Committees of Board of Directors
Committees of Board of Directors
The board of directors shall carry out its tasks with the support of four main committees and the responsibilities and duties of each committee and the powers thereof shall be vested by the board of directors.
Risk management and Audit Committee
The existence of risk management and audit committee is one of the main features of application of good governance rules as this committee works to establish the compliance culture in the Company through ensuring the integrity and correctness of financial reports as well as checking the sufficiency and efficiency of the applicable corporate internal control systems.
It also promotes the corporate efficient performance by understanding and analyzing the volume of risks ahead of the Company’s business to eliminate them as much as possible to realize the corporate vision in accordance with the approved policies and standards.
Furthermore, the committees have the right based on the powers vested into by the board to access and review all information, data, reports, records and correspondences related to the Company’s business or other matters which the committee deems important to review to ensure efficient performance of the risk and internal audit works in accordance with the corporate objectives and to submit comments and recommendations of risk and internal audit works to the board of directors and executive management on regular basis.
Risk Management Committee Members
Mr./ Madi Talal Al-Khamees, Chairman
Mr./ Abdulrahman Jasem Al-Yassin, Vice Chairman
Mr./ Abdullateif Mohamed Al-Shaya , Member
Mr./ Hamad Talal Al-Ghanim , Member
Audit Committee Members
Mr./ Abdulrahman Jasem Al-Yassin, Chairman
Mr./ Madi Talal Al-Khamees, Vice Chairman
Mr./ Abdullateif Mohamed Al-Shaya, Member
Mr./ Hamad Talal Al-Ghanim, Member
Nomination and Remuneration Committee
The goal of nomination and remuneration committee is to promote efficiency and performance through participation in the selection of qualified members of the board of directors and senior executives to achieve the corporate vision in accordance with the approved policies and standards, develop policies of remunerations of board members and senior executives of the Company. The committee also provides recommendations to the board of directors regarding the requirements of appropriate skills of board members to realize the corporate objectives and protect the interests of shareholders and investors with higher efficiency at reasonable cost.
The committee has the unrestricted right to access and review all information, data, reports, records and correspondences related to nominations to the board membership or appointment of senior executives of the Company as well as the particulars related to the remunerations of the board chairman and members and senior executives or other matters which the committee deem important to review as falling within its powers and provide regular recommendations to the executive management and board of directors. The board of directors shall take all necessary measures for the committee to perform its tasks.
Nomination and Remuneration Committee Members
Mr./ Osama Mohammad Al-Rasheed, Chairman
Mr./ Abdullah Mohammed Al- Mansour, Vice Chairman
Mr./ Abdulrahman Jasem Al-Yassin, Member
Mr./ Madi Talal Al-Khamees, Member
The Executive Committee oversees the decision-making as per pre-determined authority limits and monitoring of the investment and credit function in the company, with a view to ensure shareholders and clients’ interests and alignment with the Company’s business strategy.