Jordan Securities Commission
No. 12/1/3235
Date: Oct.11.2009

Circulation

Messers. of Public Shareholding Companies,
The fiscal year for Public Shareholding Companies is very near. And in order to enhance disclosure and transparency in the capital market, adhere to the provisions of the Securities Law, that refer to the importance of disclosure to protect shareholders rights, and by virtue of the following effective provisions:
- Article (43/A/1) of the Securities Law no. 76 of 2002, indicates that the issuer shall provide the Jordan Securities Commission with an annual report including financial statements certified by an auditor, within 90 days of the end of its fiscal year.
- And Article (4/B) of the Instructions of Issuing Companies Disclosure, Accounting and Auditing Standards for the year 2004 indicates that any issuing company Board of Directors shall enclose the required disclosures in its annual report.
- And by virtue of item (2) of Chapter Five of the Corporate Governance Code for Shareholding Companies Listed on the Amman Stock Exchange that enhanced the effective Instructions of Disclosure. And, in order to fulfill the above mentioned requirements, companies subject to JSC supervision must fully adhere to disclose the required items stated in the provisions of Article (4/B) of the Instructions of Disclosure when they prepare the annual report. Companies must also ensure to disclose the required information stated in item 18 of the provisions of this article which states the following:
“The benefits and remunerations of the Chairman, members of the Board of Directors and Senior Executive Management, during the fiscal year, including payments received by any of them such as fees, salaries, bonuses, and otherwise, and their travel and transport expenses within the Kingdom and aboard.”
The JSC would like to remind public shareholding companies to adhere to all the above mentioned legal requirements. It wishes to see all parties subject to its supervision respond positively, in order to avoid any legal penalties resulting from violating the Laws.