Page 66 - 2023 Auunal Report - EN

ANNUAL REPORT 2023 65

Seventh Rule

Accurate Disclosure and Transparency in the Right Time

• Mechanisms of accurate and transparent presentation and disclosure which outline the aspects, fields and features
of disclosure
Accurate disclosure is one of the fundamental features and methods for follow up of the Company activities and evaluate
its performance, as it contributes in informing the shareholders and investors of the Company structures and activities, as
well as the applicable policies by the Company, in addition to evaluating the Company’s performance in connection with
the ethical criteria. Through the corporate governance framework, the Company board laid down the mechanisms for
accurate and transparent presentation and disclosure which outline the aspects, fields and features of disclosure, wheth-
er in connection with the topics or elements which should be disclosed. The disclosure method comprise the financial
and non financial information and data related to the Company financial position, performance and equity, through
disclosure to Boursa Kuwait, the Capital Markets Authority, Dubai Financial Market and the Securities and Commodities
Authority (Dubai), in a manner assisting stakeholders to view the Company status in an integrated manner. Further, the
Company discloses with complete transparency and accuracy all the information and data in the right time for all the
parties and stakeholders without discrimination, as per the disclosure forms approved by the Capital Markets Authority.
The board is keen to review all the Company applicable disclosure and transparency systems and mechanisms period-
ically, and ensure that they are in line with the best leadership practices applicable in this respect, in addition to being
consisting with those applicable by the Capital Markets Authority. Further, the Company has prepared the compliance
checklist which comprises the identification of the information which should be disclosed, their classification mecha-
nism in terms of their nature or in terms of the periodicity of disclosing them, as per the disclosure and transparency
mechanisms and systems of the Company.
• Board of directors and executive management members’ disclosures:
The Company has a register for the disclosures of the board of directors, executive management members and managers,
whereby it includes the disclosures of the percentages of equities and dealing on the Company’s shares in addition to the
declarations and undertakings submitted in their capacities as insiders, which are updated according to the provisions
of the executive regulation of the Capital Markets Authority Law. This register includes all data related to remunerations,
salaries, incentives and other financial benefits that were granted directly or indirectly by the company or its subsidiar-
ies. All the Company shareholders are entitled to access this register during the company's working hours. without any
fee. Further, the Company updates the details of this register periodically which reflects the reality of the positions of the
related parties.

• Investors Affairs Regulation Unit
The Company has an Investors Affairs Regulation Unit, which is responsible for providing and making available the
required financial data and information and reports to the potential investors. The Investors Affairs Unit enjoys the appro-
priate independence in a manner permitting it to provide the reports, data and information in the right time and
accurately, by directly contacting the Unit through the Company website and the website of Boursa Kuwait and Dubai
Financial Market.
• Development of the information technology infrastructure and reliance on it extensively for disclosure processes
The Company developed the infrastructure of the information technology it uses and relies upon for all its operations,
whereby it uses several programs in its various departments, including for example (Microsoft D365 F&O) in the Finance
Department, (Menaitech) in the Human Resources and Administrative Affairs Department, (CRM- Property Management),
(Primavera) in the Projects Department, (Boardvantage) program in connection with the board of directors meetings (TEAM-
WORK) program in all departments, (Sharepoint) program in the Documents Control Department and purchasing manage-
ment, it has also been updated by adding the facilities management application, where the application is designed to collect
complaints and requests from tenants and for preventive maintenance tasks for building maintenance employees. The
application can be used on a computer browser or on a mobile phone., also the DIEHL metering software is used to read
electricity consumption electronically in addition to other programs for the use by the Information Technology Department.
Further, the Company has a dynamic and effective website which comprises all the information, data and disclosures in
connection with the Company’s businesses and the latest developments, in addition to a special section on corporate gov-
ernance as the Company maintains and updates the website periodically.