CMA fines Al-Khodari board members SAR 100,000 for violating corporate governance

Saudi Arabia’s Capital Market Authority (CMA) imposed a fine of SAR 100,000 on each board member of Abdullah A. M. Al-Khodari Sons Co. during the period from March 31, 2019 to May 7, 2020, due to their violation of corporate governance regulations and the Companies Law.

According to a statement on Tadawul, the company violated paragraphs (i) and (r) of Article (213) of the Companies Law and paragraph (9) of Article (22) of the corporate governance regulations, as it did not approve the company’s annual financial statements for the period ending December 31, 2018.

The CMA urged all the boards of directors of listed companies to adhere to all of the board’s statutory duties and responsibilities, which include the approval and publication of the financial statements for the companies listed on Tadawul within the specified time frame.