Annual report 2020 eng

81 ANNUAL REPORT 2020 Focusing on the significance of social responsibility • Establish equilibrium between the objectives of the Company, objectives of the community, and the programs and mechanisms used in the social work field The corporate governance framework stipulates the continuous obligation of the Company to act ethically according to the requirements of the laws and general customs, and sustainable contribution by the Company to achieve social and regulations, and sustainable contribution by the Company to achieve social and economic development by attracting national manpower and enhance the quality of living conditions for the workers and their families in the local commu- nity and the society as a whole.Where the company assisted the employees and their relatives by participating in paying the costs of their medication and study expenses for their family members as well as providing settlement of some of their financial obligations. In addition, some subsidiaries of Al Mazaya Holding Company have also adopted a package of incentive measures aimed to support investors and tenants of real estate units by postponing and discounting part of the rent during the exceptional circumstances experienced by the State of Kuwait, the Arab Gulf states and the world at large due to the spread of the Corona virus infection (Covid 19). It also took the initiative to sterilize all its towers and real estate properties periodically, in order to ensure the safety of all society members, workers, visitors and patients. The company also periodically participates in spreading cultural and economic awareness in society through issuing a peri- odic economic report. where social responsibility has become one of the main pillars within the “Al Mazaya Holding” policies and annual practices. The approval of the General Assembly has been taken to allocate a special amount to be utilized towards social services and projects. The company is keen to educate its employees on the social responsibility objectives of the company, which contributes to the improvement of the performance of the company and respect all applicable laws and regula- tions and abide by them. The company also highlights all its efforts in the field of social work, through press releases and presentation on the social networking sites of the company. Eleventh Rule The company delivered an internal training course on (Microsoft Teams Application) to the Board of Directors and the executive management, which provided detailed explanation of how to use it in a way that helps them to perform the tasks assigned to them. This application was one of the important tools during the exceptional circumstances of Covid 19 pandemic, whereby the company heavily used it for exchanging information and holding meetings internally and exter- nally. Furthermore, the covid19 pandemic had led to suspension of all training programs and other courses for this year. • Performance evaluation of members of the board of directors and executive management: The Company laid down systems and mechanism for performance evaluation of members of the board of directors and the executive management on periodical basis, through a number of key performance indicators (KPIs), connected with the extent of achieving the strategic objectives of the Company, the quality of risk management, and sufficiency of the internal control systems. Such procedures are written clearly and characterized by transparency and disclosed to all personnel., whereby it laid down the key performance indicators (KPIs) for the evaluation of the board of directors as a whole, the contribution of each member of the board of directors and each of its committees, as well as the key perfor- mance indicators (KPIs) to evaluate the executive management and all the Company personnel, on periodical basis, in order to indicate and determine the weaknesses and strengths and propose addressing them in a manner conforming with the interest of the Company. • Institutional value creation among the Company personnel The board of directors creates values in the Company on the short, medium and long term, by laying down and providing the mechanisms and procedures to achieve the Company strategic objectives, as well as enhance the performance rates to efficiently contribute in creating the institutional values among personnel and motivate them to work continuously in order to preserve the financial integrity of the Company.