Social Affairs Minister: Financial disclosure mandatory for appointed and elected members of cooperative societies
Social Affairs Minister Amthal Al-Hawila emphasized the necessity of submitting financial disclosures for all appointed and elected members of cooperative societies to ensure transparency and protect shareholders' funds.
Translated by Qiyas from السياسة — Original source
- To enhance integrity and transparency and protect shareholders’ funds
The Minister of Social Affairs, Labor, and Social Development, Dr. Amthal Hadi Al-Huwail, affirmed the ministry’s commitment to ensuring that all stakeholders in cooperative societies submit financial disclosure statements, whether they are appointed or elected members, in order to uphold the principles of integrity and transparency and safeguard shareholders’ funds.
Dr. Al-Huwail clarified that the ministry insists on informing relevant parties of the necessity to promptly report to the Public Authority for Combating Corruption (“Nazaha”) upon assuming their positions, to complete the procedures related to financial disclosure statements in accordance with applicable laws and regulations.
She emphasized that the Ministry’s Department of Development and Cooperative Membership Affairs is responsible for monitoring compliance with these procedures, stressing that strengthening oversight and entrenching the principles of governance and accountability constitute a fundamental priority for protecting the cooperative sector and safeguarding shareholders’ rights.
