Companies Law

1. The CMA shall be the Competent Authority to supervise and monitor joint- stock companies listed in the capital market, and shall issue rules to regulate their operations, including the regulation of mergers if a party thereto is a company listed in the capital market. 2. The Competent Authority shall set regulations for the governance of joint- stock companies including rules for company leadership and management. Such regulations shall govern relationships between the board of directors, executive management, shareholders, and stakeholders; ensure that company shareholders carry out their roles and exercise their rights; ensure that the board of directors, board committees, and company committees carry out their roles and enhance their efficiency; set rules for the formation of boards of directors and the nomination for membership therein including rules and procedures to facilitate the decision-making process and promote transparency and credibility to protect the rights of shareholders and stakeholders and achieve competitiveness and transparency in the market and business environment; and set rules and procedures for the governance of general assemblies and determination of their powers. The Ministry may set regulations for the governance of other companies which include the items provided for in this paragraph in a manner not inconsistent with their nature. 3. The Ministry may set the rules and procedures necessary to ensure that it obtains the information of the actual beneficiaries of companies subject to the provisions of this Law, except with regard to joint-stock companies listed in the capital market. 4. The Minister and CMA Board shall, each within its powers, issue the rules and decisions necessary for the implementation of the provisions of this Law. Companies Law