Board Policy

Framework of the Board of Directors

The company is subject to effective and integrated board management that observes its responsibilities, and it shall be collectively responsible for promoting the long-term success of the company by managing and supervising its affairs. Managers are also responsible for ensuring that the Board of Directors makes the decisions with complete objectivity when fulfilling the company's duties.

Structure of the Board of Directors

The Board consists of non-executive members elected by the general assembly. They ensure the independence of the procedures and decisions taken at all times. The Board must include a sufficient number of members to allow for the formation of the needed board committees. The process of electing and renewal of members shall be conducted in accordance with the applicable rules and regulations. Any changes in the number of Board members must be adequately highlighted through subsequent amendments to the Articles of Association in a manner that is appropriate to the process of implementing rules, regulations, and instructions. Each member of the Board is elected for a period of three years, provided the Board holds a meeting at the end of such period. The Board may request the reappointment of members whose term has expired.

Qualifications of the Board of Directors

The Board has the appropriate qualifications and experience suitable to their positions and tasks. The members are fully aware of the role required of them in relation to governance and have the responsibility to make objective decisions regarding company matters.

Declaration of Board Members

Each member of the Board shall ensure that his other obligations, including the implications outside his membership in the Board, do not conflict with his duties and responsibilities as a member in the Board.

Board’s induction Program

The Board adopts an official induction program to introduce and view the company's operations and activities.

Board’s responsibilities

The board of Directors shall be responsible collectively for the company, including the tasks of approving and supervising strategic goals of the company, risk management strategy, and Internal Audit Department.