​The Capital Market Authority the issuance of a CMA Board resolution to impose a fine of SR 40,000 (Forty Thousand Saudi Riyals) on  Saudi Ceramic Co. due to its violation of paragraph (E) of Article (12) of the Corporate Governance Regulations. The company did not comply with the sufficient number of independant members when forming its Board of directors as the independent members of the Board of Directors shall not be less than two members, or one-third of the members, whichever is greater.