The Capital Market Authority (CMA) Board of Commissioners held a meeting with a number chairmen of listed companies representing diverse market sectors, at its head office in Riyadh on Tuesday.
The meeting addressed the newly issued companies law, as well as discussions on ways of raising the level of governance within listed companies.
Further, discussions concentrated on the adoption of international accounting standards by early 2017, through the continuous development of the audit and accounting capabilities within listed companies.
The participants discussed the tasks and responsibilities of listed companies’ board of directors, including the significance of cumulative voting in choosing board members and standards for choosing independent board members.
Additionally, the participants reiterated ways to further support the audit committee within listed companies to conduct their work in a more effective manner in light of the newly introduced company law.
The CMA board also stressed the importance of raising the capabilities and skills of personnel in the financial and internal audit departments within listed companies.
CMA plans to hold future meetings with other listed companies as well as other market participants under the CMA regulatory authority, as part of the authority's continuing efforts to foster the development of the capital market and promoting its environment conducive to investment.
CMA discusses governance issues with listed firms
