The Board Resolution Approving Financial Statements is a mandatory corporate document required under Saudi Arabian law for all companies registered in the Kingdom. It is typically prepared annually following the completion of the company's financial year and external audit. The resolution demonstrates compliance with Articles 128-133 of the Saudi Companies Law, which requires boards to approve financial statements within four months of the fiscal year end. For listed companies, additional requirements from the Capital Market Authority must be incorporated. The document serves as official evidence of the board's review and approval of financial statements, including their assertion of the statements' accuracy and compliance with Saudi accounting standards (SOCPA). This resolution is crucial for corporate governance and is often required for submission to various authorities including the Ministry of Commerce, CMA (for listed companies), and ZATCA.
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1. Meeting Details: Date, time, location, and attendance details of the board meeting
2. Quorum Confirmation: Confirmation that the required quorum is present as per the company's articles of association
3. Legal Authority: Reference to relevant provisions of Companies Law and company's articles regarding board's authority to approve financial statements
4. Review Statement: Statement confirming the board has reviewed the financial statements, auditor's report, and related documents
5. Financial Period: Clear identification of the financial period covered by the statements
6. Resolution: Formal resolution language approving the financial statements
7. Board Declarations: Mandatory declarations regarding the accuracy and completeness of financial statements
8. Authorization: Authorization for specific officers to file/submit the approved statements to relevant authorities
1. Audit Committee Recommendation: Include when the company has an audit committee that has reviewed the statements prior to board approval
2. Dividend Declaration: Include if the board is also approving dividend distribution along with financial statements
3. Zakat and Tax Provisions: Include specific mention of zakat and tax provisions if significant or if there are special circumstances
4. Related Party Transactions: Include if there are significant related party transactions that require specific board acknowledgment
5. Going Concern Statement: Include specific statement about going concern status if there are any concerns or regulatory requirements
1. Annual Financial Statements: Complete set of financial statements including balance sheet, income statement, cash flow statement, and notes
2. External Auditor's Report: Independent auditor's report on the financial statements
3. Board of Directors' Report: Annual report of the board of directors on company's activities and financial position
4. Summary of Key Financial Indicators: Executive summary of key financial metrics and comparisons with previous year
5. Audit Committee Report: Report from the audit committee if applicable
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Manufacturing
Real Estate
Technology
Healthcare
Retail
Energy
Transportation & Logistics
Construction
Telecommunications
Mining
Agriculture
Education
Professional Services
Tourism & Hospitality
Relevant Teams
Legal
Finance
Compliance
Corporate Governance
Internal Audit
Risk Management
Board Secretariat
Corporate Affairs
Investor Relations
Relevant Roles
Board Member
Chairman of the Board
Chief Executive Officer
Chief Financial Officer
Company Secretary
Corporate Governance Officer
Financial Controller
Compliance Officer
Legal Counsel
Internal Audit Manager
External Auditor
Finance Director
Audit Committee Chairman
Risk Management Officer
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