Law of Small and Medium Enterprises Bank

Without prejudice to the NDF’s powers, the Board shall be in charge of setting the general policy of the Bank, within the limits of this Law and other relevant laws. It shall undertake the tasks and assume the powers necessary to achieve the Bank's objectives. It may, for such purpose, take any decisions or measures or set any procedures it deems appropriate, particularly the following: 1. Proposing draft laws relating to the Bank’s functions and proposing Law of Small and Medium Enterprises Bank amendments to existing laws, in preparation for submission for completion of statutory procedures. 2. Approving policies and strategies relating to the Bank's activity as well as the plans and programs necessary for their implementation, and taking necessary measures for matters requiring further action. 3. Supervising the Bank's implementation of the tasks entrusted thereto. 4. Approving the Bank’s organizational structure. 5. Approving the administrative and financial regulations and other bylaws governing the Bank’s operations, provided that the financial regulations and the provisions of the administrative regulations which have financial impact are approved in agreement with the NDF. 6. Approving financing and determining its types and the maximum limit for each type. 7. Approving the types of financial and non-financial services provided by the Bank to SMEs. 8. Approving fees for services provided by the Bank and setting criteria for determining such fees, in agreement with the NDF. 9. Approving the Bank’s borrowing and other forms of indebtedness, including the issuance of sukuk and bonds, in accordance with controls agreed upon with the National Debt Management Center and the NDF. 10. Approving the establishment of Bank branches within the Kingdom as needed. 11. Reviewing the CEO’s periodic progress reports on the Bank’s activities, and taking necessary decisions thereon. 12. Evaluating the performance of the executive management. 13. Approving the conclusion of agreements and contracts, in accordance with applicable statutory procedures. 14. Approving the acquisition and sale of all types of property as well as liens and other guarantees. 15. Proposing the types, methods, and mechanisms for investing Bank funds and submitting the same to the NDF’s Board of Directors for approval. 16. Approving the Bank’s draft budget, final account, and annual report and submitting the same to the NDF’s Board of Directors for review, in preparation for completion of applicable statutory procedures. 17. Accepting grants, donations, gifts, bequests, and endowments in accordance with applicable provisions. 18. Approving the funding of centers specialized in financing innovation, entrepreneurship, and the capacity building of SMEs as well as related training programs, in universities, academies, and institutes, and approving the provision of specialized training programs in such fields, in accordance with applicable statutory procedures, and in coordination with Law of Small and Medium Enterprises Bank relevant agencies. 19. Appointing a certified external auditor, or more, and a comptroller. 20. Proposing the Bank’s key performance indicators, and submitting the same to the NDF’s Board of Directors for approval. To this end, the Board may form standing or ad hoc committees from among its members or others and delegate certain powers thereto. The formation decision of each committee shall name its chairman and members, and shall determine the powers of the committee and the remuneration of its chairman and members. Each committee may seek the assistance of any person it deems appropriate to carry out the tasks assigned thereto. The Board may also delegate certain powers to its Chairman, Vice-Chairman, or any of its members, or to the CEO, any of the committees, or any Bank personnel, as dictated by the Bank’s interest.