54 / 129
ANNUAL REPORT
2016
S
econd Rule
Proper Identification of Tasks and Responsibilities
• The corporate governance framework approved by the board of directors reflects the tasks and
responsibilities of the board of directors, in line with the corporate governance rules, which are
summarized in the following;
1) Approval of the significant goals, strategies, plans and policies of the Company, including;
a) Laying down the comprehensive strategy for the Company for the years from 2015 - 2020, main
action plans, their revision and direction.
b) Preparation of the Company capital structure and its financial objectives.
c) Laying down performance objectives, control of execution and comprehensive performance of the
Company.
d) Update of the organizational and job structures in the Company and conduct periodical reviews on them.
2) Approval of the annual estimated budgets and approval of the interim and annual financial
statements.
3) Participate in realizing the Company profits which amounted to 10,253,235.000 Million Kuwaiti
Dinar for the year end 31 December 2016.
4) Review of the periodical reports received from the executive management in connection with the
progress achieved in the Company activity in light of the Company’s strategic plans and objectives,
including feasibility studies, financial and technical reports of the Company current and new projects,
including:
1.Ritim Istanbul Project- Turkey
2.Oman Residence Project- Sultanate of Oman
3.Q-Line Project- UAE
4.Multi Purpose Plots Project MUs- UAE
5.Sharq Land Project- State of Kuwait
5) Supervising the major capital expenditures of the Company, acquisition and disposal of assets.
6) Verify the extent of the Company’s compliance with the policies and procedures which ensure
the Company’s observance of the applicable internal systems and regulations, with support of t h e
Board of Directors’ Audit Committee and Risk Management Committee
7) Ensure the accuracy and soundness of the information and data which should be disclosed
according to the applicable
disclosure and transparency policies and rules.
8) Approval of the Company governance system in a manner
which does not contradict with
the corporate governance rules issued by the Capital Markets Authority, general supervision
over it and controlling the extent of its efficiency and amending it if required.
9) Follow up the performance of each member of the board of directors and executive management
according to the objective key performance indicators (KPIs), with the support of the Board’s
Nominations and Remunerations Committee.
10) Prepare the Company governance report to be read in the annual general assembly of the
Company, which comprises the requirements and procedures for completing the corporate
governance rules and extent of compliance with them.
11) Form specialized committees emanating from the Board according to a charter which indicates
the committee duration, powers, responsibilities, method of the Board’s control over it. Further, the
composition decree includes the naming of the members, outlining their duties, rights and tasks, in
addition to the evaluation and performance and works of such committees and their key members. The
Audit Committee, Risk Management Committee, Nominations and Remunerations Committee and the
Group Executive Committee have been formed according to the details set forth under this report
12) Update the financial and administrative authorities delegated to the executive management.
51