Saudi CMA Drafting Experince on Public Counsultation 1 CMA Experience In Seeking Public Consultation for CG Regulations.

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Presentation transcript:

Saudi CMA Drafting Experince on Public Counsultation 1 CMA Experience In Seeking Public Consultation for CG Regulations

Saudi CMA Drafting Experince on Public Counsultation 2 Stages of Drafting the Saudi Corporate Governance Regulations. The Consultation Experience What have We Gained?

Saudi CMA Drafting Experince on Public Counsultation 3 The Context Who is developing CG? –CMA (Young organization, CML flexibility) –Is CG a totally new concept? (40 years old Company Law, Labor Law, other law) Why CG? –Part CM development –Part of investor protection. Saudi CG is meant for listed companies?

Saudi CMA Drafting Experince on Public Counsultation 4 Stages of Drafting the Saudi Corporate Governance Regulations

Saudi CMA Drafting Experince on Public Counsultation 5 Development Team formation by the CMA board on August 13, Participating in CG workshops and conferences. Reviewing & Studying: Governance principles enunciated by international organizations, including the OECD. The experiences of many regional and international countries including: Oman, Singapore, Malaysia, USA, United Kingdom. Best Saudi companies practices in the area of governance. Relevant rules & regulations in Saudi laws, particularly the Companies Law and Capital Market Law and its implementing regulations. Stages of Drafting the Saudi Corporate Governance Regulations

Saudi CMA Drafting Experince on Public Counsultation 6 ‌CMA board approved the draft of CG regulations for consultation on July 2nd, The draft of CG regulations was posted at CMA web site for public consultation & feedback immediately. Suggestion & responses could be sent by , fax, or surface mail. Stages of Drafting the Saudi Corporate Governance Regulations

Saudi CMA Drafting Experince on Public Counsultation 7 Meeting with a number of related parties: The Ministry of commerce and Industry, the National Committee of the Saudi joint stock companies, Council of Saudi Chambers of Commerce. The issuance of the CG Regulations by the CMA board on November 11 th, The issuance announcement and press release emphasized the contributions from the public. CMA explicitly expressed its appreciation and serious consideration to all received comments. Stages of Drafting the Saudi Corporate Governance Regulations

Saudi CMA Drafting Experince on Public Counsultation 8 The Consultation Experience

Saudi CMA Drafting Experince on Public Counsultation 9 We received high-quality observations. Both content and form of CG provisions have improved. Very wide interest for CG in the media and from the public. The Saudi Chapter of CFA translated the CG draft and sent it CFA experts. A very special interest appeared from The Committee of the National joint stock companies in the Saudi council of Chamber of Commerce. The committee toke the initiative to solicit observations on CG draft from the Saudi companies and forwarded them to CMA. The Consultation Experience

Saudi CMA Drafting Experince on Public Counsultation 10 More than 42 Saudi joint stock companies sent their observations directly to the CMA. During the consultation period Hawkama Institute (Dubai) in cooperation with Institute of International Finance (IIF) visited the Saudi CMA. They provided an assessment of corporate governance in the Gulf. Other contributing parties were: The Saudi Organization for Certified Public Accountants (SOCPA). The Saudi Economics Society. Faculty from Saudi university. Legal, financial offices, and brokerage companies. The Consultation Experience

Saudi CMA Drafting Experince on Public Counsultation 11 A lot of press articles and TV discussions forums raised many observations on the CG draft. CMA collected and considered all raised issues. Observations through constitute 60% of the total responses received. Some came from out of the Kingdom. Observations after the deadline were also considered till the date of issuance of the regulations. The Consultation Experience

Saudi CMA Drafting Experince on Public Counsultation 12 What have we gained?

Saudi CMA Drafting Experince on Public Counsultation 13 Consultation brings us closer to what we think the best CG practices that are relevant to the kingdom. Higher levels of awareness of CG in the public mind which should ease CG acceptance Getting the public involved in regulations development and hence acceptance. The feedback from local and international experts has been fruitful. What have we gained?

Saudi CMA Drafting Experince on Public Counsultation 14 Thank you for your attention Corporate Governance Team