Regulatory Alerts2024-05-07
Update of the Key Principles of Governance in Financial Institutions
SAMA has issued mandatory updates to the Key Principles of Governance in Financial Institutions, aligning them with the revised Companies Law and its implementing regulations. The amendments revise definitions for financial institutions and independent members, clarify board interest disclosures and voting restrictions, emphasize conflict-of-interest avoidance, and modify audit committee composition and tenure rules. These updated provisions take immediate effect and supersede conflicting prior SAMA instructions for all applicable financial entities.
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