Annual report eng.2019

67 ANNUAL REPORT 2019 Focusing on the significance of social responsibility • Establish equilibrium between the objectives of the Company, objectives of the community, and the programs and mechanisms used in the social work field The corporate governance framework stipulates the continuous obligation of the Company to act ethically according to the requirements of the laws and general customs, and sustainable contribution by the Company to achieve social and economic development by attracting national manpower and enhancing the quality of living conditions for the workers and their families in the local community and the society as a whole. The company assisted the employees and their relatives by participating in the payment of the costs of their medication and study expenses for their family members as well as providing training courses and settlement of some of their financial obligations. In addition, the company provid- ed Iftar meals to workers during the holy month of Ramadan. The company also periodically participates in spreading cultural and economic awareness in society through issuing a periodic economic report. where social responsibility has become one of the main pillars within the “Al Mazaya Holding” policies and annual practices The approval of the General Assembly has been taken to allocate a percentage of the realized profits and directing them towards social services. The company is keen to educate its employees on the social responsibility objectives of the company, which contributes to the improvement of the performance of the company and respect all applicable laws and regulations and abide by them. The company also highlights all its efforts in the field of social work, through press releases and presentation on the social networking sites of the company. Eleventh Rule The Company has also provided to members of the board of directors and the executive management training programs related to the Company’s operations and the role of members of the board of directors and the executive management in order to develop their skills and experiences and keep in line with the developments in a manner which assists them to perform the tasks entrusted to them. Such training courses included the following for example: • Importance of IR from local fund managers perspective • IFRS UpdateWorkshop • EYTaxWorkshop • Corporate Governance Regulations Workshop • Performance evaluation of members of the board of directors and executive management: The Company laid down systems and mechanism for performance evaluation of members of the board of directors and the executive management on periodical basis, through a number of key performance indicators (KPIs), connected with the extent of achieving the strategic objectives of the Company, the quality of risk management, and sufficiency of the internal control systems. Such procedures are written clearly and characterized by transparency and disclosed to all personnel., whereby it laid down the key performance indicators (KPIs) for the evaluation of the board of directors as a whole, the contribution of each member of the board of directors and each of its committees, as well as the key perfor- mance indicators (KPIs) to evaluate the executive management and all the Company personnel, on periodical basis, in order to indicate and determine the weaknesses and strengths and propose addressing them in a manner conforming with the interest of the Company. • Institutional value creation among the Company personnel The board of directors creates values in the Company on the short, medium and long term, by laying down and providing the mechanisms and procedures to achieve the Company strategic objectives, as well as enhance the performance rates to efficiently contribute in creating the institutional values among personnel and motivate them to work continuously in order to preserve the financial integrity of the Company.