Continuous training and qualification of the BOD members and executive management staff are key aspects of governance rules as this provides the directors and executive management staff with appropriate knowledge on all matters that are relevant to a company’s business activities. Such training contributes to enhancing their expertise and skills, and make them keep pace with developments in different relevant fields in a manner helping them perform their roles, and hence optimizing the business performance and achieving its objectives.
What are the regulatory requirements of BOD and Executive Management Training?
In accordance with the Executive Regulations of CMA Law – Module Fifteen (Corporate Governance), Section Eleven, Article (11-3), the BOD and the executive management members shall attend training programs an a continuous basis.
What are the proposed training programs and workshops for BOD and Executive Management?
The proposed training programs and workshops are as follows:
|1.||Role of BOD as per Law No. 7 of 2010 regarding the Establishment of Capital Markets Authority and Regulation of Securities Activity||
Companies Law, its Executive Regulations, and Executive Regulations of CMA Law, Module Ten
|2.||Securities Activities and integrity for registered position||Executive Regulations of CMA Law Module Five||1 Hour|
|3.||Rules for Managing Customers’ Funds and Assets||
Executive Regulations of CMA Law Modules Seven and Eight
|4.||Overview on Collective Investment Schemes||Executive Regulations of CMA Law Module Thirteen||1 Hour|
|5.||Corporate Governance Rules||Executive Regulations of CMA Law Module Fifteen||1 Hour|
|6.||Roles and Responsibilities of BOD and Executive Management||Executive Regulations of CMA Law Module Fifteen||1 Hour|
|7.||Internal Control and Risk Management Systems||Executive Regulations of CMA Law Module Fifteen||1 Hour|
|8.||Code of Ethics in Companies||Executive Regulations of CMA Law Module Fifteen||1 Hour|
|9.||BOD and Executive Management Appraisal Mechanisms||Executive Regulations of CMA Law Module Fifteen||1 Hour|
|10.||Shareholders’ Rights and General Meetings||Executive Regulations of CMA Law Module Fifteen||1 Hour|
|11.||BOD and Corporate Social Responsibility||Executive Regulations of CMA Law Module Fifteen||1 Hour|
|12.||Investors’ Relations Function in Companies||Executive Regulations of CMA Law Module Fifteen||1 Hour|
|13.||AML/CFT Updates||Executive Regulations of CMA Law Module Sixteen||1 Hour|
|14.||Strategic Planning Fundamentals||–||1 Hour|
|15.||IFRS Updates||IFRS||1 Hour|
|16.||Cyber Security Concept||–||1 Hour|
|17.||FATCA Updates||FATCA||1 Hour|
|18.||CRS Updates||Tax Information Exchange Agreement||1 Hour|
What are the rules for delivering training program/ workshop?
Each training program is delivered separately;
Programs are delivered either in Arabic or English language; and
Maximum number of participants in each training program will be 20 persons.
What is the added value to business entities from BOD Annual Workshop?
Ensure obtaining training programs and workshops, which helps them perform their roles;
Avoid risks of sanctions and penalties applied by regulators;
Enhance business entity’s reputation and confidence of stakeholders; and
Ensure compliance with the regulatory requirements of the regulators.