Regulatory Alerts2024-02-04
Remuneration for Members of Boards of Directors and Committees
The financial regulator requires institutions to disclose comprehensive remuneration packages for board and committee members. The annex details compensation components, including fixed allowances, attendance fees, in-kind benefits, profit-sharing percentages, granted shares, and role-specific rewards. All monetary values must be quantified in thousands of riyals and categorized by membership type to ensure transparent executive pay reporting.
Annex Report on Total Rewards for the Board of Directors and its Committees. The name of the council/com mittee member Membershi p type (Board/Com mittee Member "--" Executive, NonExecutive, Independent ) A specifi c amoun t (The total value in thousa nds of riyals) Attenda nce allowan ce The total value (in thousan ds of riyals) In-kind benefi ts The total value in thousa nds of riyals. A percent age of the profits Specify it with the total value in thousan ds of riyals The grante d shares Specify it with the total value in thousa nds of riyals The reward of the chair man of the counci l or the memb er. The delega te, or the secret ary if he/she is a memb er (the total value in thousa nds of riyals). Other or Anoth er (The total value in thousa nds of riyals) The total in thousa nds of riyals The total in thousands of riyals.