Board Committees

In accordance with the Corporate Governance principals, the board of directors is supported by six committees, the mandate and responsibility of each committee are defined and delegated by the board.

These include the following:

The audit committee is responsible for the review of the financial statements and ensure the integrity and transparency of financial data and reports.  The committee is responsible for the monitoring of the performance of External Auditors and coordinating with them on subjects related to audit and financial statements.

The executive committee is responsible for approving the company new investments and discussing the strategy of the existing investments, business plan and budget of the company before submission to the Board, it is also responsible for reviewing the company’s performance and discuss deviations from the work plan and budget.

The nomination and remuneration committee is mainly responsible for setting policies related to compensation and benefits related to board members, and assure the implementation of policies.

The corporate governance committee is mainly responsible for setting the corporate governance policies and procedures and monitoring their implementation.

The risk management committee is responsible for setting policies related to risk management and reviewing them on annual basis.

The tender’s committee responsibility is setting of tenders policies at the company and assuring proper implementation of such policies.