Regulatory Alerts2014-11-03
SAMA Corporate Governance Principles for Banks
The Saudi Arabian Monetary Agency issued a consultative framework requiring all domestic banks to review updated Basel Committee guidelines on corporate governance and submit feedback by 10 December 2014. The revised principles mandate that bank boards and senior management clearly allocate authority, align corporate culture with safety standards, protect stakeholder interests, and establish robust control functions. Incorporating lessons from the global financial crisis and Financial Stability Board peer reviews, these guidelines aim to strengthen bank soundness, ensure financial stability, and support broader economic growth.
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