Annual report eng.2019

53 ANNUAL REPORT 2019 Second Rule Proper Identification of Tasks and Responsibilities • The corporate governance framework approved by the board of directors reflects the tasks and responsibilities of the board of directors, in line with the corporate governance rules, which are summarized in the following; 1) Approval of the significant goals, strategies, plans and policies of the Company, including; a) Laying down the comprehensive strategy for the Company for the main action plans, their revision and direction. b) Preparation of the Company capital structure and its financial objectives. c) Laying down performance objectives, control of execution and comprehensive performance of the Company. d) Update of the organizational and job structures in the Company and conduct periodical reviews on them. 2) Approval of the annual estimated budgets and approval of the interim and annual financial statements. 3) Review of the periodical reports received from the executive management in connection with the progress achieved in the Company activity in light of the Company’s strategic plans and objectives. 4) Supervising the major capital expenditures of the Company, acquisition and disposal of assets. 5) Verify the extent of the Company’s compliance with the policies and procedures which ensure the Company’s observance of the applicable internal systems and regulations, with support of the Board of Directors’ Audit Committee and Risk Management Committee as the updating of the structure of subsidiaries in the United Arab Emirates and the financial and administrative Delegation of authorities have been completed in line with the regulations. 6) Ensure the accuracy and soundness of the information and data which should be disclosed according to the applicable disclosure and transparency policies and rules. 7) Approval of the Company governance system in a manner which does not contradict with the corporate governance rules issued by the Capital Markets Authority, general supervision over it and controlling the extent of its efficiency and amending it if required. 8) Follow up the performance of each member of the board of directors and executive management according to the objective key performance indicators (KPIs), with the support of the Board’s Nominations and Remunerations Committee. 9) Prepare the Company governance report to be read in the annual general assembly of the Company, which comprises the requirements and procedures for completing the corporate governance rules and extent of compliance with them. 10) Form specialized committees emanating from the Board according to a charter which indicates the committee duration, powers, responsibilities, method of the Board’s control over it. Further, the composition decree includes the naming of the members, outlining their duties, rights and tasks, in addition to the evaluation and performance and works of such committees and their key members. The Audit Committee, Risk Management Committee, Nominations and Remunerations Committee and the Strategic Financial Planning Committee have been formed according to the details set forth under this report And the Financial and Strategic Planning Committee as detailed in this report. 11) Update the financial and administrative authorities delegated to the executive management. 12) The company achieved advanced positions in terms of the quick completion of the submission of the corporate governance report to the Capital Markets Authority, and it was one of the top ten companies for the second year in a row.