Company’s Commitment Towards Corp. Governance.
The company's Board of
Directors seeks to adopt an appropriate general governance framework that will
enhance the general governance environment within the company in accordance
with leading practices and applicable laws and regulations.
The Board of Directors
remains determined to meet the requirements of the Governance Regulations
issued by the Capital Markets Authority, as a minimum, through disclosures to
the regulatory bodies and related parties therein. The general governance framework
approved by the company is subject to the following:
* Book Fifteen of the Executive
Regulations issued by the Capital Markets Authority regarding corporate
governance.
* Provisions of Companies Law No. 1
of 2016.
* Company incorporation contract.
*Policy of the company.
The Board of Directors,
through the relevant committees, supervises the implementation of the general
governance framework. Effective implementation and follow-up of the overall
governance framework must ensure that the company complies with applicable laws
and regulations.
The Board of Directors
intends to review the general governance framework and all relevant policies
through the Compliance and Compliance Department in coordination with the
relevant authorities on an annual basis or when needed at the discretion of the
Board of Directors and under any applicable laws or regulations. Through this
review of the general governance framework, the Board of Directors ensures its
continued consistency with leading practices.
This guide is an integral
part of the company's governance framework. This guide was developed considering
the corporate governance rules issued by the Capital Markets Authority, in
addition to other regulatory requirements, and leading international practices
in this regard.