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ANNUAL REPORT
2016
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 transac-
tions.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 compensations 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 con-
ditions applied 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 stakeholders.
• 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 Com-
pany, 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 mecha-
nism 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 stakeholders 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 practic-
es 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 entrusted to them, in addi-
tion to the authorities and rights available to them and a clarification of the role of the committees emanating
from the board of directors.
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