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definition of governance;

I define it as the general framework consisting of policies, procedures and operations, which is based on risk management, performance and communications to achieve the organization's strategic and operational goals.

Governance rules:

Ensuring a review of the financial performance and the extent of compliance with the law.
Supervising the company's social responsibility.
Ensuring the existence of administrative structures to hold the company's management accountable to its shareholders.
Existence of independent monitoring of managers and accountants (non-company employees).
The existence of a fair voting process that ensures the disclosure of all material facts and enables shareholders to exercise their ownership rights.
The main objective of governance is to protect four parties:

Companies (Raising the level of performance + helping to stay in a competitive environment)
Shareholder's interest
The national economy (raising the level of corporate income + stimulating the company's performance level + attracting foreign investment).
Stakeholders (to ensure the safety of the parties benefiting from the growth of the company and the increase in its profits)

Principles of corporate governance according to the OECD:

Ensure a sound basis for an effective governance framework.
Shareholders' rights and the basic work of owners.
Fair treatment of shareholders.
The role of stakeholders in governance.
Disclosure and transparency.
Responsibility of the board of directors.
 

pillars of governance;

The goals of the company
company management
the responsibility
Not in conflict with the law
 

Factors affecting governance:

interior:
How decisions are made and the distribution of powers within the organization.
Clarity of strategic goals
Apply best practices
External:
The investment climate in the country includes:

Laws regulating economic activity.
efficiency of the financial sector.
Efficiency of regulatory agencies and bodies.
The main pillars of good governance:

   There are seven pillars

Transparency 2- Integrity 3- Accountability 4- Participation 5- Openness 6- Justice
 7- Equality...

Transparency ;
Full, clearly and explicitly disclosed.
financial picture
The main events
disclosure;
            Definition of disclosure according to the Saudi Capital Market Authority:

Disclosure of financial and non-financial information.
be periodic or immediate.
To be used by all at the same time.
Disclosure methods
Annual and quarterly financial statements.
Essential matters and important events.
 

Disclosure methods in accordance with the Saudi Capital Market Authority;

The Board of Directors shall present a presentation of its operations during the last fiscal year.
The Audit Committee submits its own report that includes its recommendations and opinion on the adequacy of the internal and financial control systems and risk management.
Enable shareholders and stakeholders to access financial and non-financial information.
By applying the mechanisms and enablers of good governance, we ensure economic and development performance that participates in building an effective national economy by raising the added value, job generation rate and societal impact, and at the heart of that is effective project management that achieves the transformational and transitional goals required for organizations and companies.