Annual report eng.2019

49 ANNUAL REPORT 2019 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 one independent member. 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 executive 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 board of directors consists of five members and one secretary as follows: First Rule Name Member classification Capacity Election date/ Re-appointment of the secretary Mr. Rashid Yaccoub Al Nafisi Non executive Chairman 08/ 04 / 2019 Mr. Abdulrahman Mohamed Rashed Al Shared Non executive Deputy chairman 08/ 04 / 2019 Mr. Abdulhamid Mihrez Non executive Board member 08/ 04 / 2019 Mr.MohamedKhaledOthmanAlOthman Independent Board member 08/ 04 / 2019 Mr. EidAbdallahAl Rasheedi Non executive Board member 08/ 04 / 2019 Eng. Ibrahim Abdulrahman Al Soqabi BOD Secretary CEO 25/ 04 / 2019