10 Days
Source:
عكاظ
Board members' role in financial accountability
Corporate governance in the Kingdom of Saudi Arabia has evolved from theoretical principles to an integrated legal framework, where legal responsibility now falls on members of boards of directors and their committees, with sanctions imposed for violations. The system emphasizes the importance of transparency and full disclosure of financial data, and penalties are applied for any manipulation or material errors in financial statements. Additionally, the responsibility of board members now encompasses oversight and supervision, holding them personally accountable in cases of significant violations. This reflects the Kingdom's approach to strengthening trust and credibility in the financial markets as part of Vision 2030.
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