General Assembly.

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Imposition of a penalty on Saudi Indian Company for Co-operative Insurance (Wafa insurance)