Board Committees

Audit Committee

The Audit Committee shall be responsible for defining and supervising the adequacy of the company's internal control and audit functions, as well as ensuring at the same time the compliance with laws, policies, instructions, code, codes of conduct, and applicable work ethics. This Committee works on establishing a culture of commitment within the Company, by ensuring the safety and integrity of the Company’s financial reports.

Audit Committee Functions and Responsibilities:

• Reviewing periodical financial statements before providing them to the Board of Directors and provide the Board of Directors with opinion and recommendation concerning them.
• Following up on external auditors works and ensuring that they do not provide any services to the company except for services related to the audit profession.
• Evaluating the extent of sufficiency of internal control conditions applied inside the company and prepare report including opinion and recommendation about that.
• Reviewing the results of the internal audit reports and ensuring the appropriate action has been taken.
• Verifying the company’s compliance with related laws, policies, systems, and regulations.

Risk Committee

This committee shall be responsible for conducting a review and reporting process to the Board on the current, future and permitted risk management strategy, in conjunction with overseeing the implementation of this strategy by the executive management. It also strives to provide effective systems for risk management and independence of these tasks.

Risk Management Committee Functions and Responsibilities

• Prepare and review risk management strategies and policies prior to getting them approved by the BODs and verify application of such strategies and policies and that they are appropriate to the nature and extent of the company activities.
• Ensure provision of resources and systems sufficient for risk management & evaluate systems and mechanisms of identifying, measuring and following up various types of risks to which the company may be exposed.
• Assist the Board of directors to identify and evaluate the risks accepted in the company and verify that they don’t exceed such level after it’s approved by the BODs.
• Prepare periodical reports concerning the nature of risks exposed by the company and submitting such reports to the company Board of directors.
• Verify independence of the risk management employees from activities that cause the exposure to risks by the company.

Remuneration Committee

The Committee is responsible for making recommendations on appointing the members of the Board of Directors and re-election at the General Meeting, in addition to the annual self-assessment on the performance of the Board Members. The Committee is also responsible for reviewing the remuneration of the Board Members and Executive Management in accordance with the Company's long-term strategic objectives, in addition to the tasks relating to the nomination of Registered Positions as instructed by the Capital Markets Authority.

Remuneration Committee Functions and Responsibilities

• Recommending nominations and re-nominations for the membership of the board of directors and executive management.
• Preparing job descriptions for the executive, non-executive and independent members & ensure the independency of the independent member.
• Prepare annual reports that contain overall remunerations in detail that are granted to the board members and the executive management.