In a press release issued today, the Saudi Arabian Capital Market Authority (CMA) announced that a Royal Order was issued to recompose the CMA Board of Commissioners (CMA Board) based on Article 7/b of the Capital Market Law. The newly recomposed CMA Board shall be as follows:
1) HE Mohammed bin Abdullah AlJadaan Chairman
2) Mohammed bin Abdullah Elkuwaiz Vice Chairman
3) Dr. Abdulrahman bin Mohammed AlBarrak Member
4) Dr. Tariq bin Abdullah AlNaeem Member
5) Wail bin Mohammed AlKahtani Member
The new composition of the CMA Board has included three new members: Mr. Elkuwaiz, Dr. AlNaeem and Mr. AlKahtani, who replaced the Vice Chair Abdulrahman bin Mohamed Al-Rashed and the two Commissioners' Dr. Adnan bin Abdulfattah Soufi and Dr. Najem bin Abdullah Al-Zaid.
As per the Capital Market Law, the term of the members shall be five years, except Dr. Al-Barrak who shall continue until the completion of the maximum period of the commissioners'' term of ten years expiring on 17/5/1440H corresponding to 23rd January 2019G. The CMA explained that such composition of overlapping terms of the CMA Board members is in line with best international practice of capital market authorities as it will better allow the transfer of expertise and knowledge from continuing members to new ones.
The CMA extended its gratitude and appreciation to the Custodian of the two holy mosques, the crown prince and the deputy crown price for their continued great support.
The CMA has extended its worm gratitude to incumbent members of the CMA Board for their great efforts during their term and valued their positive contribution in supporting the mission of the CMA in regulating and developing the market. The CMA said they had an important role in strengthening number of initiatives, decisions and policies adopted throughout their term.
The recomposed board possess expertise and qualifications that will enrich the business of the CMA Board and the Authority's developmental and regulatory ambitious journey. The board include experts in the Saudi capital market, who worked with various investment institutions and banks, legal expertise with focus on regulatory and capital market, corporate and privatization in addition to expertise and qualifications in finance, accounting, research, information systems with experience and exposure to public service and membership of various boards including government and privately owned corporates.
The CMA has extended its best wishes to its new board for the most success in its new term.
-Ends-
© Press Release 2016
