CMA unveils general assemblies’ electronic system for listed firms

22/12/2016 05:49 AST

The Saudi Capital Market Authority (CMA) has launched the electronic system for general assemblies to help listed companies to know how to request CMA’s approval on convening the shareholders’ general assembly meeting and agenda.

The system explains for listed companies the procedures to apply for requesting CMA’s approval to convene shareholders’ general assembly meeting and agenda, the mechanism on how to apply, the information needed, date and time specification, how to log the meeting items and upload the documents, in addition to the provisions that listed companies should consider when applying.

This step comes as part of CMA’s efforts to carry its responsibilities as stated in the Companies Law. That is in addition to its role in regulating and developing the capital market, protecting investors from illegal and unsound practices, working to achieve justice and transparency in securities transactions, as well as CMA’s strategy to develop the infrastructure of the Capital Market and improve the regulating environment by developing the tools and instruments that could help listed companies achieve the highest level of compliance.

The Law, which listed companies can find on CMA’s website, explains the information that should be available for each item in the request for CMA’s approval to convene a shareholders’ general assembly meeting and agenda in addition to the information that should be available in the approval on amending an item from the shareholders’ general assembly meeting that was previously reviewed by CMA.

Saudi Gazette