The meeting, attended by Mohameed Batterjee, JCCI vice president, Saudi officials and members of the Saudi business community, dealt with understanding the problems of the current global financial crisis.
A policy of disclosure and transparency between the departments of corporations and shareholders is the only way to reduce an organization’s vulnerability to the impact of the crisis that has afflicted many countries in the world, Al-Mursheed explained.
He also pointed out that the Kingdom has dealt with this crisis with great wisdom at all levels. JCCI is attempting to educate the public about the effects and implications of the crisis and has offered advice to entrepreneurs and investors. “The Saudi economy has great strength and it has the ability to cope with any situation,” he said.
Batterjee, stressed JCCI’s keenness to facilitate communications between corporations and shareholders in the context of a policy of disclosure and transparency as a means of minimizing the negative effects of the economic crisis.
This is especially important, he said, for companies that are contributing to the more important foundations of the national economy.
“All parties should join in the economic efforts being exerted by the government of King Abdullah, Custodian of the Two Holy Mosques, to contain the effects of the crisis. The banking sector in particular must be involved as it plays a crucial role in all economic activities,” he said.
Mohammed Hasan Al-Nafie, Chairman of the Financial Bonds Committee at JCCI, said that the Securities Commission always tries to create bridges of communication between officials of companies in the Saudi market and investors, especially those interested in the Saudi stock market. “It is especially important in these difficult times to look at the implications of the current crisis and its effect on the activities of joint stock companies in particular,” he said.
