{"id":34866,"date":"2022-03-21T10:53:35","date_gmt":"2022-03-21T07:53:35","guid":{"rendered":"https:\/\/amlak.net.sa\/?p=34866"},"modified":"2022-03-21T10:53:35","modified_gmt":"2022-03-21T07:53:35","slug":"%d9%85%d9%82%d8%a7%d9%84%d8%a7%d8%aa-%d8%a3%d9%85%d9%84%d8%a7%d9%83-%d8%b3%d8%a7%d9%85%d9%8a-%d8%b9%d8%a8%d8%af%d8%a7%d9%84%d8%b9%d8%b2%d9%8a%d8%b2-%d9%8a%d9%83%d8%aa%d8%a8-%d8%b9%d9%86-%d9%85%d8%b3","status":"publish","type":"post","link":"https:\/\/amlak.net.sa\/en\/34866\/","title":{"rendered":"Articles... Sami Abdulaziz writes about the responsibilities of the board of directors and the basic requirements for members"},"content":{"rendered":"

Prepare Senior management<\/a> The most important elements of success in the management system of each company or organization are that the management structure consists of a set of components that contribute to organizing work and distributing roles among the experts to achieve the set goals. The management structure in joint-stock companies consists of a board of directors consisting of a chairman and members, then an executive chairman and department managers. The articles of association of joint-stock companies determine the number of board members according to the size and nature of the company\u2019s activity, so that there must be at least three members and no more than eleven members.<\/p>\n\n\n\n

Responsibilities of the Board of Directors:<\/strong><\/strong><\/p>\n\n\n\n

 \u2013 The Board of Directors sets the strategies, key objectives, plans, and policies, and oversees their implementation and performance review on a periodic basis.<\/p>\n\n\n\n

\u2013 Board members submit proposals to develop and update the company\u2019s strategy. <\/p>\n\n\n\n

\u2013 The board of directors can increase the authorized capital.<\/p>\n\n\n\n

\u2013 Appointment and dismissal of managers and employees to develop and improve performance.<\/p>\n\n\n\n

\u2013 Invitation to hold the company\u2019s extraordinary general meeting.<\/p>\n\n\n\n

Basic requirements for board membership:<\/strong><\/strong><\/p>\n\n\n\n

\u2013 Scientific qualification and practical experience in the same activity of the company.<\/p>\n\n\n\n

\u2013 Enjoying leadership skills.<\/p>\n\n\n\n

\u2013 The ability to read financial reports and statements.<\/p>\n\n\n\n

Relationship with the executive departments:<\/strong><\/strong><\/p>\n\n\n\n

The board members monitor the performance of the executive management and its achievement of the objectives, and they also determine the rewards and express their opinion on the appointment and dismissal of executive employees.<\/p>\n\n\n\n

 The board is responsible for communicating with shareholders and stakeholders by developing a written policy that governs this relationship.<\/p>\n\n\n\n

Board Meetings:<\/strong><\/strong><\/p>\n\n\n\n

Board members are required to attend Board meetings; members are also required to study and analyze the information before expressing an opinion on it.<\/p>\n\n\n\n

Prohibitions on a member of the board of directors:<\/strong><\/p>\n\n\n\n

\u2013 Exploiting the company\u2019s internal information for personal interests or financial dealings.<\/p>\n\n\n\n

\u2013 Accepting gifts from anyone who has dealings with the company.<\/p>\n\n\n\n

The Board of Directors holds regular meetings to effectively perform its duties; the Board of Directors meets upon the invitation of its Chairman or upon the request of at least two of its members.<\/p>\n\n\n\n

\u2013 The company\u2019s bylaws determine the minimum number of board meetings per year, so that they are not less than twice; they also determine the legal quorum for attendance and the number of members so that the meeting becomes legally valid.<\/p>","protected":false},"excerpt":{"rendered":"

Reading time: <\/span> < 1<\/span> Minute<\/span><\/span>Senior management is the most critical element of success in the administrative system of any company or institution, as the administrative structure consists of a set of components that contribute to organizing work and assigning roles to specialists in order to achieve the established goals. The management structure in joint-stock companies consists of a board of directors comprising a chairman and members, followed by a chief executive officer and department heads. The articles of association of joint-stock companies specify the number \u2026 Read more<\/a><\/p>","protected":false},"author":10,"featured_media":30881,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"0","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","_seopress_news_disabled":"","_seopress_video_disabled":"","_seopress_video":[],"_seopress_pro_schemas_manual":[],"_seopress_pro_rich_snippets_disable_all":"","_seopress_pro_rich_snippets_disable":[],"_seopress_pro_schemas":[],"amlak_video_sent":"","footnotes":""},"categories":[104],"tags":[],"class_list":["post-34866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-and-regulations"],"acf":{"amlak_post_excerpt":"","amlak_post_excerpt_source":{"label":"Amlak 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