The company’s Board of Directors represents a set of members elected by the General Assembly every three years. Members are classified according to the definitions provided in the Capital Market Authority Corporate Governance Regulations.
The General Assembly of Al Kathiri Holding Company has agreed on electing board members within March 13, 2017 and March 12, 2022 ,The company clarifies that since it got listed in the parallel market; therefore the Board of Directors’ term has been amended to 3 years instead of 5 years. Accordingly, the current Board session will end on March 12, 2020.
The company’s board of directors is the first main responsible of the company’s business and the supervisor of running the company’s affairs taking into consideration the terms of reference of the General Assembly, giving the Board of Directors the upper hand in running the Company.
The subcommittees of the Board of Directors serve as a specific representation of the Board to perform on its behalf certain specific tasks and to submit periodic reports to the Board.
Having efficient and effective consultative subcommittees is a target that the company is striving to achieve as it reflects positively on the decision making process with absolute transparency.
The Board of Directors forms a suitable number of committees according to the company’s needs and condition, and so a sufficient number of non-executive directors are assigned with the concerned committees.
It’s one of the board of directors’ committees that is considered a helping hand for the board in the process of administrative control; study topics related to the nature of its work in detail and provide recommendations to the board in order to assist in making sound decisions.
This committee is formed for three years with not less than three members, and they must not be from the executive board members, and they are:
Nomination and Remuneration Committee Competencies :
– Preparing a clear policy for the remuneration of members of the Board of Directors and the committees emanating from the Board and the Executive Management, submitting it to the Board of Directors to be considered in preparation for approval by the General Assembly. The performance-related standards shall be followed, disclosed, implemented, verified.
– Periodic Review of the remuneration policy, evaluating its effectiveness in achieving its desired objectives.
– Recommending the Board of Directors of its members remuneration, the committees emanating from the Board, as well as the senior executives of the company in accordance with the adopted policy.
-Revision of the method of distributing annual bonuses determined by the Board of Directors and giving recommendations to the Board regarding the matter.
– Suggestion clear policies and criteria for membership in the Board of Directors and executive management.
– Prepare a description of the capabilities and qualifications required for membership in the Board of Directors and occupying executive management positions.
– Annual revision of the necessary needs of skills or efficient experience for board membership, and executive management functions.
The company currently has approximately 150 employees, including administrative and technical staff and key management personnel of the company led by CEO Mashaal Al Kathiri.
Responsibilities of Executive management:
– Develop a futuristic vision to increase the company’s profit through reading the market’s directions to achieve better revenue for the shareholders.
– Trail the company’s long, medium and short term strategic plans, update and review them every now and then.
– Guide and direct the company’s sales and marketing business to work effectively.
– Approve the cash flow generally; specifically the estimated budgets (both general and company branches’), operating costs and escalate it to get the final approval.
– Monitor the practiced policies and procedures across the company’s departments.
Audit Committee’s Responsibilities:
– Supervise the company’s internal audit control to make sure of effectiveness in carrying out business and tasks determined by the Board of Directors.
– Study the internal audit system and provide written report with opinions and recommendations concerning it.
– Study the internal audit reports and keeping up with carrying corrective actions out according to the notes mentions in reports.
– Provide recommendations for the board of directors with general accountants’ recruitment, layoff, and defining their fees, making sure that the recommended accounts for recruitment are totally independent.
– Follow up with the general accountants tasks, approving any work outside the scope of their assigned audit tasks.
– Discuss the auditing plan with the general accountant baring his notes in mind.
– Study the public accountant’s notes on the financial statements, and follow up with its updates.
– Study the initial and annual financial statements, share opinions and give recommendations regarding them before escalate them to the board of directors.
– Study the adhered accounting policies, share the view, and give recommendations to the board of directors.
Nomination and Remuneration Committee:
It is one of the Board of Directors committees. The Formation of its members was approved by a decision of the Board of Directors on 2020-03-04.
This committee was formed since the date of the decision of the Board of Directors and shall end on 2023-03-12. Furthermore, the committee shall be composed of 3 members at the very least.
The members of the Nomination and Remuneration Committee are:
Saud Al-Shuraim (Chairman)
Rayed Al Kathiri (Member)
Khaled Al Khayyal (Member)
The Remuneration, Nomination, and Human Resources Committee shall determine the method of evaluating the performance of the Board of Directors and should proposes objective criteria for evaluating performance and it shall be approved by the Board.
Executive Management Members:
|Name||Position||Years of Experience|
|Mr. Meshal Mohammed Nasser Al Kathiri||CEO||12|
|Mr. Basel abdulsameel||CFO||9|