Investor Relations





Ma’aden’s objective is to follow governance leading practices that are most relevant to its business. While we have not yet fully achieved that objective, we are determined to expedite that journey. We believe that compliance and ethics go hand-in-hand with outstanding business performance.

The compliance culture at Ma’aden starts at the top of the organization whereas integrity is one of Ma’aden values that aims to work within it in all its transactions with its Employees, Customers, Suppliers and all other parties who have a relationship with the company regardless the size of dealing, and is supported by a compliance team that is empowered and responsible for successfully implementing relevant policies, procedures, training and monitoring that are aligned with sound ethics and business strategy. Ma’aden’s compliance function assists senior management in identifying, evaluating, controlling and monitoring on an on-going basis, the compliance risks affecting the Company. Where weaknesses have been found through its reviews, the compliance function recommends appropriate controls and remedial actions.


Ma’aden issues several of policies and procedures in order to protect the company’s values and enhance better Corporate Governance. These policies capture the framework that of how Ma’aden conducts its business and managing its relations with public and stakeholder . Therefore, Ma’aden always updates its policies and procedures to be aligned with any new regulations and best practice. The annual internally auditing process that our compliance team do is considered to be an effective tool for supporting compliance to detect any gaps and take correction plan about it. Also, the auditing process helps to discover any potential conflict of interest.

The most important documents of compliance at Ma’aden are:


Ma’aden Code of Conduct form the basic principles that steer Ma’aden’s dealings with all our constituencies, particularly our customers, suppliers and communities.

Employees are assured that continued strict observance of these standards, even at the risk of adverse business consequences, will be supported by the senior management of Ma’aden. Deviation from them, on the other hand, will be grounds for appropriate disciplinary or other action, which action may include termination of employment and referral of such conduct to the concerned authorities.

Ethics, which is one of the four pillars of Ma’aden’s approach to sustainability, goes beyond rules. Ethical practices create an internal value system that drives people to do the right thing. Rules, policies, and procedures are developed out of a need to comply with law or to keep order; ethics produces behaviors that are not merely reactions to mandates.

Download Code of Conduct Handbook


The Conflict of Interest Policy requires Board members, executive management and employees to disclose actual or potential conflicts of interest and provides a mechanism for addressing potential conflicts of interest. Potential conflicts of interest arise where an individual’s private interests, financial or otherwise, may interfere with the interests of Ma’aden.


“Ma’aden” Anti-Corruption Policy aims to guide all employees and stakeholder to conduct all business in an honest and ethical manner. We take a zero-tolerance approach to bribery and corruption. We are committed to acting professionally, fairly and with integrity in all our business dealings and relationships wherever we operate and implementing and enforcing effective systems to counter bribery and corruption.

We will uphold all laws that apply to us and laws relevant to countering bribery and corruption. We are bound for example by Saudi Arabia’s laws and regulations, including the Combating Bribery Law (“CBL”), the National Strategy for Protecting Honesty and Combating Corruption.

Therefore, Anti-corruption Policy and its Procedures are designed to be a reference for all employees when dealing with any third parties including customers, suppliers, service provider, government bodies and others.


Ma’aden is Saudi Arabia’s largest diversified mineral resource company. Excellence in our management of health, safety and environment (HSE) risk is integral to the way we do business, and further reflects our accountability concerning active stewardship and progress towards sustainable development.

Ma’aden’s HSE policy provides the foundation for our group’s overriding commitment to continually improve our health, safety, environment performance and standards in gold, base metals, phosphate, aluminium, and our other industrial mineral projects. The company’s objective is to have zero harm to people and the environment.


Ma’aden and its affiliated companies are fully committed to the very highest standards of business integrity. We believe that it is critical to our joint success that Ma’aden, and Supplier employees maintain the highest ethical standards and be aware of, and adhere to, all applicable laws. Our business relationships are founded on trust. Ma’aden has zero tolerance toward conflicts of interest, or even the appearance of one, in any dealings. As such, all Supplier employees are required to conduct themselves with the highest standards of honesty, fairness and personal integrity at all times.

We understand that it is essential that all parties to supply chain activities feel confident in the fairness and transparency of the process, this is why we have codified the ethical responsibilities of our Suppliers in the Supplier Code of Conduct. The code establishes a policy for all current and potential Ma’aden Suppliers who are, or who wish to be, registered with Ma’aden. In a competitive global environment, we inevitably encounter situations that will test our judgment and integrity. When that test arises, the code can guide us to address ethical questions before taking action. It reflects our commitment to conducting business in an ethical, legal, safe, and environmentally and socially responsible manner, and requires each of our Suppliers to share and demonstrate this commitment in order to be considered for, to do, or continue to do business with Ma’aden.

This Supplier Code of Conduct establishes a Policy for all current and potential Ma’aden Suppliers. Ma’aden Suppliers include vendors, manufacturers, contractors, and sub-contractors who are registered with Ma’aden and seeking to provide goods, services, or personnel (including consultants) to Ma’aden or which are currently parties to agreements for such purposes with Ma’aden or one of its contractors. The term Ma’aden as used herein includes Ma’aden and its subsidiary companies.


One of the 2013 highlights in governance is the finalization of our Whistleblowing Policy, which was welcomed by the National Anti-corruption Commission (Nazaha) as the first such policy in Saudi Arabia. The policy aims to ensure the integrity of our policies and all applicable law, by providing a facility for employees to report violations or possible violations.

The Whistleblowing Policy aims to encourage staff to provide any information that will help management detect, correct and report irregularities, unethical behavior and actions that may be illegal and violate the company’s policies, procedures and ethical standards. The policy is consistent with Article 10 of the Corporate Governance Regulation issued by the Capital Markets Authority (CMA).


In the annual report of the company there is part illustrates Ma’aden corporate governance and compliance activities during the year:


For enhancing and protecting company’s values, the company encourages reporting any legal violations and unethical behavior according to the whistleblowing policy via the following tools:

Whistleblowing website

Tel: 00966114567345
Fax: 00966114566780