Article 10 of the Saudi Central Bank Law

This article sets the role of the Central Bank's board of directors, in three paragraphs:

Paragraph 1: supervision and regulations. The Board supervises the Bank's work and is generally responsible for good management; it has the powers needed for that in line with the Bank's objectives, and it may set the systems, instructions, regulations and policies it considers necessary. These include, by way of example and not limitation:

• Approving strategies and operating plans.
• Approving the internal, administrative, financial, technical and supervisory regulations and the human resources regulation.
• Approving the organizational structure and setting the Bank's fiscal year.
• Approving the general budget and the final accounts.
• Approving the appointment of the external auditors and setting their fees.
• Setting up branches or offices, and following the periodic reports on the progress of work.

Paragraph 2: committees. The Board may form permanent or temporary committees, from its members or from others, and entrust them with the tasks it sees fit. The decision forming each committee sets its chair, members, powers and remuneration, and it may seek help from whomever it sees fit.

Paragraph 3: delegation. The Board may delegate some of its powers to the Governor, and the Governor may delegate them to whichever Bank employees he sees fit under controls and a schedule of authorities the Board approves.

It is preceded by Article 9, which sets the conditions for the five non-government members. It is followed by Article 11, which regulates the Board's meetings: once every 3 months and whenever needed, with a quorum of a majority of members including the Board chair or his assigned deputy, and with decisions by a majority of the votes of those present.