The Ministry of Commerce and Investment has started applying the controls of the regulation of shareholding companies that are not listed on the financial market this week, and the new regulation affects the company's shares, shares allocated to employees, treasury shares that the company has purchased and retained, and preferred shares issued by the company and entitle their owners to receive a higher percentage than the owners of ordinary shares of the net profits of the company after setting aside the statutory reserve.
The Ministry of Commerce and Investment directed the branches of the Ministry in the regions and governorates to start implementing the provisions of the new regulation.
His Excellency the Minister of Commerce and Investment Dr. Majid bin Abdullah Algosaibi directed the Ministry's branches in the regions and governorates to start implementing the provisions of the new regulation, which indicated that if it is confirmed that the payment of bonuses to any of the board members was based on misleading or incorrect information that was presented at the General Assembly or included in the Board of Directors" report, he must return it to the company and the company has the right to demand its return.
The new regulation requires the board of directors to disclose in its annual report the details of the remuneration policies, the mechanisms for determining them, and the remuneration paid to each of its members for any executive, technical or administrative work or positions assigned to the company.
The new regulation requires that the company's board of directors disclose in its annual report the details of the policies related to remuneration and the mechanisms for determining it.
The new regulations emphasize that a board member who fails to attend three meetings and whose membership is terminated will be required to return any remuneration he received for that period.
The new regulations emphasize that a board member who fails to attend three meetings and whose membership is terminated will be required to return any remuneration he received for that period.
The new regulations clarify that shareholders may participate in ordinary assembly meetings, deliberations and access to the agenda and related documents by means of modern technology through direct video and audio transmission.
The new regulations emphasize that a member of the board of directors who fails to attend three meetings and is decided to be terminated will be required to return the remuneration received for that period.
