Corporate Governance

KIPCO is an advocate of transparency and sound governance, and the launch of its Annual Shafafiyah Investors’ Forum in 2004 is a testament to this. As part of its efforts in this area, KIPCO has maintained active audit and corporate governance functions to ensure that the company’s objectives are met and to assess the performance of KIPCO’s core businesses, while maintaining transparency and corporate disclosure practices.

Board of Directors Report

Dear shareholder,

Throughout 2021, the world continued to witness signs of economic recovery despite the resurgence of the COVID-19 pandemic. Due to supply chain disruptions, low fiscal support and worsening pandemic dynamics, the World Bank estimates global economic growth at 5.5% in 2021 and has expected a deceleration to 4.1% in 2022. The threat of new variants continues to pose uncertainty about when the pandemic will be overcome.

Management Report

At last year’s Shafafiyah Investors’ Forum, we said that we would closely monitor the impact COVID-19 would have on our core businesses.

In 2021, we achieved a net profit of KD 7.2 million (US$ 23.8 million), compared to the restated figure of KD 1.1 million (US$ 3.6 million) for 2020. KIPCO’s earnings per share for 2021 came to 0.7 fils (US$ 0.23 cents).

Memorandum of Association 

This document can only be used with written authorization.

Committees & Charters

The Audit Committee shall be established by the Board of Directors under Corporate Governance Regulations issued by Capital Market Authority, Kuwait. The purpose of the Committee is to carry out the main responsibilities relating to:

  • Review financial statements to ensure its soundness and integrity
  • To make recommendations to the Board on the appointment of external auditor and monitor their performance
  • Study accounting policies and provide recommendations thereon to the Board
  • Evaluate the internal control system and prepare a report thereto
  • Supervise the internal audit department and recommend the recruitment and termination of the chief internal auditor
  • Ensure compliance of regulatory rules, policies and instructions thereupon and review the reports of the regulatory authorities

 

Disclosures

KIPCO’s Analyst/Investor Conference call Minutes for Q1/2022

Conducting KIPCO’s Analyst/Investor Conference call for Q1/2022

KIPCO’s Disclosure regarding the confirmation of the Corporation Action Schedule – FYE31/12/2021

Results of KIPCO’s Board of Directors meeting

KIPCO’s Board of Directors meeting

The results of the Ordinary General Assembly annual meeting of KIPCO for the financial year ended 31/12/2021

Whistleblowing Policy

 KIPCO is committed to maintaining an open culture with the highest standards of honesty and accountability, where all stakeholders, both internal and external, can report, in good faith, legitimate concerns in confidence.

As part of its Corporate Governance, KIPCO has established a Whistleblower Policy and developed procedures for receiving and addressing concerns regarding questionable accounting, internal accounting controls, auditing and operational matters or any unethical conduct of business involving the Company. Such reported concerns will be raised with the Audit Committee to look into and decide on further action.