Corporate Governance

The BOD is responsible for overseeing the long-term interests of shareholders and other key stakeholders

Audit Committee:

The Audit Committee is entrusted with compliance to the corporate governance code stipulated by the Capital Market Authority (CMA). This mainly involves review of financial statements before submission to the Board, review of internal audit plans and reports, assessment of internal controls, assessment of risk management policies and evaluation of related party transactions and acting as medium of communication between the Board and internal auditor and statutory auditor. The audit committee is also responsible for recommending the appointment or reappointment of statutory auditor to the Board. The audit committee submits its recommendations and findings on these matters to the Board.

Nomination and Remuneration Committee:
The Nomination and Remuneration Committee (NRC) which comprises of certain members of the board has been set up to oversee the adherence to the investment policies and guidelines set out in the Investment Policy manual. The investment recommendations of the management have to be approved by the NRC and for investment size beyond the scope of the NRC; it is referred to the board for approval. The NRC is required to meet a minimum of two times in a year.