Disclosure & Transparency
Transparency, accuracy and timeliness of disclosure of information are the essential foundations of governance in the company. Advanced has developed a special policy for Transparency and Disclosure of information in accordance with the requirements of the Capital Market Authority and the Corporate System.
Disclosure Policies and Procedures
The company shall inform the Capital Market Authority and the public without delay of any significant developments fall within the framework of its knowledge or not available to the general public as set out in the Registration and Enrolment Rules.
The company’s shall prepare it’s comprehensive financial statements and related interpretations in accordance to the accounting standards in the Kingdom of Saudi Arabia, and shall disclose them in accordance with the Registration and Enrolment Rules, as follows:
- The company shall submit to the Capital Market Authority the preliminary financial statements upon approval, and shall be announced to shareholders within a period not exceeding fifteen working days from the end of the financial period covered by those financial statements.
- The company shall submit to the Capital Market Authority the annual financial statements and the Board of Directors report upon approval, and shall be announced to shareholders within a period not exceeding forty working days from the end of the annual financial period covered by the annual financial statements.
- The company shall announce through its website the interim financial statements and annual report of Board of Directors after the disclosure of the Capital Market Authority and the shareholders
Disclosure in the report of the Board of Directors
The company shall disclose all important information and publish the comprehensive annual report contains all of the Capital Market Authority requirements as stated in the Registration and Enrolment Rules, and the following shall be attached to company’s annual financial statements:
- Those not applied from the provisions of the Corporate Governance Regulations issued by the Capital Market Authority ( CMA ) and the reasons why they are not applied.
- Names of corporations that have a member of Advanced ‘s Board of Directors as a member of the boards of directors.
- The Board of Directors formation and classification of members shall be as follows: Executive member of board of directors, or Non-executive member of board of directors , or an independent member of board of directors.
- A brief description of the terms of reference of the committees key management tasks such as the Audit Committee and the Nomination and Remuneration Committee, with the names of these committees, their chairmen, members, and the number of meetings.
- Detailed description of remuneration and compensation paid to all members of the Board of Directors and five senior executives who received the highest bonuses and compensation from the company , in addition to CEO and CFO if they were not among them.
- Any punishment or penalty or restriction under reserve is imposed on the company from the Commission or from any supervisory or regulatory or other jurisdictions.
- The annual review results of the effectiveness of the Company ‘s internal control procedures.