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Published on the same date

The Issuance of the CMA Board Resolution Amending the Regulatory Rules and Procedures Issued Pursuant to The Companies Law Relating to Listed Joint Stock Companies

​Further to the CMA press release published on 23/03/2017G on obliging listing companies to allow shareholders to vote on the agenda of the general and special assembly meetings electronically via the electronic voting service "Tadawulaty" that is offered by the Saudi Stock Exchange (Tadawul), which applies to the assemblies for which a requests of no objection is submitted to the Authority regarding their holding  starting from 1/04/2017G.


And proceeding from the Capital Market Authority's program to achieve Saudi Arabia’s Vision 2030, in continuation of the CMA role in regulating and developing the rules governing the listed companies, in an endeavor to encourage shareholders to participate in the general assemblies of listed companies and to introduce ways to facilitate this, and based on the Capital Market Law issued by the Royal Decree Number (M/30) Dated 2/6/1424H, and the Companies Law issued by Royal Decree Number (M/3) Dated 28/01/1437H, the CMA board issued its resolution on amending paragraph (b) of Article 8 of the Regulatory Rules and Procedures issued pursuant to the Companies Law relating to Listed Joint Stock Companies as follows: "A company shall allow shareholders to vote on the agenda of the General and Special assembly meetings electronically, even if they did not attend those meetings, in accordance with the following rules:

  1.  electronic voting must allow shareholders to cast their votes, whether before or during the General Assembly and Special Assembly meeting, without the need to appoint a proxy to attend such meetings on their behalf;
  2.  The electronic voting on the agenda items of any General Assembly and Special Assembly meeting commences after the date of publishing the meeting's invitation, provided that such period shall not be less than three (3) days prior to the date of the meeting. The electronic voting on any agenda item of the General or Special Assembly shall stop when the discussion and the voting on that item are concluded in that Assembly".


Also, paragraph (b) of Article (8) of the Guidance Note to the Regulatory Rules and Procedures issued pursuant to the Companies Law relating to Listed Joint Stock Companies was amended in light of the above mentioned amendment.
 The Rules and Procedures and the Guidance Note may be viewed on the CMA website via the following links.

Rules  Proceduers - English

Guidance Notes - English