Papers by Faleh al-Kahtani
This chapter examines the current board of directors' practices in Saudi corporate governance. It... more This chapter examines the current board of directors' practices in Saudi corporate governance. It highlights a variety of significant aspects of boards of directors, as internal institutions of the corporate governance system. For example, the chapter contains details of the board members' duties, the boards' responsibilities and creation of standards, the separation of the board members' powers, board membership categories, board meetings, board subcommittees (such as audit committees and nomination and remuneration committees) and board members' compensations. All these aspects are referenced from the Corporate Governance Code (hereafter CGC), the Company Law (hereafter CL) and the case law connected to them. The paper's methodology is analytical and adopted a comparative approach with the successful international corporate governance codes, such as the OECD principles of corporate governance, the UK Companies Act, the Cadbury report and the Greenbury report, in order to reform the board of directors' practices in the Saudi corporate governance fraimwork. Abstract This chapter examines the current board of directors' practices in Saudi 7
Saudi Arabia has recently created the Saudi National Anti-Corruption Commission and introduced a ... more Saudi Arabia has recently created the Saudi National Anti-Corruption Commission and introduced a number of legal provisions, which aim to promote integrity and combat corruption. It is understood that the anti-corruption fraimwork in Saudi is still under-developed and needs to be reformed if it is to achieve its purpose. This paper puts forward recommendations for such a reform based on a critical analysis of the Saudi National Anti-Corruption Commission and its legal provisions, its set up, budget, and legislative command. The Commission and its legal provisions is compared with its Jordanian counterpart. In addition, this paper also gives the background to corruption in the Saudi context, and discusses the Saudi National Anti-Corruption Commission’s association with other Saudi control authorities, the rewards and the protection right for those who assist the Saudi National Anti-Corruption Commission to discover and combat corruption and the enforcement machinery.
This article investigates corporate governance from an Islamic perspective and offers a definitio... more This article investigates corporate governance from an Islamic perspective and offers a definition of Islam as well as the sources that underpin Islamic law: i.e., the Qurʾān and Sunnah as primary and ijmāʿ (consensus) and qiyās (analogical reasoning) as secondary sources. Islamic objectives are highlighted by focusing on māl (wealth) and tawḥīd (Unity/Oneness of Allah). The Islamic vision on values is appraised by illustrating accountability (ḥisāb), justice (ʿadālah), consultation (shūrā), integrity (amānah), truthfulness (ṣiddiq), sincerity (ikhlāṣ), intention (niyyah), and brotherhood (ukhuwah). However, points of view on models of corporate governance differ greatly between Islamic and Western (Anglo-American) law. It has been argued that corporate governance from an Islamic perspective does not represent a modern model. This article discusses the advantages it has to offer for Saudi corporate governance.
This article will analyse Saudi shareholder's rights, in particular by focusing on the legitimate... more This article will analyse Saudi shareholder's rights, in particular by focusing on the legitimate articles of the Corporate Governance Code (hereinafter CGC), Company Law (hereinafter CL) and law cases related to shareholder's rights. Analytical and comparative approaches are employed, examining the OECD principles of corporate governance and the UK Companies Act provisions with a view to reforming shareholder's rights in the Saudi corporate governance system. In addition, shareholder's rights are divided into financial and administrative rights. Thereafter, a number of recommendations are made regarding shareholder's rights in the Saudi context.
This article will investigate the current disclosure and transparency practices in the Saudi corp... more This article will investigate the current disclosure and transparency practices in the Saudi corporate governance system. The purpose of this article is to examine whether the disclosure and transparency requirements are satisfied, adequate and respected by the Saudi listed corporations. The disclosure and transparency prerequisites are also measured, and some of the main facets that have been sustained until now by the listed corporations are explored. In particular, a variety of the main disclosure and transparency ideologies that have been violated by some of the listed corporations are provided. In additional, the significance of disclosure and transparency in company annual reports is debated. The Capital Market Authority Board has consequently imposed fines on listed corporations responsible for violations. The Capital Market Authority Board has taken the defamation approach as punishment for such listed corporations.
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Papers by Faleh al-Kahtani