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ANNUAL REPORT
2016
• The Company governance framework, approved by the board of directors, reflects the tasks and
responsibilities of the chairman 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
executive management.
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 team with a high standard of competence for the executive
management members. The corporate governance framework reflects the 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:
1) Execute all the Company internal policies, rules and regulations, as approved by the board of
directors.
2) Execute the annual strategy and plan approved by the board of directors.
3) Prepare periodical reports (financial and non financial) in connection with the progress made in
the Company’s business in light of the Company’s strategic plans and objectives and present such
reports to the board of directors.
4) 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.
5) 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.
6) Efficient participation in the building and development of ethical values culture in the Company.
7) 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.
8) 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.
9) 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.
10)Prepare the key performance indicators (KPIs) for all the Company personnel and evaluate their
accomplished tasks in a periodical manner.
11) Form the Employees Relations Committee (ERC) which reviews the grievances submitted by
personnel and submits recommendation in this respect to the Group CEO in the right time and in
strict confidence.
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