Governance
The Canadian Medical Center’s governance rules were established by the General Assembly of Shareholders as the first initiative of 2020.
The company has prepared its governance manual in line with the approved standards for sound governance, while ensuring its compatibility with the legislative framework in force in the Kingdom of Saudi Arabia. This guide is primarily based on the following:
The Board of Directors is responsible for establishing the company’s governance rules, provided they do not conflict with the mandatory provisions of the Corporate Governance Regulations issued by the Authority. The Board is also committed to monitoring the implementation of these rules, ensuring their effectiveness, and updating them as necessary. To achieve this, the Board shall:
Within the framework of enhancing governance and organizing work, the Canadian Medical Center has issued (19) internal regulations and policies aimed at ensuring compliance with applicable regulations and improving performance. These include:
- Governance Regulations
- Audit Committee Regulations
- Nominations and Remuneration Committee Regulations
- Investment Committee Regulations
- Executive Committee Regulations
- Performance Management and Rewards Regulations for Company Employees
- Disclosure Policy
- Conflict of Interest Policy
- Stakeholder Relations Policy
- Insider Trading Policy
- Policy, Standards and Procedures for Membership on the Board of Directors, Committee Members and Senior Executives
- Remuneration Policy for Board Members, Committee Members and Senior Executives
- Reporting Violating Practices Policy
- Compliance Policy
- Delegation of Authority Policy
- Social Responsibility Policy
- Professional Conduct and Ethical Values Policy
- Risk Management Policy
- Competition criteria
Audit Committee:
The Audit Committee was formed in accordance with Article (54) of the Corporate Governance Regulations issued by the Capital Market Authority. The Convertible General Assembly, in its meeting held on 05/13/1442 AH (corresponding to 12/28/2020 AD), approved the formation of an Audit Committee, defining its duties, work controls, and the remuneration of its members. The Audit Committee is responsible for monitoring the company’s operations and verifying the integrity and accuracy of its financial reports, statements, and internal control systems. The committee’s responsibilities include:- Studying the preliminary and annual financial statements before presenting them to the Board of Directors and expressing an opinion and recommendation thereon.
- Studying the accounting policies followed by the company and expressing an opinion and recommendation thereon to the Board of Directors.
- Studying and reviewing the company’s internal and financial control systems and risk management, and supervising the Internal Audit Department to verify their effectiveness.
- Recommending to the Board of Directors the appointment of certified public accountants after ensuring their independence and determining their fees.
- Monitoring the work of certified public accountants and approving any work outside the scope of the audit. The scope of the audit work they are assigned during their audit work.
- Study the audit plan with the auditor and provide the committee with its comments.
- Study the auditor’s comments on the financial statements and follow up on what has been done regarding them.
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The following table shows the members of the audit committee:
- Supervising and recommending nominations to the Board of Directors in accordance with the approved policies and standards.
- Reviewing the structure of the Board of Directors and Executive Management and making recommendations regarding any changes that may be made.
- Ensuring the independence of independent members on an annual basis and the absence of any conflicts of interest.
- Prepare annual reports showing the salaries paid to executive management during the year and include them in the annual report.
The following table shows the members of the Nominations and Remuneration Committee:
Name Position Task Khaled Mohammed Al-Ammar Nomination and Remuneration Committee Non-Executive / Non-Independent Hamad Mohammed Al-Duwaileh Member of the Nomination Committee Non-Executive / Independent Mohamed Refaat Ahmed Mohamed Refaat Ahmed Member of the Nomination Committee Non-Executive / Independent
Name Position Task Ibrahim Naeem Al-Naeem Chairman of the Audit Committee Non-Executive / Independent Mohamed Refaat Ahmed Audit Committee Member Non-Executive / Independent Ibrahim Shawky Abdullah Audit Committee Member Non-Executive / Independent Nomination and Remuneration Committee:
The company formed the Nomination and Remuneration Committee based on the Board of Directors’ decision dated 02/21/2021. Its duties and responsibilities are summarized as follows: - Studying the accounting policies followed by the company and expressing an opinion and recommendation thereon to the Board of Directors.
Canadian Medical Center Company places great importance on the welfare of all its shareholders and is committed to promoting effective and continuous communication with them. Investor Relations is the primary bridge between the company and its shareholders. It seeks to build a relationship based on transparency and mutual trust by providing accurate information and facilitating communication.
