Board Monitor Saudi Arabia explores the latest data and trends in Tadawul board appointments.
2024
Board Monitor
Saudi Arabia
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CEO & Board Practice
Heidrick & Struggles’ CEO & Board Practice has been built on our ability to execute top-level assignments and counsel CEOs and board members on the complex issues directly affecting their businesses.
Europe CEO & Board of Directors Practice
Kit Bingham
London
kbingham@heidrick.com
Alice Breeden
London
abreeden@heidrick.com
2023 DATA
TRENDS DATA
Snapshot
2023 Tadawul board appointments at-a-glance
PROFESSIONAL EXPERIENCE
DIVERSITY
APPOINTMENTS OVERVIEW
Number and share of appointments
board appointments were made in 2023
24
of companies brought on at least one new director
43%
of seats went to first-time public board directors
33%
Professional experience
of seats went to retired executives
29%
went to those active in executive roles*
54%
33%
of appointments went to directors with cross-sector experience
8%
of seats went to directors with international experience
Most common type of C-suite experience (Share of appointments)
CEO
CFO
COO
42%
8%
8%
Nationality
of seats went to women
8%
Diversity
AGE AT APPOINTMENT
NATIONALITY
GENDER
CEO & CFO
BOARD EXPERIENCE
ACTIVE VS RETIRED
NUMBER OF SEATS
Trends, 2021–2023
Gender diversity trends: Women (%)
CEO
CFO
CEO & CFO experience (%)
First-time board members (%)
55
Active executives (%)
2023
12
11
Number of seats filled
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This analysis is part of Heidrick & Struggles’ long-standing study of trends in board composition in countries around the world. Produced by our global CEO & Board Practice, these reports track and analyze trends in non-executive director appointments to the boards of the largest publicly listed companies in Australia (ASX 200), Belgium (BEL 20), Brazil (B3), Canada (TSX 60), Colombia (COLCAP), Denmark (OMX Copenhagen 25), Finland (OMX Helsinki 25), France (CAC 40), Germany (DAX and MDAX), Hong Kong (Hang Seng), Ireland (ISEQ), Italy (FTSE MIB), India (Nifty Top 200), Mexico (BMV IPC), the Netherlands (AEX), New Zealand (NZX 10), Norway (OBX), Poland (WIG20), Portugal (PSI 20), Saudi Arabia (Tadawul), Singapore (STI 30), South Africa (JSE Top 40), Spain (IBEX 35), Sweden (OMX Stockholm 30), Switzerland (SMI Expanded), the United Arab Emirates (ADX and DFM), the United Kingdom (FTSE 350), and the United States (Fortune 500). Information about executives is gathered from publicly available sources, BoardEx, and a Heidrick & Struggles proprietary database.
About the research
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55
42
4
8
8%
Non-national
92%
National
25
36
Nationality (%)
National
Non-national
N/A
2023
2023
2022
2023
50
45
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13%
Other C-suite
53
50
24
Number of seats filled
The appetite for board refreshments saw a sharp decline in 2023, with the lowest number of appointments in three years
90
72
54
Active executives
Tadawul boards continued to increase the share of seats that went to retired executives
43
36
33
First-time board members (%)
The share of appointments that went to first-time directors also continued to decrease
10
22
6
29
17
Retired executives
N/A
The share of appointments that went to directors with CEO experience continued to decrease, while the share seats going to directors with CFO experience saw a small uptick
Active vs. retired (%)
4
48
8
10
8
The share of seats that went to women remained low
DATA MISSING
* 17% had no available information
2021
2022
2023
2021
2022
2023
2021
2022
2023
2021
2022
2023
2021
2022
2023
went to those active in executive roles
2022
2023
12
Number of seats filled, 2020–2023
Active executives (%)
2022
2023
58
58
Active executives (%)
Active
Retired
79
58
19
75
22
2023
2022
50
2023
2022
25
8
17
2023
2022
Other C-suite
29%
8%
COO
First-time board members (%)
CEO & CFO experience (%)
Gender diversity trends: Women (%)
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2023 DATA
TRENDS DATA
VIEW REPORT
The share of appointments that went to directors with CEO experience continued to decrease, while the share seats going to directors with CFO experience saw a small uptick