The Board is supported by five Committees. The mandate and responsibility of each Committee are defined and delegated by the Board. These are documented in comprehensive Charters which list the detailed terms of reference for each Committee. All these Committees are formed with the non- executive Members of the Board holding relevant experience to the scope of the Committee. These include:
The Board Audit Committee (BAC) is responsible for overseeing the Group’s internal control framework. BAC shall perform an assessment of the effectiveness of the internal control framework on a periodic basis through the evaluations carried out by the Group Internal Audit. Also, BAC shall report to the Board the results of the assessment on the adequacy of existing controls and processes. The Committee is also responsible for the recruitment, dismissal, performance evaluation and remuneration recommendation of the Head of Internal Audit. In conducting its role the Committee coordinates closely with the Board Risk Committee and the Board Nomination & Remuneration Committee.
Furthermore, BAC is responsible for the monitoring of the performance of External Auditors and coordinating with them on subjects related to audit and financial statements.
- Mr. Hamad Mohamed Al-Bahar
- Mr. Haitham Sulaiman Humoud Al-Khaled
- Mr. Loay Jassem Mohammed Al-Khorafi
A quorum of two Members is required to convene a meeting. A new meeting must be convened if this quorum has not been attained. Only members of the Committee, the Secretary of the Committee and the Group Chief Internal Auditor shall be entitled to attend the Committee meetings. However, members of management or representatives and other specialists may be invited to attend meetings at the request of the Committee.