Annual report eng.2018

75 ANNUAL REPORT 2018 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 ac- cording 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 enhance the quality of living conditions for the workers and their families in the local community and the society as a whole. The Company was keen to increase the percentage of employment of national staff. The company also periodically participates in spreading cultural and economic awareness in society through issuing a periodic economic report. The Board of Directors adopted a social responsibility initiative with a full plan for social responsibility activities. The exec- utive management initiated a social responsibility initiative to encourage young people to launch their ideas and develop their skills. Al Mazaya continued to adopt many initiatives and activities in the field of social respon- sibility, Social responsibility has become a cornerstone of Al Mazaya Holding's annual policies and practices. Al Mazaya has concluded a cooperation agreement with Proteges through its interactive annual program that encourages young Kuwaitis to discover their passion and provide them with the tools to help them face life and work challenges. To become active and creative members of society, in line with the directives of the wise lead- ership of Kuwait to support Kuwaiti youth and facilitate the development of their skills to enter the labor market. The approval of the General Assembly has been taken to allocate a percentage of the realized profits and directing them towards social services and projects. The company is keen to educate its employees on the social responsibility objectives of the company, which con- tributes 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 anating from the board of directors. 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 exec- utive 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: • Decision making strategies under risk and uncertainty • Insead innovation for competitiveness program • BOD Secretary work shop • Real Estate Management - Harvard • Changing the game negotiation • Digital transformation strategy • Disruptive Technology & Leadership • BOD Briefing •The personal side of innovation BOD briefing • 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 direc- tors 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 transpar- ency and disclosed to all personnel., whereby it laid down the key performance indicators (KPIs) for the evalua- tion 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 performance indicators (KPIs) to evaluate the executive management and all the Company personnel, on periodical (semi annual and annual) basis, in order to indicate and determine the weak- nesses 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. Board of Directors & Executive Management Message from the Chairman Message from the Group CEO Operations & Services Mazaya Projects Corporate Governance Report Audit Committee´s Report Financial Report 2018