- By adopting and following the Code of Corporate Governance, SCC confirms its desire to practice and promote good corporate governance by developing the following:
- Responsible, accountable and value-based management.
Effective oversight that acts in the best interests of SCC and its shareholders, including minority shareholders, and that seeks to enhance shareholder value in a sustainable manner.
Appropriate information disclosure and transparency, as well as an effective system of risk management and internal control.
- In order to foster the confidence of our shareholders, employees, investors, and the general public, we aim to surpass the benchmarks already set by the legal and regulatory framework in the Kingdom of Saudi Arabia today.
- Our code also embraces both national and internationally recognised corporate governance principles and practices.
- Our governing bodies and employees understand and are committed to ensuring that the code’s provisions and its spirit are adhered to throughout SCC, and its subsidiaries and associated companies.
- SCC’s Code of Corporate Governance framework follows these principles:
- Accountability: Our code establishes SCC’s accountability to all shareholders, and guides the SCC’s Board in setting strategies and monitoring the management of the company.
Fairness: SCC is dedicated to protecting shareholder rights and ensuring the equitable treatment of all, including minority shareholders. All shareholders are to be granted effective redress for any violation of their rights.
Transparency: SCC ensures that timely and accurate disclosure is made on all material matters regarding the company, in a manner easily accessible to interested parties.
Responsibility: SCC recognises the rights of other stakeholders as established by laws and regulations, and encourages full co-operation in creating a sustainable and financially sound enterprise.
DISCLOSURE AND TRANSPARENCY REPORTS
- Transparency, and timely and accurate information disclosure, is a key corporate governance principle for the company.
- As such, we provide easy access to all material information, including the financial situation, performance, ownership and the governance, and structure of the company to shareholders free of charge.
- SCC also distributes a comprehensive annual report, and discloses its corporate governance practice, corporate events calendar and other information material in its annual financial statements published in newspapers and on the Tadawul website.
- These financial statements are prepared in accordance with Saudi Accounting Standards (SOCPA) as well as the International Accounting Standard and are audited by a recognised independent auditing firm of international reputation.
- As a publicly listed company, SCC’s disclosure policy follows all applicable laws of the Kingdom of Saudi Arabia, and the best interests of SCC and its shareholders.
- In addition to mandatory requirements as set forth by the Capital Market Authority and Tadawul, SCC also includes information such as board member details, performance evaluation procedures and business transactions in its Board of Directors’ report on corporate governance.