Regulatory Alerts2017-03-12
Remuneration for Chairs and Members of Boards of Directors of Local Banks, Insurance Companies and Reinsurance Companies
The Saudi Arabian Monetary Authority (SAMA) issued this circular to establish a 500,000 Saudi Riyals annual upper limit for remuneration, allowances, and benefits for board members of local banks, insurance companies, and reinsurance companies. The regulation caps meeting attendance allowances at 5,000 Saudi Riyals per session and explicitly excludes reasonable actual expenses (such as travel and accommodation) from the annual limit. Furthermore, the Audit Committee is fully exempted from this 500,000 Riyals cap, ensuring compliance across all specified financial institutions.
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