In the realm of a rapidly globalizing world – characterized by liberalization of markets, relatively free trade, sophistication of financial products and instruments, and growing awareness among customers, good corporate governance is essential in establishing an attractive investment climate characterized by competitive companies and efficient financial markets. SANAD Cooperative Insurance and Reinsurance J.S.C is a Saudi registered company with a listing on the Saudi stock market. We are therefore subject to Saudi laws and regulations including those that are issued by the Board of Capital Market Authority Pursuant to Resolution No. 1/212/2006 dated 21/10/1427AH (corresponding to 12/11/2006) based on the Capital Market Law issued by Royal Decree No. M/30 dated 2/6/1424AH (CMA) regarding corporate governance regulations in Saudi Arabia.
SANAD adopts a strong set of values, which strengthen teamwork, professionalism, customer-connection, and continuous improvement. These values form the ground upon which SANAD is managed and controlled. In keeping with this spirit, whilst the Board of SANAD is responsible for the maintenance of sound corporate values, it believes that implementation is best managed at an operational level.
The corporate governance framework is based on the best international practices and the CMA instructions which help ensure that the Board of Directors plays a leading role in the strategic guidance of the company and to achieve corporate governance principles of fair treatment with all stakeholders, transparency and disclosure of SANAD’s actual financial and administrative standing, accountability between the Board of Directors and the executive management, between the Board and shareholders as well as between the Board and the various stakeholders, in addition to accountability through the clear segregation of duties and delegation of authority.