The goal of setting these rules is to demonstrate Al-Jouf Agricultural Development Company’s approach to corporate governance, as Al-Jouf Agricultural Development Company is committed to applying high standards of corporate governance, and sound corporate governance is considered an essential tool in maximizing the value achieved for shareholders in the long term, which is consistent with its commitment to quality in All its operations and products
Governance regulation
The Governance Regulations issued by the Capital Market Authority are rules for leading and directing the company and include mechanisms for regulating the various relationships between the Board of Directors, executive directors and shareholders by setting special rules and procedures to facilitate the decision-making process and imparting a character of transparency and credibility for the purpose of protecting the rights of shareholders and stakeholders and achieving justice, competitiveness and transparency in the market. And business environment.
The role of shareholders in governance is to elect members of the Board of Directors, form the audit committee, appoint the independent auditors, determine their remuneration, reappoint them and change them, approve their reports, and ensure the efficiency and effectiveness of governance rules. The Board of Directors is responsible for setting the company’s strategic objectives, providing the leadership that works to achieve them, supervising the company’s management, and submitting reports to shareholders about their management of the company.
The corporate governance structure determines the distribution of powers and responsibilities to the various parties in the company, the board of directors, managers, shareholders, and others, in addition to setting rules and procedures for making decisions related to the company’s affairs. Thus, it provides a structure that allows setting the company’s goals and the means of achieving those goals and monitoring performance.
In this context, the Board of Directors of Al-Jouf Agricultural Development Company continued to perform its duties during the fiscal year 2022 AD and supervised the company’s operations in accordance with the corporate law, corporate regulations and regulations issued by the Capital Market Authority and the approved company governance regulations and their amendments. Based on Paragraph (1) of Article Ninety of the Corporate Governance Regulations issued by the Capital Market Authority, the company applies the mandatory articles contained in the Governance Regulations.
The Governance Regulations must be viewed in the context of the legislative frameworks applicable in the Kingdom of Saudi Arabia It is also necessary to take into account issues, requirements and other matters that are not covered by the rules of the Governance Regulations, especially the following matters: • Requirements of the Capital Market Authority and the Saudi Stock Exchange (Tadawul). • The Companies Law in the Kingdom of Saudi Arabia and related ministerial directives issued by the Ministry of Commerce. • The statute of Al-Jouf Agricultural Development Company.