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Remuneration Committee

The company has also established a remuneration and nominations committee to review the performance of its executive Directors and review and recommend the scale and structure of their remuneration and the basis of their remuneration and the terms of their service agreements with due regard to the interests of Shareholders.  

In considering the remuneration of executive Directors the committee seeks to enable the company to attract and retain staff of the highest calibre.
 
The remuneration and nomination committee will also be required to approve the allocation of warrants to employees. No Director is permitted to participate in discussions or decisions concerning his own remuneration including the grant of warrants.
 
The committee also ensures that the Board has a formal and transparent appointment procedure and has primary responsibility for reviewing the balance and effectiveness of the Board and identifying the skills needed by the Board and by those individuals who might best provide them. The remuneration and nominations committee consists of Khalid Al Nasser and Abdullah I. S. Lootah.

Audit committee 

The audit committee is appointed by the Board from the non-executive Directors of the company. 

The audit committee is responsible for: 

  • monitoring the integrity of the financial statements of the company and any formal announcements relating to the company’s financial performance and reviewing significant financial reporting judgements contained therein;
  • reviewing the company’s internal financial controls and, unless expressly addressed by the board itself, the company’s internal control and risk management systems;
  • monitoring and reviewing the effectiveness of the company’s internal audit function;
  • making recommendations to the board , for a resolution to be put to the shareholders for their approval in general meeting, in relation to the appointment of the external auditors and the approval of the remuneration and terms of engagement of the external auditors;
  • reviewing and monitoring the external auditors’ independence and objectivity and the effectiveness of the audit process, taking into consideration relevant UK professional and regulatory requirements;
  • developing and implementing a policy on the engagement of the external auditors to supply non-audit services, taking into account relevant guidance regarding the provision of non-audit services by the external audit firm.

Composition of the Audit Committee 

The members of the Audit Committee during the period were as follows: 

Director’s name

Date appointed

 

Saad Al Fouzan

2 April 2008

 

Mohamed Abdulla Al Zaabi

2 April 2008

 

 
 
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