For A vote FOR both nominees is eligible as there are no known issues regarding the nominees. Election of director for A vote FOR both nominees is warranted as there are no known issues regarding the nominees and the company's board and committee dynamics. For A vote FOR all nominees is eligible as there are no known issues regarding the nominees.
Against The AGAINST vote is justified, as the company did not specify the details and provisions covered by the proposed changes. A vote FOR these proposals is warranted given that the general terms of the proposed ESOP are considered reasonable. A vote FOR these resolutions is warranted given that there are no known issues related to the proposed share repurchase.
For A vote FOR these resolutions is warranted as the overall terms of the proposed plan are reasonable. A vote FOR item 12 is justified, as the proposed guarantee is provided within the framework of the company's business. For A vote FOR all nominees is warranted as there are no known issues regarding the nominees and the company's board and committee dynamics.
Against A Vote AGAINST this decision is justified as the company did not specify the discount limit. A vote FOR the remaining nominees is warranted given the absence of any known issues regarding these nominees. Select Director A Vote FOR all nominees is warranted given the absence of any known issues regarding the nominees and the company's board and committee dynamics.
For A vote FOR these proposals is justified, as the overall terms of the proposed 2022 scheme are considered reasonable. For In the absence of known issues regarding the nominees, it is justified to vote FOR the election of supervisor nominees. Director election to a vote FOR all nominees is warranted as there are no known issues regarding the nominees.
A Vote FOR the proposed transaction is justified given the following: * The proposal is considered. A Vote FOR all nominees is justified given the absence of any known issues regarding the nominees. A Vote FOR both nominees is warranted given the absence of any known issues regarding the nominees and the company's board and committee dynamics.
A vote FOR all nominees is guaranteed given the absence of any known issues regarding.
BASIS OF ACCOUNTING
SNB CAPITAL CHINA EQUITY FUND (Managed by SNB Capital Company) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022. SNB Capital China Equity Fund (the "Fund") is an open-end investment fund, established pursuant to Article 31 of the Investment Fund Regulations (the "Regulations" ), managed by SNB Capital Company (the "Fund Manager"), a subsidiary of Saudi National Bank (the "Bank"), for the benefit of the Fund's unitholders. The objective of the Fund is to grow the invested capital over the long term by investing mainly in Chinese equities through its investment in Nomura Funds Ireland PLC – China Fund – Class I (the “Investment Fund”).
The Fund is subject to the rules published by the Capital Market Authority (“CMA”) on 3 Dhul Hijja 1427H (corresponding to 24 December 2006).
BASIS OF MEASUREMENT
FUNCTIONAL AND PRESENTATION CURRENCY
CHANGES IN FUND’S TERMS AND CONDITIONS
CRITICAL ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS
The principal accounting policies applied in the preparation of these annual accounts are set out below. Cash and cash equivalents include cash in the bank and short-term, highly liquid investments that are easily converted into cash of known amounts and are subject to an insignificant risk of change in value. Upon initial recognition, a financial asset is measured at its fair value and classified at amortized cost, fair value through other comprehensive income (“FVOCI”) or fair value through profit or loss. (“FVTPL”).
Upon initial recognition of an equity investment not held for trading, the Fund Manager may irrevocably elect to present subsequent changes in fair value in OCI. All financial assets not classified as measured at amortized cost or FVOCI are measured at FVTPL.
The Fund enters into transactions where it transfers assets recognized in the statement of financial position but retains either all or substantially all the risks and rewards of the transferred assets or a portion thereof. If all or substantially all the risks and rewards are retained, then the transferred assets are not derecognised. The Fund derecognizes a financial liability when its contractual obligations are settled or canceled or expire.
Financial assets and financial liabilities are offset, and the net amount is shown in the statement of financial position when, and only when, the fund has a legally enforceable right to offset the amounts and intends to either settle them on a net basis or liquidate the asset. and at the same time settle the obligation. Income and expenses are shown net of gains and losses from financial instruments measured at fair value in the net amount and gains and losses from foreign exchange differences. A provision is recognized when the fund has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources involving economic benefits will be required to settle the obligation, and the amount can be reliably estimated.
The intrinsic value per share is calculated by dividing the net assets attributable to the shareholders in the balance sheet by the number of outstanding shares at the end of the year. The fund classifies financial instruments issued as financial liabilities or equity instruments in accordance with the content of the instruments' contractual terms. The redeemable units entitle investors to demand redemption for cash at a value commensurate with the investor's share of the fund's net assets on each redemption date and in the event of the fund's liquidation.
SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
CASH AND CASH EQUIVALENTS
INVESTMENTS – MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS
RELATED PARTY TRANSACTIONS AND BALANCES
The Fund's activities expose it to a variety of financial risks including market risk, credit risk, liquidity risk and operational risk. The Fund Board supervises the Fund Manager and is ultimately responsible for the overall management of the Fund. Risk monitoring and control are primarily designed to be performed based on limits set by the Fund's Board.
The Fund's terms and conditions set out the Fund's general business strategies, risk tolerance and overall risk management philosophy. In accordance with the terms of the Fund, the Fund Manager is required to take action, if necessary, to rebalance the portfolio in accordance with the investment guidelines. Market risk is the risk that changes in market prices – such as commission rates, exchange rates, stock prices and credit spreads – will affect the Fund's income or the fair value of its positions in financial instruments. a) Exchange rate risk.
Currency risk is the risk that the value of future cash flows of a financial instrument will fluctuate due to changes in exchange rates and arises from financial instruments denominated in foreign currencies. The Fund is not exposed to any currency risk as all transactions are conducted in US dollars, which is also the functional currency of the Fund. b) Commission interest risk. Commission interest rate risk is the risk that the value of the future cash flows of a financial instrument or the fair value of fixed coupon financial instruments will fluctuate as a result of changes in commission rates in the market.
All assets and liabilities of the fund are commission-free, so the fund is not exposed to commission rate risk. Another price risk is the risk that the value of the fund's financial instruments will fluctuate due to changes in market prices caused by factors other than movements in foreign currencies and fees. Other price risks arise primarily from uncertainty regarding the future prices of financial instruments held by the fund.
As of the date of the statement of financial position, the Fund has investments in units of units of the Invested Fund, which are exposed to other price risk.
FINANCIAL RISK MANAGEMENT (CONTINUED) 1 Financial risk factors (continued)
Operational risk is the risk of direct or indirect loss arising from various causes related to the processes, technology and infrastructure supporting the fund's activities inside or outside the fund's service provider, and from external factors other than credit, liquidity, currency and market. risks such as those arising from legal and regulatory requirements. The fund's objective is to manage operational risk in order to balance limiting financial losses and damage to its reputation with the achievement of the investment objective of maximizing returns to unitholders. The risk management group has primary responsibility for the development and implementation of operational risk controls.
LAST VALUATION DAY
EVENTS AFTER THE END OF THE REPORTING PERIOD
APPROVAL OF THE FINANCIAL STATEMENTS
