Corporate Governance Country Assessment : Kingdom of Saudi Arabia

World Bank

Washington, DC

关键词: ACCESS TO INFORMATION;    ACCOUNTING;    ACCOUNTING STANDARDS;    ARBITRATION;    AUDIT COMMITTEE;   

RP-ID  :  62577

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Good corporate governance ensures thatcompanies use their resources more efficiently, protectsminority shareholders, leads to better decision making, andimproves relations with workers, creditors, and otherstakeholders. It is an important prerequisite for attractingthe patient capital needed for sustained long-term economicgrowth. This report provides an assessment of the Kingdom ofSaudi Arabia (KSA) corporate governance policy framework. Ithighlights recent improvements in corporate governanceregulation, makes policy recommendations, and providesinvestors with a benchmark against which to measurecorporate governance in KSA. The corporate governance laws,regulations, and institutions that have been put in placegenerally reflect international good practice. In the wakeof the market correction of 2006, market regulators focusedon the need for better corporate governance via legal andinstitutional reforms. These included passing a CorporateGovernance Regulation (CGR) for listed companies (2006), andfurther strengthening the supervisory functions across thefinancial sector. However, many of the laws and institutionsare still relatively new and untested; awareness of theimportance of good corporate governance is low, andimplementation by companies in its early stages.