Toward New Corporate Governance Standards In The Kingdom Of Saudi Arabia
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Toward New Corporate Governance Standards In The Kingdom Of Saudi Arabia Lessons From Delaware
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Author : Meshal Faraj
language : en
Publisher: SABIC Chair for IFMS
Release Date : 2016-02-14
Toward New Corporate Governance Standards In The Kingdom Of Saudi Arabia Lessons From Delaware written by Meshal Faraj and has been published by SABIC Chair for IFMS this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-02-14 with categories.
There is currently a debate in the Kingdom of Saudi Arabia is over how directors of publicly held companies can be held accountable. Before addressing this question, we should determine when it is that a director violates her or his duties. This study seeks to bring focus to the accountability system in Saudi Arabia. It investigates a legal defect in that system: the Saudi Companies Law incorporates standards of conduct but lacks standards of review. This study argues that although directors’ duties have been formulated so that there are areas left to be developed by courts, Saudi judges do not retain residual lawmaking powers which they could use to fill a regulatory vacuum. It builds upon empirical evidence to prove the underlying reasons that the context has changed, which ultimately has created the need to reform the Saudi fiduciary duties system. New cases in Saudi Arabia evoke some of the contours of Delaware corporate law. New cases have triggered standards of conduct violations that might be identical to fiduciary violations in Delaware. Therefore, this study proposes to transplant Delaware standards of review to Saudi Arabia. It argues that the contextual change in Saudi Arabia after the establishment of the Capital Market Authority would make this transplant more significant. Closer analysis suggests that both systems are consensus on the shareholder primacy model. This convergence on the shareholder model inevitably ensures a functional convergence in the long run.
Toward New Corporate Governance Standards In The Kingdom Of Saudi Arabia
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Author : Meshal Faraj
language : en
Publisher:
Release Date : 2014
Toward New Corporate Governance Standards In The Kingdom Of Saudi Arabia written by Meshal Faraj and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Corporate governance categories.
Corporate Governance Country Assessment
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Author : World Bank
language : en
Publisher:
Release Date : 2009
Corporate Governance Country Assessment written by World Bank and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Good corporate governance ensures that companies use their resources more efficiently, protects minority shareholders, leads to better decision making, and improves relations with workers, creditors, and other stakeholders. It is an important prerequisite for attracting the patient capital needed for sustained long-term economic growth. This report provides an assessment of the Kingdom of Saudi Arabia (KSA) corporate governance policy framework. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in KSA. The corporate governance laws, regulations, and institutions that have been put in place generally reflect international good practice. In the wake of the market correction of 2006, market regulators focused on the need for better corporate governance via legal and institutional reforms. These included passing a Corporate Governance Regulation (CGR) for listed companies (2006), and further strengthening the supervisory functions across the financial sector. However, many of the laws and institutions are still relatively new and untested; awareness of the importance of good corporate governance is low, and implementation by companies in its early stages.
Corporate Governance Country Assessment
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Author : Weltbank
language : en
Publisher:
Release Date : 2009
Corporate Governance Country Assessment written by Weltbank and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Good corporate governance ensures that companies use their resources more efficiently, protects minority shareholders, leads to better decision making, and improves relations with workers, creditors, and other stakeholders. It is an important prerequisite for attracting the patient capital needed for sustained long-term economic growth. This report provides an assessment of the Kingdom of Saudi Arabia (KSA) corporate governance policy framework. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in KSA. The corporate governance laws, regulations, and institutions that have been put in place generally reflect international good practice. In the wake of the market correction of 2006, market regulators focused on the need for better corporate governance via legal and institutional reforms. These included passing a Corporate Governance Regulation (CGR) for listed companies (2006), and further strengthening the supervisory functions across the financial sector. However, many of the laws and institutions are still relatively new and untested; awareness of the importance of good corporate governance is low, and implementation by companies in its early stages.
Corporate Governance
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Author : Mohammed Takuk Alsanosi
language : en
Publisher:
Release Date : 2010
Corporate Governance written by Mohammed Takuk Alsanosi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Corporate governance categories.
This work discusses the extent to which the standards of corporate governance in Saudi Arabia correlate to international standards. In order to answer this question the analytical study looks at corporate governance standards in the United Kingdom and the United States. It also looks at the concept of wealth preservation in Islamic Sharia, in addition to the concept of corporate governance in Islamic Sharia from the perspective of modern Sharia specialists. The study also deals with the way in which the European Union deals with corporate governance issues among EU member nations. The study concludes that although corporate governance measures in Saudi Arabia are being implemented, they can still go further to reach international standards. The study closes by emphasizing the role of the Capital Market Authority in advancing corporate governance in Saudi Arabia and makes suggestions and recommendations aimed at improvement of these standards and the creation of an attractive investment environment for the Saudi capital market.
