Requirements for Appointments to Senior Positions

Without prejudice to any other relevant regulations or instructions, these Requirements shall be applicable to Financial Institutions. 3. Priority for Appointment or Interim Appointment Priority for appointment to Senior Positions shall be given to Saudi candidates. If the Financial Institution nominates a non-Saudi candidate to be appointed or interim appointed to a Senior Position, the Financial Institution shall provide justifications for the nomination, demonstrate the non-availability of a qualified Saudi candidate for the position, develop and include an approved plan for replacement in the written non- objection request submitted to SAMA. The plan shall include the procedures, programs and courses the Financial Institution use and conduct to train and qualify Saudi candidates for such positions, as well as the time period required. 4. Appointment or Interim Appointment to the Following Positions Shall be Limited to Saudi Candidates: a. Director of Human Resources; b. Director of Information Security/ Cyber Security; c. Director of Information Technology; d. Chief Compliance Officer; e. Director of Anti-Money Laundering and Counter-Terrorist Financing; f. Director of Anti - Financial Crimes; g. Director of Anti -Fraud; h. Director of Legal Affairs; i. Director of Governance/ Secretary of Board of Directors; j. Director of the department concerned with providing information or executing the decisions issued against customers by SAMA (Financial Enforcement Department); k. Director of Customer Services in insurance companies; l. Director of Motor Claims in insurance companies; and m. Director of Individual Sales in insurance companies. 5. Replacement and Succession Planning : 5.1 The Financial Institution shall develop a policy approved by the board of directors as follows: a. replacement: determine the senior management positions in the Financial Institution that are held by non-Saudis, and then train Saudi staff to be qualified to hold such positions within a specified period of time; and b. succession planning: determine the key positions affecting the work and stability of the Financial Institutions, and then train Saudi staff to be qualified to hold such positions once they become vacant, enabling the Financial Institution to continue its work. 5.2 The Policy provided for in paragraph (1) of this Article shall, as a minimum, include the following: a. such positions, including, as a minimum, the senior management positions indicated in the attached appendices ( 1 , 2 , 3 , 4 , 5 & 6 ); b. specialized training programs and courses to be continuously implemented by the Financial Institutions to train and qualify the Saudi candidates for such positions; and c. regulatory framework developed for the Policy that includes implementation procedures. 5.3 The Policy shall ensure the provision of qualified Saudi talents to hold such positions gradually by using the best practices and programs in the field.