Regulatory Alerts2019-01-01
Board of Directors Decision No. (58) of 2019
The General Authority for Financial Supervision issued Decision No. (58) of 2019 to amend governance controls for investment funds structured as joint stock companies. The decision mandates that fund articles of association establish a board of directors comprising three to nine members, with a strict majority requirement for independent directors who must be non-executive, non-shareholder individuals without recent affiliations to the fund or its service providers. Existing funds are required to align their governance structures within one year of the decision's effective date, with independent director tenure capped at six consecutive years and mandatory notification to the Authority upon any board member's departure.
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