Capital Market Authority: Decision 132/2021 Issuing the Principles of Corporate Governance for Companies in Which the Government Owns Shares

Arabic

Based on the Commercial Companies Law promulgated by Royal Decree 18/2019,

 and the approval of the Board of Directors of the Capital Market Authority,

 and in pursuance of public interest,

it is hereby decided

Article I

The provisions of the attached principles hereby apply in regard to the governance of companies in which the government owns shares.

Article II

Companies addressed by the provisions of the attached principles shall rectify their status in accordance with their provisions within a period not exceeding 12 (twelve) months from the date of their entry into force. The current boards of directors of companies continue until the end of their term, after which they must be reformed in accordance with the provisions of the attached principles.

Article III

All that is contrary to this decision and the attached principles, or in conflict with their provisions, is hereby repealed.

Article IV

This decision must be published in the Official Gazette, and comes into force on the day following the date of its publication.

Issued on: 30 Safar 1443
Corresponding to: 6 October 2021

Sultan bin Salim bin Said Al-Habsi
Minister of Finance
Chairman of the Board of Directors of the Capital Market Authority

Published in Official Gazette 1412 issued on 17 October 2021.