Annual report eng.2019

OF ACHIEVEMENTS •TheCompanygovernance framework, approvedby theboardof directors, reflects thecurrent tasks andresponsibilities of the chairman for 2019 in line with the corporate governance rules, summarized in the following; 1) Ensure the board’s discussion of all fundamental maters efficiently and in the proper time. 2) Support and assist the executive management and almost daily coordination with the CEO to follow up the operations of the holding company and subsidiary companies. 3) Represent the Company towards third parties, as stipulated under the Company articles of association. 4) Encourage all members of the board of directors to participate completely and efficiently in transacting the Board affairs to ensure the Board’s undertaking of actions in favour of the Company. 5)Ensure actual communication with the shareholders and submit their opinions to the board of directors. 6) Encourage constructive relations and efficient participation between each of the board and the executivemanagement. 7) Create a culture encouraging constructive criticism on the issues on which there is a disagreement in views between the board members. • The Company has a qualified executive management team with a high standard of competence. The corporate governance framework reflects the current tasks and responsibilities of the executive management, with which it complies, in light of the powers and authorities granted and approved by the board of directors. Summarized in the following: • Execute all the Company internal policies, rules and regulations, as approved by the board of directors. • Execute the annual strategy and plan approved by the board of directors. • Prepare periodical reports (financial and non financial) in connection with the progress made in the Company’s business present such reports to the board of directors. Including feasibility studies, financial and technical reports on the company's current and emerging projects, including: - Ritim Istanbul Project – Turkey. - Oman Residence Project Zone 1 & Zone 2 – Sultanate of Oman. - Q-line Project R10 – UAE. - Mazaya Subah Al Salem Project – Kuwait. - Mazaya Clinic 3 (Bnaid AlQar) -Kuwait - Mazaya Towers – Kuwait - Clover Center Jabriya – Kuwait - Mazaya logistics – Kingdom of Bahrain - Sky Gardens – UAE - Indigo – UAE - Almaather Towers – KSA - AlOlayya Tower – KSA - Mazaya Clinic 4 – Kuwait - Mazaya Clinic 5 - Kuwait • Lay down an integrated accounting system which keeps records, registers and accounts that reflect in details and accurately the financial statements and income accounts, which permit preserving the Company’s assets and preparation of the financial statements according to the international accounting standards approved by the Capital Markets Authority. The advanced accounting system (MICROSOFT AX DYNAMICS) provides the ability to issue consolidated financial statements at the company and subsidiary level with high efficiency and quality. • Manage daily work and direction of the activity, in addition to the management of the Company resources in the optimum manner, gratify profits and reduce costs, in line with the Company goals and strategy. • Efficient participation in the building and development of ethical values culture in the Company. • Lay down internal control systems and risks management, and ensure the efficiency and sufficiency of such systems, and concern for compliance with the risks appetite approved by the board of directors. • Development of the infrastructure for information technology to provide the required data and information to take decisions in line with the Company expansion requirements and strategy The Company has developed an IR Application that allows them to quickly access information about the company's current performance, as well as access to historical information and latest development. • Lay down a clear working mechanism in connection with following up the regulatory decrees and law relevant to the Company’s nature of work in order to ensure strict compliance and implementation of the same. • Prepare the key performance indicators (KPIs) for all the Company personnel and evaluate their accomplished tasks in a periodical manner.