BOD Committees

The Board Committees

The 5 committees were formed and constituted by the BOD, and are assigned to carry out their authorities, roles and responsibilities by the verified committee's charter.

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The Audit Committee

Purpose

Under the corporate governance regulations issued by the Capital Market Authority of Kuwait, the committee is to assist the BOD in accomplishing the oversight of:-

The Integrity of the Company’s Financial Statements
The Internal Control System.
The Internal Audit workflow process

Composition

The committee consists of three members, including an independent board member.
The committee period expires by the end of the BOD term.
The Chairman and the executive member of the BOD, are not a member of the audit committee.
At least one member is qualified and has the experience relevant to the financial field.

The Members

Name

Designation

Dr. Ali Hussain Abdulallah

Chairman

Mr. Ali Al-Baghli

Committee Member

Dr. Mahdi Mahmoud Haider

Committee Member

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The Risk Management Committee

Purpose

The committee has been delegated the responsibilities of supporting the BOD to identify, evaluate and monitor the risks that the company is exposed to.

Composition

The Committee consists of three members, including an independent board member.
The Committee period expires by the end of the BOD term.
The Chairman of the committee is non-executive member, and the chairman of the BOD is not a member of this committee.

The Members

Name

Designation

Dr. Ali Hussain Abdulallah

Chairman

Mr. Ali Al-Baghli

Committee Member

Dr. Mahdi Mahmoud Haider

Committee Member

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The Nomination & Remuneration Committee

Purpose

The committee has been delegated with the responsibilities and duties with respect to:-

Raise their recommendations of nominating for the positions in the board of directors and the executive management.
Set the policy and the regulations of the remuneration and the compensation system.
Prepare the job descriptions of the executive, non-executive and independent members

Composition

The committee consists of three members, including an independent board member.
The Committee period expires by the end of the BOD term.
The Chairman of the committee is not an executive member of the BOD.

The Members

Name

Designation

Dr. Mahdi Mahmoud Haider

Chairman

Mr. Ali Al-Baghli

Committee Member

Mr. Fadel Mohammed Al-Sarraf

Committee Member

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The Projects Strategy Committee

Purpose

The committee has been formed to carry out the responsibilities of discussing and defining the company’s strategic direction.

Composition

The committee consists of four members, 50% of the members are not from the audit and risk committees.
The Chairman of the Committee is an executive BOD member.
The Committee period expires by the end of the BOD term.
The Committee has been formed from executive and independent BOD members.

The Members

Name

Designation

Mr. Mohammed Al-Khateeb

Chairman

Mr. Ali Al-Baghli

Committee Member

Dr. Mahdi Mahmoud Haider

Committee Member

Eng. Adel Mohammad Al-Awadi

Committee Member

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The Corporate Governance Committee

Purpose

The committee has been formed to carry out the responsibilities with respect to:-

Develop the Corporate Governance System supported by efficient Human Resource.
Review the committees’ charter and their work effects in the board.
Review and discuss the annual evaluation results of the Corporate Governance System.
Review the Disclosure policy.

Composition

The committee consists of four members.
The Chairman of the Committee is the Chairman of BOD.
The Committee period expires by the end of the BOD term.
The Committee has been formed from executive and independent BOD members.

The Members

Name

Designation

Mr. Abdulhussein Al-Sultan

Chairman

Mr. Ali Al-Baghli

Committee Member

Dr. Mahdi Mahmoud Haider

Committee Member

Mr. Fadel Mohammed Al-Sarraf

Committee Member