Introduction

   Kuwait Resorts Company K.S.C.P. (hereinafter referred to as the “Company”) is committed to protecting the rights of stakeholders and creating a stable environment for business and work by ensuring a stable and strong financial position for the company. As part of the company's corporate governance framework, the Stakeholders Protection Policy (hereinafter referred to as the "Policy") has been designed with the aim of ensuring respect and protection of stakeholders' rights in accordance with the laws and instructions issued by the relevant regulatory authorities. The objective of the Stakeholders' Rights Policy is to ensure that the rights of stakeholders as stipulated in relevant laws and regulations are respected and protected by the Company.

The Purpose

The purpose of the Stakeholders Rights Protection Policy is to provide the Company with guiding principles for managing the way the Company deals with its key stakeholders and to provide a single strategic driver for stakeholder engagement across the business.

The Range

This policy applies to the company and its subsidiaries (if any), the board of directors, executive management and employees, because each of them has a role in protecting the rights of stakeholders in the company. It is important that all members of the company's management and employees are aware of the requirements of this policy and the relevant laws and instructions and work to comply with them.

Responsibility for applying the policy

The Secretary of the Board of Directors is responsible for implementing this policy on behalf of the company, and the contents of this policy are considered confidential and are for the internal use of the company only other than the parts that will be published on the company's website.

Policy Review

The goal of developing a formal policy review procedure is to ensure that all modifications, additions or deletions to the policy are appropriately documented and approved prior to implementation.

General Responsibilities

Define Stakeholders: Stakeholders are the people who have an interest with the company such as employees, creditors, suppliers, customers and service providers to companies.

The Company acknowledges that the following are its main stakeholders:

1)Investors group.

2)Customers.

3)Business partners.

4)Government (including regulators).

5)Mass media - represent public goods.

6)Staff - form the basis for the internal stakeholder group.

7)Special interest groups affected by the company's activities.

8)Suppliers, contractors and technical advisors.

9)Banks.

The following are the main responsibilities of the Board of Directors towards stakeholders:

1) Overseeing the company's affairs efficiently and effectively: The Board of Directors assumes full responsibility for overseeing the company's affairs, including approving and supervising the implementation of the strategic objectives, risk strategy, and corporate governance standards.

2)Adopting effective policies: The Board of Directors must provide members of the executive management with a clear framework for managing the company's operations.

3)Familiarity with the company's conditions and performance: Informing the Board of any developments that occur in the internal and external environment of the company is an important and essential matter, as this gives the Board the ability to intervene immediately if necessary.

4)Maintaining adequate capital for the company: Capital adequacy is one of the main indicators of the company's financial position. Therefore, the Board of Directors is responsible for ensuring the adequacy of the company's capital, taking into account the requirements of the relevant regulatory authorities and the strategic objectives of the company.

5)Compliance with laws, executive regulations, and instructions: The company is subject to a set of laws, regulations, and instructions issued by the relevant regulatory authorities. It is the responsibility of the Board of Directors to ensure that the company adheres to those laws, regulations, and instructions.

Stakeholder Rights

The company guarantees the protection of the rights of stakeholders by ensuring the following:

1)Dealing with all stakeholders fairly and ensuring that members of the Board of Directors, related parties and stakeholders are treated fairly and without any discrimination or preferential conditions.

2)Ensure that the deals and dealings proposed to be carried out by the company with related parties are reviewed and appropriate recommendations are made to the Board of Directors. (For more information, please refer to the Related Party Dealing Policy).

3)Allow stakeholders to access information and data related to their activities so that they can obtain that information, refer to it, and rely on it in a timely, rapid and regular manner.

4)The right to freely express their concerns about unethical or illegal practices and inform the Board of Directors of any improper practices they are exposed to by the company, while providing appropriate protection to the reporting parties.

5)The company is always keen to address stakeholder concerns and complaints by improving communication with all stakeholders and handling and responding to customer complaints in a timely manner. All complaints are reviewed regularly by the Compliance Department and forwarded to the Executive Management / Board of Directors as appropriate.

6)Provide the opportunity for stakeholders to obtain compensation in the event that their rights have been violated.

7)Stakeholders do not get any preferences through dealing in contracts and transactions that are carried out within the normal activities of the company.

8)The company must ensure that it deals with the members of the Board of Directors and related parties on the same terms that it applies with the different parties of stakeholders without any discrimination or preferential terms.

9)The company must establish good relations with customers and suppliers and maintain the confidentiality of information related to them. If necessary, the company is required to enter into non-disclosure agreements with suppliers and customers.

Stakeholders of the company

1)Shareholders.
2)Regulators.
3)Customers.
4)Employees
5)Third Party.

Complaints handling mechanism

1)The responsible employee receives complaints from Non-staff.

2)The company shall respond to the complaint received within a period not exceeding (5) working days from the date of receipt of the complaint. In the event that a longer time is required, the complainant shall be notified of that as soon as possible.

3)The company ensures the protection of stakeholders' rights by ensuring that complaints received are adequately investigated.

4)The Board of Directors may assign the investigation task to the legal advisor, internal auditors, or external consultants, and a report showing the results of the investigation process will be submitted directly to the Board of Directors.