On 29 September 2026, Saudi Arabia’s Capital Market Authority (CMA) opened a public consultation on draft regulatory provisions for earnings calls. The proposal is straightforward, but its significance should not be understated: the CMA is considering moving earnings calls from an investor-relations practice adopted by some issuers into a formal minimum standard for all companies listed on the Main Market.
Financial statements and market announcements remain the core of listed-company disclosure. An earnings call adds something different: a structured opportunity for management to explain the numbers, discuss the business environment, address challenges and opportunities, and respond directly to questions from investors and analysts. Making that process regular and broadly accessible can materially improve the quality of communication between listed companies and the market.
THE PROPOSAL AT A GLANCE • Two earnings calls each year for every company listed on the Main Market. • Each call to be held within five business days of the relevant financial results announcement. • Calls to take place after the market closes. • The company to announce the call on its website, including how it will be conducted and how participants can register. • Management to discuss financial results, future financial performance, challenges and opportunities, and respond to participants’ questions. • The presentation and a recording of the call to be published immediately on the company’s website. Status: This is a draft under public consultation. It is not yet a binding requirement. The consultation closes on 29 October 2026. |
Why this matters
1. A consistent minimum standard across the Main Market
Investor-relations practices inevitably vary between issuers. Some listed companies already conduct sophisticated results calls and maintain regular dialogue with the investment community; others rely largely on mandatory announcements and published financial statements. The proposed rules would establish a common baseline, so that access to management discussion around results does not depend simply on the size, maturity or investor-relations capability of the issuer.
2. More equal access to management communication
One of the strongest features of the proposal is the emphasis on broad availability. Investors and analysts would have a formal route to participate, and the presentation and recording would then be made available publicly. This helps reduce the gap between investors who have regular access to management and those who do not.
That is important in any public market. A listed company may have thousands of shareholders, but access to management can otherwise be concentrated among larger institutions, research analysts and investors with established relationships. A transparent earnings-call framework can make the same management discussion available to a much wider audience.
3. Better context around the numbers
Financial results tell investors what has happened; they do not always explain why. Changes in margins, cost pressures, expansion plans, sector conditions, new opportunities or operational challenges may require context. A well-run earnings call allows management to explain these matters in an organised way and allows the market to test that explanation through questions.
4. Another step in the maturation of the Saudi capital market
The proposal also reflects the broader development of Saudi Arabia’s capital markets. As the Main Market grows in size, international participation and institutional depth, the quality of issuer communication becomes increasingly important. Disclosure is not only about publishing more information; it is also about making information understandable, timely and accessible.
How does this compare internationally?
Earnings calls are already a well-established feature of listed-company investor relations in markets such as the United States and the United Kingdom. The notable difference is that the practice is generally market-driven rather than imposed as a universal requirement on every listed issuer.
In the United States, the SEC’s Regulation FD framework expressly recognises an open conference call or webcast as a means of broad public disclosure, provided appropriate advance notice and public access are given. In the United Kingdom, the FCA describes analyst briefings around preliminary and interim results as common practice and notes the increasing use of conference calls and webcasts that can be followed by journalists and the wider public.
The Saudi proposal therefore goes a step further in one important respect: it would prescribe the earnings call itself, together with its minimum frequency, timing and public availability. In effect, the CMA is considering converting a widely recognised international best practice into a regulatory baseline for the Saudi Main Market.
At the same time, the proposed minimum of two calls a year is measured. Many major international issuers voluntarily hold earnings calls every quarter. The CMA is therefore setting a floor rather than attempting to dictate a full investor-relations calendar.
What listed companies should be thinking about
If the provisions are adopted substantially in their current form, earnings calls will need to become part of the formal disclosure calendar rather than an ad hoc investor-relations exercise. Listed companies should therefore consider the practical infrastructure behind the call, not only the event itself.
• Clear ownership between senior management, finance, investor relations, company secretarial and legal/compliance functions.
• A disciplined process for preparing the presentation, management talking points and likely investor questions.
• Disclosure controls around the Q&A session so that management does not inadvertently provide material information selectively.
• Reliable registration, webcast and recording arrangements, with prompt publication of the required materials after the call.
• Alignment of the call with the company’s results announcement and wider market-disclosure obligations.
This preparation matters because an earnings call creates both an opportunity and a risk. It can significantly improve investor understanding, but unscripted discussion also requires executives to understand clearly what has already been disclosed to the market and where the boundaries lie. International regulators have long focused on this issue, particularly where senior executives speak off-script during analyst Q&A.
A sensible direction for the market
Overall, the proposal is a sensible development. It should improve the regularity and quality of communication between listed companies and investors, provide a more consistent level of access across the Main Market, and make management discussion around financial performance available to a broader investor audience.
It is equally important, however, to keep the current status clear. These provisions remain under public consultation and may change before final approval. The CMA has invited comments until 29 October 2026 and has stated that the final provisions, once approved, are intended to come into effect upon the announcement of annual financial results for the 2026 fiscal year.
The direction is nonetheless clear: regular communication around financial results is increasingly being treated not simply as good investor-relations practice, but as part of the market’s disclosure architecture. For a capital market that continues to deepen and attract a wider investor base, that is a constructive step.
Official notice and references
• Saudi Public Consultation Platform — Draft Regulatory Provisions for Holding Earnings Calls
• U.S. Securities and Exchange Commission — Regulation FD Compliance and Disclosure Interpretations
• UK Financial Conduct Authority — PERG 8.21: Company statements, announcements and briefings
About the Author
Ahmed Bishri
Ahmed Bishri is the CEO of ValueExperts and has more than 25 years of experience across investment management, regulatory compliance, governance, finance and corporate establishment. He advises financial institutions and professional advisers on Saudi capital-market licensing, regulatory matters and market-entry projects.
About ValueExperts. ValueExperts is a Riyadh-based regulatory and market-entry advisory firm specialising in Saudi Capital Market Authority licensing, financial-services market entry, entity establishment, governance, and outsourced compliance and finance support. The firm works with both international and Saudi financial institutions and regularly supports global law firms on their clients’ Saudi regulatory and corporate matters.
