Working under the Board are the following committees and units:
– The Investments Committee, the Audit & Risk Management Committee and the Nomination and Remuneration Committee.
A permanent committee consisting of a number of Board members, specializing in the prior study of all matters due to be presented to the Board, and is tasked with preparing the agenda for the Board as well as studying and developing business projects, reviewing strategic plans, determining investment directions and approving bids for major tenders. The Committee also reviews the company’s quarterly and annual accounts, approve the financial budget, follow-up on the implementation of the company’s adopted goals, study proposals for updating them in accordance with the developments, and submit proposals for administrative powers specific to the Board, committees and senior management.
Audit and Risk Management Committee
The Committee oversees performances of the Internal Audit and Risk Management departments by monitoring the integrity of the financial statements of the company and their compliance with international standards for preparing financial reports and reviews any important issues or opinions related to financial reports. The Committee also ensures the external auditor submits an annual report to the Board Within three months – at the most – from the date of the end of the fiscal year, in addition to conducting an annual evaluation of the adequacy of the risk management and internal control policies, liaise with the Audit Bureau, respond to the observations contained in its report, and present them to the Board.
Nomination and Remuneration Committee
The Committee studies the proposals of the management regarding the organizational structure of the company, submits recommendations to the Board of Directors on the suitability of the structure, examines any proposals submitted regarding setting and amending systems, manuals, procedures for human resources and performance management, reviews recommendations on the impact of relevant legislation on the systems and policies of the company’s human resources and submits recommendations to the Board. In addition, the Committee reviews the management’s proposals regarding payroll policies and regulations, allowances, bonuses, promotions, incentives, benefits, and annual incentive bonuses – for senior management employees, with recommendations to the Board. The Committee also deals with issues related to appointments to leadership positions including chief officers, executive directors and managers directly under the General Manager.
The Committee also evaluates the effectiveness of the Board of Directors, its sub-committees and members of the Board according to the mechanisms and means it deems appropriate.