Page 52 - 2023 Auunal Report - EN

ANNUAL REPORT 2023 51

First Rule

Building a Balanced Structure of the Board of Directors

• The board of directors’ role represents the balance point which acts to achieve the objectives of the shareholders
and follow up the executive management of the Company. The board of directors aims at achieving the Company’s
strategic objectives through the executive management’s undertaking of the tasks entrusted to it in a perfect manner.
Whereas the board of directors’ decisions has a large effect on the Company’s performance and the safety of its
financial position, therefore the Company addressed concern that its board of directors consists of a sufficient
number of members (five members) to permit it to form the required number of committees emanating from it
under the framework of the corporate governance rules. The composition of the board of directors has taken into
consideration the diversity in experiences and specialized skills to contribute in fostering competence in taking
decisions. Further, all members of the board of directors are non executive members. The board comprises of
two independent members (which fulfils 20% of the board of directors composition). The Company board of
directors assigns the sufficient time to undertake its mandated tasks and responsibilities, including preparation for
the meetings of the board and the board committees, keenness for attending these meetings, as well as organize
meetings of the Company board of directors according to the provisions of the law and the corporate governance
rules. Further, a special register has been created in which the minutes of the board meetings are written in serial
numbers for the year in which the meeting was held, indicating the venue of the meeting, its date, starting and
ending hour. The board has appointed the board secretary from among the Company personnel and determined
his tasks according to the corporate governance rules in line with the responsibilities mandated to him. Further, the
tasks and responsibilities of each of the board of directors and ex ecutive management were clearly outlined in the
policies and regulations approved by the board which reflect the balance in the powers and authorities between
each of the board of directors and executive management, and so that none of the parties has absolute authority, in
order to facilitate the Company’s operations.

The current board of directors consists of five members and one secretary as follows:

Academic Election date /
Member
Name qualification and Re-appointment
classification
work experience of the secretary
Mr. Rashid Yaccoub Al Nafisi Non Bachelor's degree in 17/ 03 / 2022
Chairman executive accounting
Mr. Eid Abdallah Al Rasheedi Non Bachelor in Economics,
Management and 17/ 03 / 2022
Vice chairman executive Organization

Mr. Ali Abdulrahman Al Shaya
Board member Independent Technology Institute 17/ 03 / 2022

Bachelor of
Mr. Abdulhamid Deeb Mihrez Non Science and
Board member Master of Business 17/ 03 / 2022
executive Administration
(Finance major)
Mr. Mohamed Khaled Othman Al Othman
Business
Board member Independent 17/ 03 / 2022
Administration
Bachelor of Civil
Eng. Ibrahim Abdulrahman Al Soqabi BOD Engineering and 17/ 03 / 2022
Group CEO Secretary Master of Business
Administration