The Board Committees

The 3 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.

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 H. Abdulallah Chairman
Mr. Fadel M. Al-Sarraf Deputy Chairman
Mr. Ali A. Al-Baghli Member

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
Mr. Massoud Akbar Chairman
Mr. Ali A. Al-Baghli Deputy Chairman
Dr. Ali H. Abdulallah Committee Member

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. Ali H. Abdulallah Chairman
Mr. Fadel M. Al-Sarraf Deputy Chairman
Mr. Ali A. Al-Baghli Committee Member