The Ministry of Commerce has urged all companies operating in the Kingdom to adhere to the Companies Law and not to breach their duties to partners and shareholders, and to publish their financial statements. Entities have been advised to ensure that the reports or financial statements submitted to partners or general assemblies do not contain any false or misleading statements, as stipulated in the provisions of the Companies Law.
To promote governance and transparency, the Ministry also urged businesses to hold regular general meetings on time and without disruption or delay, as well as to provide shareholders and partners with access to all required documents.
The Ministry emphasized the need of allowing all individuals who are entitled under the Companies Law to access the business's files, accounts, documents, and paperwork, compile meeting minutes and write them down, and supply the Ministry with the relevant documentation as per the law.
This falls in line with the Ministry's efforts to create a stimulating, effective, and appealing investment environment, protect the rights of partners and individuals, and encourage local economic growth.