OECD Corporate Governance Factbook 2025: Saudi Arabia
Table of contents
This Country Note consolidates information published in the 2025 edition of the OECD Corporate Governance Factbook. Along with the summary of recent developments, it provides an overview of Saudi Arabia’s corporate governance framework and related information benchmarked against 51 other jurisdictions covered by the Factbook, including all OECD and G20 members.
The information in this document is as of 31 December 2024 unless otherwise specified.
For further details, please refer to the OECD Corporate Governance Factbook 2025.
In January 2023, the Capital Market Authority (CMA) amended the Corporate Governance Regulations (CGR), the Rules on the Offer of Securities and Continuing Obligations and the Implementing Regulation of the Companies Law for Listed Joint Stock Companies to align with the new Companies Law.
In January 2024, the amendments to the CGR entered into force, introducing provisions on the appointment and dismissal of internal auditors (Art. 24(4)), mandatory training for board and executive members (Art. 37), enhanced oversight of internal audit resources (Art. 52(b)(3)), and periodic audit committee meetings with auditors (Art. 54(b)).
In January 2024, the audit committee was also required to issue recommendations on appointing an internal auditor (Art. 87(11)), where applicable, strengthening governance of the internal audit function.
In January 2024, Articles 73–75 of the CGR became mandatory, requiring listed companies to establish an internal audit unit, adopt an internal audit plan, and prepare an internal audit report.
In December 2024, the CMA and Saudi Exchange reported that 94 companies disclosed sustainability practices in 2024. Among the top 100 Main Market issuers, disclosure increased to 65%, compared to 58% in 2023.
Under its 2024–2026 strategic plan, the Capital Market Authority launched an initiative titled “Development of the Corporate Governance Regulations,” scheduled for completion by 2026. Work is currently in progress.
|
No. of listed companies in Dec 2024 |
Change since Dec 2021 |
Market capitalisation in Dec 2024 |
Ratio to GDP |
||
|---|---|---|---|---|---|
|
Saudi Arabia |
269 |
|
31.9% |
USD 2 544 bn |
234.4% |
|
OECD members |
21 618 |
|
4.3% |
USD 92 518 bn |
136.5% |
|
World |
46 086 |
|
11.3% |
USD 124 536 bn |
112.7% |
Note: “World” covers 98 jurisdictions. “OECD members” covers 38 countries.
Source: OECD Capital Market Series Dataset. IMF.
Note: “World” covers 98 jurisdictions.
Source: OECD Capital Market Series Dataset.
Note: The share of companies in each jurisdiction where the single largest shareholder and the three largest shareholders own more than 50% of the company’s equity capital. “World” covers 98 jurisdictions.
Source: OECD Capital Market Series Dataset.
The categories that the jurisdiction fits into are highlighted in blue.
The bold numbers and words indicate country-specific additional information.
The numbers within parentheses indicate the number of jurisdictions applicable to each category.
For further information on the methodologies used for the categorisations, please see the OECD Corporate Governance Factbook 2025.
* Paragraph (1) of Article 91 of the Companies Law states the call for an assembly meeting shall be made at least 21 days prior to the date set for the meeting.
** Some jurisdictions belong to multiple categories because of the additional requirements other than a percentage of shareholding.
* Jurisdictions where mandatory takeover bid rules exist are included.
** Some jurisdictions belong to multiple categories.
*** The requirements are provided in Articles 23(c) and 28 of the Merger and Acquisitions Regulations.
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.