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" An investigation into the evolution of corporate governance and accountability in Saudi Arabia "
Alshehri, Amer Mohammed A.
Solomon, Jill Frances ; Gupta, Aditi ; Soin, Kim
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Latin Dissertation
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1092426
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TLets572506
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| Main Entry
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Alshehri, Amer Mohammed A.
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| Title & Author
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An investigation into the evolution of corporate governance and accountability in Saudi Arabia\ Alshehri, Amer Mohammed A.Solomon, Jill Frances ; Gupta, Aditi ; Soin, Kim
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| College
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King's College London (University of London)
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| Date
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2012
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2012
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| Degree
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Ph.D.
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| Abstract
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Corporate governance (CG) has attracted substantial attention among academic researchers and practitioners worldwide. In recent years, attention has increasingly turned to exploring evolving governance processes in emerging market economies. This research aims to study the evolution of CG and accountability in an emerging market, the Kingdom of Saudi Arabia. In the last decade the Saudi government has begun to imitate other developed countries to advance the local commercial environment through the establishment of the Capital Market Authority (CMA) and by activating the financial stock market (Tadawul). Thus, CG has started to become a focus of considerable attention among the academic, media and professional communities in the Kingdom. This thesis has employed two methods to investigate the perceptions of internal stakeholders (company directors) and external stakeholders (institutional investors and other stakeholders) concerning CG and accountability in Saudi Arabia. A questionnaire was used to solicit the views of various stakeholders, including Saudi listed companies, institutional investors, Government and private investment organisations. Further, semi-structured interviews were conducted with representatives from both categories of stakeholders. The findings suggest that the corporate sector is displaying an increasing awareness of corporate governance and accountability issues and their relevance to this sector. The members of the board of directors are acknowledged as being among the most important tools of CG but this mechanism is still suffering from weaknesses in the areas of performance and appointment. Disclosure and transparency were found to be the corporate governance and accountability mechanisms where there had been considerable improvement, when participants reflected on the introduction of the Saudi Corporate Governance Code (SCGC) in 2006. However, minority shareholders’ rights are still among the market weaknesses in Saudi corporate governance. The local market is dominated by family and government investments. The legal and judicial system related to the business environment is not emphasised and needs to be re-focused. Accountability in the Kingdom appears to be somewhat lacking. However, the research showed that accountability is a concept derived from Islamic law (Sharia) and Islamic tradition, which ensures the rights and responsibility of all parties.
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Gupta, Aditi
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Soin, Kim
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Solomon, Jill Frances
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King's College London (University of London)
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