AnnualReport

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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