The Relationship Between Total Management Team Tmt Compensation And Corporate Governance
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Author : Basmah Altuwaijri
language : en
Publisher:
Release Date : 2017
The Relationship Between Total Management Team Tmt Compensation And Corporate Governance written by Basmah Altuwaijri and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
This research aims to evaluate emergent or new dimensions of corporate governance (CG) practice in the Kingdom of Saudi Arabia as demonstrated by selected companies listed in the Saudi stock exchange. The research seeks to enrich existing literature in the field for best practice and cutting-edge research applications by undertaking the tripartite processes of: (1) analyzing the firm size elasticity of total management team (TMT) compensation; (2) investigating the simultaneous relationship between TMT compensation and firm performance, controlling for the firm size and other firm-specific variables; and (3) evaluating the impact of the firm board control on TMT compensation accounting for the firm's ownership structure, including vital policies related to board control, ownership shares, composition, membership, and other firm specific variables. The results of this research will have important implications for both companies and policy makers, as the outcomes guide companies toward best CG practices and encourage policy makers to leverage these regulations to improved performance of the listed companies. The research outcomes will also afford guidelines on how to use the board composition and its control on TMT in the alignment of the goals of top executives with that of the owners of the firm by structuring TMT pay.
An Evaluation Of The Current Rules And Regulatory Framework Of Corporate Governance In Saudi Arabia
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Author : Abdullah Alshowish
language : en
Publisher:
Release Date : 2016
An Evaluation Of The Current Rules And Regulatory Framework Of Corporate Governance In Saudi Arabia written by Abdullah Alshowish and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Current Practices Of Saudi Corporate Governance
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Author : Faleh Salem B. Al Kahtani
language : en
Publisher:
Release Date : 2013
Current Practices Of Saudi Corporate Governance written by Faleh Salem B. Al Kahtani and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
One of the most debated issues is that of corporate governance. The topic has been investigated by scholars from several scientific fields including the legal. Indeed, corporate governance has been examined by a great number of law scholars, with particular regards to the improvement of various aspects. For example, effective corporate governance focuses on protecting and advancing aspects related to shareholders' rights, the board of directors and corporations' internal and external audit systems. The main objective of this research is to suggest reformation to the Saudi corporate governance framework in order to achieve satisfactory corporate governance practices. The second purpose of the research is to investigate the current practices involved in Saudi corporate governance arrangements. The final aim is to determine how a Saudi corporate governance framework would most benefit corporate governance from the Islamic perspective. This study intends to provide a regulatory analysis to influence those regulations that should be implemented to adjust corporate governance practices as they affect the Saudi capital market. The researcher found that Saudi corporate governance has been promulgated in accordance with principles of on-going international corporate governance. Alternatively, the Islamic perspective on corporate governance has been debated more recently, as an idea that needs to be progressed in order to provide associated benefits to the corporate governance framework in Saudi Arabia. Therefore, Saudi corporate governance provisions can be seen as based largely on positive man-made laws. The researcher further discovered that Saudi corporate governance as an institutional framework is divided between several institutions, whether internal or external, which might result in some ambiguity when it comes to implementing good corporate governance practices. However, the research results revealed that Saudi corporate governance provisions have to be reformed in accordance with popular worldwide corporate governance principles, namely the UK Corporate Governance Code, the UK Companies Act and the OECD principles of corporate governance produced.
Corporate Governance In The Kingdom Of Saudi Arabia
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Author : Ahmad Abdulaziz Al-Zaid
language : en
Publisher:
Release Date : 2012
Corporate Governance In The Kingdom Of Saudi Arabia written by Ahmad Abdulaziz Al-Zaid and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Corporate governance categories.
The State As A Shareholder
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Author : Meshal Faraj
language : en
Publisher:
Release Date : 2019
The State As A Shareholder written by Meshal Faraj and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Different studies show that partially privatized firms outperform their private peers in Saudi Arabia. Ownership of Saudi government of publicly traded companies may be feasible economically, but legally creates a hard case. The literature of corporate governance is still unable to absorb the implications of government ownership. This study attempts to examine those implications and its impacts on jurisdictions featuring dual judicial legal systems (administrative and civil courts) through presenting Saudi Arabia case. The Saudi government adopts the single tier board structure. Under this structure, only shareholders are entitled to elect board of directors. When the government holds a controlling stake, its leverage over a firm's affairs is difficult to challenge. Shedding lights on the Saudi experiment with government ownership, this study attempts to answer two questions that result from government ownership: procedurally, which court will review the government's actions, the administrative court or commercial court? Substantially, what law will govern these actions? The available evidence on the performance of firms partly owned by the government emphasizes the efficiency of government ownership. This implies that when the government exercises its rights as a shareholder it acts in a business-like capacity. Therefore, this study finds that its actions would be reviewed by the Commercial Courts and the Companies Act (Saudi Corporate Law) applies to it. Although there is no lawsuits against the government as a shareholder supporting this conclusion, but analyzing current regulations and rules would draw this conclusion. Finally, this article sketches policy implications scrutinizing potential proposals aimed at eliminating the complications of state intervention in the stock market.