The Capital Market Authority in Saudi Arabia announced that the board of the Authority issued yesterday, Monday, its decision to suspend the association contract for companies listed in the financial market in attendance until further notice, and only hold their contract through Modern technology means that enable shareholders to participate in its deliberations and vote on its decisions through the system (My Trades) provided by the Securities Depository Center Company (deposit).
This decision comes in the interest of the safety of dealers in the financial market and within the support of preventive and precautionary efforts and measures by the competent and relevant health authorities to address the new Corona virus (COFED - 19) And as an extension of the continuous efforts made by all government agencies in the Kingdom of Saudi Arabia to take the necessary preventive measures to prevent its spread.
The Capital Market Authority indicated that the Securities Depository Center (deposit) company, and within the framework of these efforts, announced that registration of attendance will be made available to shareholders in the societies starting from the day Thursday, March 26, 2020, by entering the (deliberative) system where voting will continue for the source’s shareholders until the end of the association’s time.
It is noteworthy that the automatic voting service for companies listed on the Saudi financial market has been available to all shareholders since April 2017, through the (Tadawati) system.
The service enables the shareholders to participate in the decisions of the shareholders ’societies of the listed companies and provides them with an opportunity to exercise their rights easily and shortly, and shorten the time and effort for the shareholders located in cities and geographical regions that are long distances away from The location of the assemblies, where automatic voting allows the shareholders a sufficient period to view the association’s articles in full details before they are held, which helps them to take their decisions, study them and analyze them effectively.
