AnnualReport

ANNUAL REPORT

2016

Accurate Disclosure and Transparency in the Right Time

• Mechanisms of accurate and transparent presentation and disclosure which outline the aspects, fields

and features of disclosure

Accurate disclosure is one of the fundamental features and methods for follow up of the Company

activities and evaluate its performance, as it contributes in informing the shareholders and investors of the

Company structures and activities, as well as the applicable policies by the Company, in addition to evalu-

ating the Company’s performance in connection with the ethical criteria. Through the corporate governance

framework, the Company board laid down the mechanisms for accurate and transparent presentation and

disclosure which outline the aspects, fields and features of disclosure, whether in connection with the topics

or elements which should be disclosed. The disclosure method comprise the financial and non financial

information and data related to the Company financial position, performance and equity, through disclosure

to Boursa Kuwait, the Capital Markets Authority, Dubai Financial Market and the Securities and Commodities

Authority (Dubai), in a manner assisting stakeholders to view the Company status in an integrated manner.

Further, the Company discloses with complete transparency and accuracy all the information and data in the

right time for all the parties and stakeholders without discrimination, as per the disclosure forms approved by

the Capital Markets Authority.

The board is keen to review all the Company applicable disclosure and transparency systems and mechanisms

periodically, and ensure that they are in line with the best leadership practices applicable in this respect, in

addition to being consisting with those applicable by the Capital Markets Authority. Further, the Company has

prepared the compliance checklist which comprises the identification of the information which should be dis-

closed, their classification mechanism in terms of their nature or in terms of the periodicity of disclosing them,

as per the disclosure and transparency mechanisms and systems of the Company.

• Board of directors and executive management members’ disclosures:

The Company has a register for the disclosures of the board of directors and executive management

members, whereby it includes the disclosures of the percentages of equities and trading on the Company’s

shares in addition to the declarations and undertakings submitted in their capacities as informed persons,

which are updated according to the provisions of the executive regulation of the Capital Markets Authority

Law. This register is accessible by all the Company shareholders. All the Company shareholders are enti-

tled to access the same without any fee or consideration. Further, the Company updates the details of this

• Investors Affairs Regulation Unit

The Company has an Investors Affairs Regulation Unit, which is responsible for providing and making

available the required financial data and information and reports to the potential investors. The Investors

Affairs Unit enjoys the appropriate independence in a manner permitting it to provide the reports, data

and information in the right time and accurately, by directly contacting the Unit through the Company

website and the website of Boursa Kuwait.

•Development of the information technology infrastructure and reliance on it extensively for disclosure

processes

The Company development the infrastructure of the information technology it uses and relies upon for all

its operations, whereby it uses several programs in its various departments, including for example Microsoft

Ax Dynamics in the Finance Department, Menaitech in the Human Resources and Administrative Affairs

Department, Teamwork program in all the Company departments, Sharepoint program in the Documents

Control Department, CRM program in the Real Estate Department, Primavera in the Projects Department,

Boardvantage program in connection with the board of directors meetings, Office 365 program, in addition

to other programs for the use by the Information Technology Department.

Further, the Company has a dynamic and effective website which comprises all the information, data and dis-

closures in connection with the Company’s businesses and the latest developments, in addition to a special

section on corporate governance as the Company maintains and updates the website periodically.

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