Committees of Board of Directors

The board of directors shall carry out its tasks with the support of 3 main committees, the responsibilities, duties of each committee, and the powers thereof shall be vested by the board of directors.

 

The existence of internal audit committee is one of the main features of applying of corporate governance rules as this committee works to establish the compliance culture in the company through ensuring the integrity and correctness of financial reports, as well as checking the sufficiency and efficiency of the applicable corporate internal control systems. In addition, the committee has the right based on the powers vested into it by the board to access and review all information, data, reports, records and correspondences related to the company’s business or other matters which the committee deems important to review to ensure efficient performance of the internal audit works in accordance with the corporate objectives and to submit comments and recommendations of internal audit works to the board of directors and executive management on regular basis.

 

 

This derived committee was formulated in aim to enhance the effectiveness of the company’s performance; by understanding and analyzing the volume of risks ahead of the company’s business to eliminate them as much as possible to realize the corporate vision in accordance with the approved policies and standards. In addition, the committee has the right based on the powers vested into it by the board to access and review all information, data, reports, records and correspondences related to the company’s business or other matters which the committee deems important to review to ensure efficient performance of the Risk Management works in accordance with the corporate objectives and to submit comments and recommendations of Risk Management works to the board of directors and executive management on regular basis.

 

 

 

The goal of nomination and remuneration committee is to promote efficiency and performance through participation in the selection of qualified members of the board of directors and senior executives to achieve the corporate vision in accordance with the approved policies and standards, develop policies of remunerations of board members and senior executives of the company. The committee also provides recommendations to the board of directors regarding the requirements of appropriate skills of board members to realize the corporate objectives and protect the interests of shareholders and investors with higher efficiency at reasonable cost.

The committee has the unrestricted right to access and review all information, data, reports, records and correspondences related to nominations to the board membership or appointment of senior executives of the company as well as the particulars related to the remunerations of the board chairman and members and senior executives or other matters which the committee deem important to review as falling within its powers and provide regular recommendations to the executive management and board of directors. The board of directors shall take all necessary measures for the committee to perform its tasks.