The framework for Ma'aden's Corporate Governance is set by the provisions of the Corporate Governance Regulations issued by Capital Market Authority (CMA) of the Kingdom of Saudi Arabia, the Companies law and Ma'aden Articles of Association.
The objective of Corporate Governance is to ensure compliance with the best governance practices in order to protect the shareholders rights, as well as the rights of other stakeholders.
In its Articles of Association, Ma'aden creates the mechanism for the shareholders to exercise their rights during General Assembly Meetings, including the appointment of the Board of Directors at the General Assembly.
Ma'aden aims at complying with standards of corporate governance which are in accordance with the international best practice. We are sensitive to the expectations of our shareholder.
Ma'aden is diligent in its approach to reporting financial results and its ongoing communication with investor community, as well as fulfilling its disclosure obligations.
According to Ma'aden's Articles of Association, there are the following governing bodies:
- the General Assembly
- the Board of Directors
In the course of enhancing Ma’aden corporate Governance, the Company complies with all applicable laws and regulations and ensures its efficient application, by issuing a number of bylaws, policies and internal directives which aim to achieve quality and excelling in performance through choosing appropriate and effective methods to accomplish the Company objectives. This will enhance the Company mission of transparency and integrity and will maintain investors’ confidence in the Company.
These documents are:
- Corporate Governance Framework , which outlines corporate governance in order to achieve interest harmonization of the Company’s stakeholders (shareholders, management, employees, clients and society in general), therefore, corporate governance is not limited only to legal issues, abidance by the laws and regulations or risk management, however it is a system to govern the overall work of the Company.
- Conflict of Interest Policy, which will regulate conflict of interest and remedy the potential conflict of interest situations of Board of Directors Members, Executive Management and Employees. This includes misuse of the Company’s assets and facilities and the arbitrary disposition resulting from dealings with the related parties.
- Executive Committee Charter
- Audit Committee Charter
- Nomination & Remuneration Committee Charter
RELATIONS WITH SHAREHOLDERS
Ma'aden aims to meet and exceed the continuous disclosure obligations contained in the applicable Listing Rules of the CMA and places considerable importance on effective communication with its stakeholders and market participants.
Ma'aden's Investor Relations Department maintains continuous dialogue with the investor community at large, concerning their questions, suggestions and expectations of the Company. Sensitive feedback that is received is channeled to the President and CEO, who in turn, brings it to the attention of the Board for discussion and direction.
As part of Ma'aden's investor relations program, meetings with analysts and shareholders are held on a regular basis. In particular, presentations are made to analysts, fund managers and other market participants.
Ma'aden announces its quarterly and annual results to the Saudi Arabian Stock Exchange (Tadawul) in Riyadh.