Board of Directors Charter
Audit Committee
Purpose & Scope
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.
Committee Composition
Chairman of the committee: Sheikh Abdullah Nasser Sabah Al Ahmad Al Sabah
Member of the committee: Mr. Abdullah Yacoub Bishara
Member of the committee: Mr. Faisal Hamad Al Ayyar
Nomination & Remuneration Committe
Purpose & Scope
The Nomination & Remuneration Committee is constituted by the Board of Directors and has been delegated the main responsibilities, authorities and duties with respect to:
- Recommending nominations and re-nominations for the membership of the board of directors and executive management
- Establishing clear policy for the remuneration of the board members and the executive management
- Preparing job descriptions for the executive, non-executive and independent members.
- Ensure the independency of the independent member.
- Prepare annual reports that contain overall remunerations in details that are granted to the board members and the executive management.