Ma’aden is fully committed to a best practice approach and the highest standards in relation to Corporate Governance.
The core objective of our approach to Corporate Governance is to maintain a robust documentary and procedural framework which ensure ongoing compliance with best governance practices at all times; all of which are aimed at protecting the rights of shareholders and other stakeholders.
The framework for our Corporate Governance is established by the provisions of the Corporate Governance Regulations issued by the Capital Market Authority (CMA) of the Kingdom of Saudi Arabia, all applicable laws and our Articles of Association.
Through its Articles of Association, Ma'aden has created the mechanism for its shareholders to exercise their rights during General Assembly Meetings, including the appointment of the Board of Directors at the General Assembly.
Ma'aden complies with corporate governance standards that are in accordance with international best practice.
Ma’aden is diligent in its approach to reporting financial results and to ongoing communication with the investor community, as well as fulfilling the company’s disclosure obligations.
The ultimate responsibility for the management of Ma’aden rests with the Board of Directors, including the approving of a Corporate Governance code for the company in accordance with the Corporate Governance Regulations.
The Board of Directors has created the following committees to clearly delegate and assign authority:
- Executive Committee
- Audit Committee
- Nomination and Remuneration Committee; and
- Safety and Sustainability Committee.
Ma’aden complies with all applicable laws and regulations and ensures their efficient application through several bylaws, policies and internal directives designed to achieve best corporate governance practice and operational excellence, and to fulfil the company’s strategic objectives.
The core suite of Ma’aden’s Corporate Governance documentation includes:
- Articles of Association
- Corporate Governance Framework
- Conflict of Interest Policy
- Executive Committee Charter
- Audit Committee Charter
- Nomination & Remuneration Committee Charter
- Safety and Sustainability Charter.
In accordance with our best practice approach, Ma’aden’s Corporate Governance team undertakes an ongoing review of the core suite, together with all ancillary and related governance documentation.
Any material amendment to a core Corporate Governance Document requires the approval of the General Assembly and/or the Board of Directors, as applicable.