​In continuance of the role of the Capital Market Authority in regulating and developing the capital market, and based on the Companies Law issued by Royal Decree No. (M/3) dated 28/01/1437H, the CMA Board issued its Resolution to approve the amendments of the Corporate Governance Regulations, after the draft was published on the CMA's website for public consultation. The amendments shall be affective from its publication date.

The amendments of the Corporate Governance Regulations are; the amendment of the definition of "relatives" in Article 1 of the Corporate Governance Regulations, as well as determining the financial consideration that does not affect the independence of the independent Board member, in addition to changing sub-paragraph (10) of paragraph (c) of Article 20 of the Corporate Governance Regulations from "a guiding paragraph" to a "mandatory paragraph" starting from the term of the listed company's board that will be after 1/1/2019G, in addition to adding a new paragraph to Article 20 specifying the interest that does not affect the independence of the independent board member. Furthermore, amending paragraph (3) of Article 46 of the Corporate Governance Regulations, in a manner clarifying that the board of directors must assess the board member's competition with the company's business or if he/she is in competition with one of the branch activities that it conducts in accordance with the rules approved by the Board. In addition to other amendments related to Article 93 regarding to the disclosures of the senior executives.

The amendments of the Corporate Governance Regulations can be viewed via the following link:

Corporate Governance