Riyadh — The Federation of Saudi Chambers confirmed expatriates can now run for the Board of directors elections. According to the federation sources, the provision is part of the executive regulations of the new law that came into force recently.
The law abolished the requirement of a Saudi nationality for a seat in the chamber’s Board of directors. The move allows foreign investors to become members of boards for the first time with the condition that the membership is renewable for two consecutive terms only.
According to the new regulation, aspirants to the chamber’s Board of directors must have ten years of experience. In addition, five years of experience is required for holders of a bachelor’s degree or its equivalent.
The regulation also forbids relatives running for board elections. In the previous law, there was no ban on relatives contesting the election. In another qualitative leap, new technologies will be relied on in the voting and election processes of the chamber bodies.
The Council of Saudi Chambers has been renamed the Federation of Saudi Chambers.
The new law exempts new companies and establishments from the subscription fee for three years from the date of their commercial registration.