The Saudi Central Bank (SAMA) is currently inviting public consultation on proposed amendments to the governance principles of financial institutions under its control and supervision.
Aim of Amendments
The aim of these amendments is to align with the governance principles regarding recent changes in the Companies Law and its regulations. This move reflects SAMA’s commitment to enhancing the regulatory framework governing financial institutions in Saudi Arabia.
Public Participation
SAMA emphasizes the importance of public feedback in shaping these amendments. It has extended an invitation to interested parties and specialists to provide their inputs and suggestions.
This approach underlines the bank’s dedication to transparency and the incorporation of a wide range of perspectives in its policy-making process.
Scope of Governance Principles
The proposed amendments target governance areas in financial institutions, such as banks, finance companies, and insurance firms which are under SAMA’s oversight. Consequently, these principles are crucial for effective governance and align with local and international standards.
Furthermore, SAMA’s revision and public consultation on financial governance principles significantly improve Saudi Arabia’s financial regulatory framework. Moreover, this approach ensures compliance and promotes system stability and integrity.
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