To contact Investor Relations, please contact us via the following channels:
investor.relation@canadian-mc.com
Approval of the registration of the shares of the Canadian General Medical Center Complex Company for the purpose of direct listing in the parallel market
The Capital Market Authority (“the Authority”) announces the issuance of the Authority’s Board of Directors’ resolution dated 18/11/1442 AH corresponding to 28/06/2021 AD approving the request of the Canadian General Medical Center Complex Company (“the Company”) to register Its shares are for direct listing on the parallel market. Trading in these shares will be restricted to the categories of qualified investors specified in the list of terms used in the Capital Market Authority’s regulations and rules. The registration document will be published well in advance of the listing date. Qualified investors wishing to purchase the listed shares should carefully examine the information disclosed in the registration document. If the contents of the registration document are difficult to understand, it is best to consult a licensed financial advisor before making any investment decision. The Authority’s approval of the application should not be viewed as an endorsement of the feasibility of investing in the shares of the company in question. The Authority’s decision to approve the application means that the regulatory requirements have been complied with, in accordance with the Capital Market Law and its implementing regulations. The Authority’s approval of the application is effective for a period of (6) months from the date of the Authority’s Board’s decision. The approval is considered void if the listing of the company’s shares is not completed within this period. …- 2025-03-23: Canadian Medical Center Company announces the publication of the Board of Directors’ Report for 2024
- 2025-03-18: Canadian Medical Center Company announces the Board of Directors’ decision to distribute cash dividends to shareholders for the fiscal year 2024
- 2025-03-18: Canadian Medical Center Company announces the annual financial results ending December 31, 2024
- 2025-03-10: Canadian Medical Center Company announces the signing of a contract with the Ministry of National Guard – Health Affairs
- 2025-03-02: Canadian Medical Center Company announces the signing of a contract with NEOM Company
- 2025-01-09: Canadian Medical Center Company announces the non-renewal of the current CEO’s contract and the appointment of a new CEO New Executive
- 2024-12-22: Canadian Medical Center Company announces the signing of a cooperation contract with Al-Ru’ya Al-Ra’idah Medical Company
- 2024-12-10: Canadian Medical Center Company announces the accreditation of the Saudi Central Board for Accreditation of Healthcare Institutions (CBAHI)
- 2024-12-02: Canadian Medical Center Company announces the formation of the Investment Committee
- 2024-10-31: Explanatory announcement from Canadian Medical Center Company regarding a change in the list of major shareholders in the company
- 2024-10-28: Canadian Medical Center Company announces the signing of a contract with KCI Company
- 2024-10-07: Canadian Medical Center Company announces the award of a contract with the Ministry of National Guard – Health Affairs
- 2024-09-30: Canadian Medical Center Company announces the Board of Directors’ recommendation to purchase its shares
- 2024-09-30: Canadian Medical Center Company announces the appointment of a member of the Audit Committee
- 2024-08-21: Canadian Medical Center Company announces the preliminary financial results for the period ending June 30, 2024 (six months)
- 2024-07-28: Canadian Medical Center Company announces the resignation of a member of the Audit Committee
- 2024-06-26: Canadian Medical Center Company announces the signing of a contract with Johns Hopkins Aramco
- 2024-06-25: Canadian Medical Center Company announces the results of the Extraordinary General Assembly Meeting (First Meeting)
- 2024-05-30: The Board of Directors of Canadian Medical Center Company invites shareholders to attend the Extraordinary General Assembly Meeting (first meeting) via modern technology.
- 2024-05-13: Canadian Medical Center Company announces the Board of Directors’ recommendation to transfer the statutory reserve balance to retained earnings.
- 2024-03-28: Canadian Medical Center Company announces the appointment of a member of the Audit Committee.
- 2024-03-28: Canadian Medical Center Company announces the signing of a contract with Khairat Al Ammariya Real Estate Company (a related party) to furnish the company’s headquarters building.
- 2024-03-28: Canadian Medical Center Company announces the signing of a contract with Khairat Al Ammariya Real Estate Company (a related party) to lease a headquarters building.
- 2024-03-26: Canadian Medical Center Company announces the Board of Directors’ decision to distribute cash dividends to shareholders for the second half of 2023
- 2024-03-26: Canadian Medical Center Company announces its annual financial results ending December 31, 2023
- 2024-03-19: Canadian Medical Center Company announces the latest developments regarding the appointment of a Financial Advisor for the purpose of transitioning to the Main Market
- 2024-03-17: Canadian Medical Center Company announces the signing of a contract with WeBuild Company
- 2024-03-17: Canadian Medical Center Company announces the signing of a contract with Bayat Real Estate Company to lease a headquarters in Tabuk City
- 2024-03-17: Canadian Medical Center Company announces the signing of a contract with Bayat Real Estate Company to lease a headquarters in Tabuk City Signing a contract with Suleiman Abdullah Suleiman Al Farhan Establishment to lease a headquarters in Jubail City
- 2024-03-06: Canadian Medical Center Company announces the signing of a contract with the Arabian Drilling Company
- 2024-02-06: Canadian Medical Center Company announces the resignation and appointment of the CEO
- 2023-12-31: Canadian General Medical Center Company announces obtaining a license for home healthcare and some other activities
- 2023-12-18: Canadian General Medical Center Company announces the signing of a contract with Al Thaqafi Business Center to lease a headquarters in Riyadh
- 2023-10-02: Additional announcement from Canadian General Medical Center Company regarding the signing of a contract with Nesma & Partners Company
- 2023-10-01: Canadian General Medical Center Company announces the signing of a contract with Nesma & Partners Company
- 2023-09-13: Canadian General Medical Center Company announces the latest developments regarding the announcement of the signing of a contract with Salini Saudi Arabia Limited
- 2023-09-05: Corrective announcement from Canadian General Medical Center Company regarding the announcement of the preliminary financial results for the period ending June 30, 2023 (six months)
- 2023-09-03: Canadian General Medical Center Company announces the signing of a contract with Salini Saudi Arabia Limited
- 2023-08-13: Canadian General Medical Center Company announces the distribution of cash dividends to shareholders for the first half of 2023
- 2023-08-13: Canadian General Medical Center Complex Company announces the results
