The Capital Market Authority (CMA) Board of Commissioners held a meeting recently at its head office in Riyadh, with a number of board Chairman's of listed companies' representing diverse market sectors. The meeting addressed the newly issued companies law, as well as discussions on ways of raising the level of governance within listed companies. Further, discussions concentrated on the adoption of international accounting standards by early 2017, through the continues developing of the audit and accounting capabilities within listed companies. The participants discussed the tasks and responsibilities of listed companies board of directors , including the significance of cumulative voting in choosing board members and standards for choosing independent board members. Additionally, the participants reiterated ways to further support the audit committee within listed companies to conduct their work in a more effective manner in light of the newly introduced companies law. The CMA Board also stressed on the importance of raising the capabilities and skills of personnel in the financial and internal audit departments within listed companies. CMA plans to hold future meetings with other listed companies as well as other market participants under the CMA regulatory authority, as part of the Authority's continues efforts to foster the development of the capital market fostering an environment conducive to investment.
