Saudi Arabia’s stock exchange, the Arab world’s largest, plans to start disclosing ownership information of top executives at listed companies as the kingdom steps up efforts to increase transparency.
The Tadawul will require all companies trading on the exchange to submit ownership disclosures for its board members, chief executive officers, chief financial officers or top executives for publication on the bourse’s website, according to a statement on Monday. The data is to be published daily, it said.
Almost a year after Saudi Arabia allowed foreigners to invest in stocks directly, the nation is seeking to raise governance and transparency standards and increase its level of communication with investors as part of efforts to double the size of the stock market in about seven years. The Capital Market Authority on Sunday released the names of nine foreign institutions qualified to invest in the kingdom’s stocks directly, including HSBC Holdings Plc and Citigroup Inc.
The bourse said it will start implementing the executive disclosures, which will be applied in addition to current policies, on the first trading day following the Eid Al-Fitr holiday, corresponding to July 10.
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