Shoura Council Secretary-General Muhammad Al-Ghamdi said the differences among members surfaced when the Economic and Energy Affairs Committee presented Sunday a draft bill on company ordinances.

Article 76 of the proposed bill states that members of the board of directors in companies in the Kingdom shall be paid incentives for services rendered to companies.

The house postponed the discussions for a later date since some of the members needed time to discuss the pros and cons of the article in detail.

Al-Ghamdi explained that the new bill would replace the existing company ordinance, which was introduced in the Kingdom in 1965. The secretary general said the members are going through the articles in the draft regulation meticulously so as to make new regulations compatible to the current business environment in keeping with the economic developments of the Kingdom.

The draft law comprises 226 articles included in 12 chapters. Last week the council approved the first two chapters of the bill. The members already agreed to place a nominal value of SR10 per share from a public quoted company. However, the members said that the value could be increased depending on the strength of a particular company provided the Ministry of Commerce and Industry and the Capital Market Authority give the green light for such enhanced share value.

The secretary-general hoped that the bill would be passed by the council as quickly as possible.  “The members have sought more time to peruse the bill,” he added.

The spokesman said the draft regulation aims to develop a comprehensive system for companies to develop their businesses, which include a code of conduct for businessmen, rules for the formation of companies, their functions, dissolution, control of funds and liquidation.

Meanwhile, Shoura Council Deputy Chairman Abdulrahman Al-Barrak, received on Sunday Gustavo Manuel, member of  the Spanish House of Representatives and Official Spokesman of the Popular Party Group at Foreign Relations Committee.

Talal bin Mahmoud Dahi, chairman of Foreign Affairs Committee of the Shoura Council, held a meeting with Manuel on Sunday.

They reviewed a number of topics and issues of common interest between the Kingdom and Spain, and ways to strengthen bilateral relations in various fields, especially parliamentary relations.

The meetings were attended by Spanish Ambassador Pablo Bravo.