CMA Board of Commissioners recomposed

RIYADH — The Saudi Arabian Capital Market Authority (CMA) announced Tuesday that a Royal Order was issued to recompose the CMA Board of Commissioners (CMA Board) based on Article 7/b of the Capital Market Law. The newly recomposed CMA Board shall be as follows: 1) Mohammed bin Abdullah AlJadaan — Chairman 2) Mohammed bin Abdullah Elkuwaiz — Vice Chairman 3) Dr. Abdulrahman bin Mohammed AlBarrak — Member 4) Dr. Tariq bin Abdullah AlNaeem — Member 5) Wail bin Mohammed AlKahtani — Member The new composition of the CMA Board has included three new members: Elkuwaiz, Dr. AlNaeem and AlKahtani, who replaced the Vice Chair Abdulrahman bin Mohamed Al-Rashed and the two Commissioners Dr. Adnan bin Abdulfattah Soufi and Dr. Najem bin Abdullah Al-Zaid. Under the Capital Market Law, the term of the members shall be five years, except Dr. Al-Barrak who shall continue until the completion of the maximum period of the commissioner’s term of 10 years expiring on January 23, 2019. The CMA explained that such composition of overlapping terms of the CMA Board members is in line with best international practice of capital market authorities as it will better allow the transfer of expertise and knowledge from continuing members to new ones. The recomposed board possesses expertise and qualifications that will enrich the business of the CMA Board and the Authority's developmental and regulatory ambitious journey. The board includes experts in the Saudi Capital Market, who worked with various investment institutions and banks, legal expertise with focus on regulatory and capital market, corporate and privatization in addition to expertise and qualifications in finance, accounting, research, information systems with experience and exposure to public service and membership of various boards including government and privately owned corporates.