Board Committees & Independence
Board Committees
The Board operates on the principle that all significant matters are dealt with by the Board. However, in order to assist the Board in carrying out its duties and to enhance the effectiveness of the Board, the Board has nominated the following Board Committees delegated with specific responsibilities with written terms of reference:
Executive Committee:
To co-ordinate, guide and monitor the management and
performance of the Company in line with the strategies,
business plans and budgets established by the Board and
to assist the Board with detailed reviews of information
and operational issues.
Audit Committee:
To assist the Board in fulfilling its oversight
responsibility with regard to financial reporting
process, the system of internal controls, the process
for monitoring compliance with laws and regulations. The
Audit Committee oversees the appointment, independence
and performance of the internal and external auditors;
and also reviews the implementation of Corporate
Policies on Insider Trading and Combating Financial
Crime.
Independence
In addition to all members of the Board being all non-executive, the Board has sufficient number of independent non-executive directors in accordance with the requirements of the Central Bank of Bahrain (four out of nine) (i.e. not an employee or under a contract of service to the shareholders or holding any material shareholding in the shareholder’s organization) in its composition that represents a commitment to the independence of the Board and a focus on matters of importance to its stakeholders.