General Responsibilities of Board of Directors:
The board of directors shall assume full responsibility for Aqar Real Estate Investments Company including the establishment of corporate strategic goals, risk strategy and the standards of corporate governance, as well as the responsibility for applying of such goals and criteria, and control over the safety of the applying these standards. In addition, it is the board role to supervise on the executive management.
The board of Directors shall also assume all responsibilities concerning Aqar Real Estate Investments Company operations and financial safety, ensure the fulfillment of the requirements of regulatory organization, protect the interests of shareholders, creditors, employees and other stakeholders, and ensure that Aqar Real Estate Investments Company runs wisely in accordance with the applicable laws and instructions and the corporate internal policies, and the rules of relevant oversight authorities.
Control over Executive Management
The board of directors shall appoint the company’s chief executive officer who is honest, competent and qualified. The board of directors’ approval should be secured upon appointment of the executive management of top management, which shall report to the chief executive officer or the chairman of board of directors. The board shall also supervise the executive management sufficiently; to check the performance of its role within the context of realization of Aqar Real Estate Investments Company’s objectives and goals, and applying of the policies approved by board of directors.
The board of directors consists of 5 members, and then it has formed its own committees within the framework of corporate governance requirements issued by Capital Markets Authority.
Role of Chairman
The chairman plays important role; as he is responsible for the smooth workflow of the board of directors, and maintenance of the mutual trust between the members.
He shall also ensure that the board of directors would make decisions based on exact principals and information. He seeks to exchange points of view of the board members, ensures the timely provision of sufficient information to all members and shareholders, and the availability of corporate governance standards of Aqar Real Estate Investments Company.
The chairman acts as point of contact between the Board of Directors and the executive management.
Organization of Board Proceedings
The board of directors meeting shall be held whenever necessary; but not less than six times each year. The decisions made within the minutes of meetings shall be implemented, and become an integral part of the records of Aqar Real Estate Investments Company.
The chairman shall consult the executive management regarding the significant issues proposed to be included in the board meeting agenda. The board members shall be provided with sufficient particulars and information in sufficient time before the board meeting to take necessary decisions.
The board secretary shall note down the board discussions, the members’ proposals, and the results of voting made at the board meetings.
The responsibilities of the chairman and board members should be in writing subject to be non-conflict with the relevant legislation and regulations.
Secretary of Board of Directors:
The role of the secretary of the board of directors is to help the board and its chairman run the board affairs including the following:
- Timely preparation of the minutes of meeting in collaboration with the chairman and the chief executive officer.
- Organization and coordination for the attendance of the board of directors meetings.
- Filing of the minutes and drafts of the board meetings.
- Execution of any instructions issued by the board.
- Verification of compliance with all legal requirements with respect to the board affairs.
Powers of Board Members:
- The board of directors has the right to obtain all available informations to be discussed in the meeting before a sufficient time of the meeting.
- To be giving sufficient time for examination and discussion of issues.
- Allow the members to get the necessary trusted information including access to the employees; they also have the right to obtain information from Aqar Real Estate Investments Company through appropriate channels if necessary.
Board of Directors Qualifications
The board of directors of Aqar Real Estate Investments Company and its committees should have qualified and experienced members to best serve the interests of the company, shareholders and stakeholders.
EfficiencyThe board is required at least once a year to review and assess the performance of its members, its committees, as well as the performance of all managers appointed by the board.