Annual report eng.2019

OF ACHIEVEMENTS Recognizing the Role of Stakeholders • Systems and policies guaranteeing the protection of stakeholders’ rights The Company observes and protects the rights of stakeholders in all its dealings, internal and external transactions. Thus, the Company laid down under the framework of the corporate governance framework policies which include the rules and procedures guaranteeing protection and recognition of the stakeholders’ rights, and permit them to obtain compen- sations if any of their rights are abused, as established by the laws passed in this respect. The policy approved by the Company in this respect includes the following: - Dealing with members of the board of directors and stakeholders is carried out according to the same conditions ap- plied by the Company with the various parties of stakeholders without discrimination or preferential conditions. - The unity and ease of the procedures followed in the event of any default on any parties of its obligations. There is no discrimination between one contract and the other between the stakeholders and the Company. - Compensate stakeholders if their rights determined by the regulations and protected by the contracts are abused. - Maintain good relations with the clients and suppliers and preserve the confidentiality of information. - The mechanism of settlement of any complaints or disagreements which may arise between the Company and stake- holders. • Encourage stakeholders to participate in following up the Company’s various activities For avoiding the conflict of the transactions of stakeholders, whether contracts or transactions with the Company, with the interest of shareholders, it should be taken into consideration that none of the stakeholders receive any advantage through dealing in contracts and transactions which fall within the Company’s normal activities. Further, the Company lays down internal policies and regulations which comprise a clear mechanism for awarding contracts and transactions of various types, through the various tenders or purchase orders. The Company has also laid mechanisms and frameworks to ensure maximum benefit from the contributions of stake- holders in the Company and urge them to participate in following up its activity, in line with fulfilling its interests in a perfect manner. The Company permits stakeholders the ability to obtain all the information and data relevant to their activities, whereby they may be relied upon in the right time and on regular basis. The Company has also facilitated to stakeholders informing the Company board of directors of any improper practices to which they may be exposed by the Company, and provide the suitable protection to the reporting parties. Promoting and Enhancing Performance • Training courses and programs of members of the board of directors and executive management Continuous training and qualification of members of the board of directors and the executive management is among the cornerstones of the rules of corporate governance, as it largely contributes in promoting the Company’s performance, through the board of directors and executive management’s exercise of the duties and responsibilities entrusted to them in a perfect manner. • The Company laid down a clear policy under the framework of corporate governance to permit members of the board of directors and the executive management to obtain internal and external training programs and course on continuous basis. For promoting and enhancing performance, it presented an orientation report to the newly appointed members in order to guarantee that they have a suitable understanding of the Company’s progress of work and operations. This statement included the Company’s strategy and objectives, in addition to the financial and operational aspects of all the Company’s activities. Further, the Company has submitted an orientation report on the legal and regulatory obligations shouldered to the members of the board of directors and the Company, a statement of the responsibilities and tasks en- trusted to them, in addition to the authorities and rights available to them and a clarification of the role of the committees emanating from the board of directors. Ninth Rule Tenth Rule