Management in the fulfillment of their obligations, improving the standards of efficiency and operation of the Board and its committees to ensure compliance with the best corporate governance practices that safeguard the rights of the shareholders and other stakeholders. The Company continues to take its social responsibility by sponsoring various social and cultural events, participating in conferences, awareness enhancement seminars and forums, in addition to participating in several conferences for preserving the marine environment. The company’s outlook is manifested in its sustained endeavor to remain as one of the leading and highly professional international shipping companies, through deliberate growth and constant expansion while maintaining its commitment and high value to the society. In conclusion, I would like to extend my heartfelt thanks to the Government of the Custodian of the Two Holy Mosques, owners and customers of NSCSA for their continued support to the company. I would also thank the members of the board, executive committees, executive management and employees of the company for their sustained efforts in 2009 for further leading the company in achieving the targets. Wishing you all the best of success and guidance in your future endeavors.
Company (ARASCO), which is the largest dry bulk importer in the region with ambitious growth strategy to establish a limited liability company for shipping of dry-bulk cargo, with (60%) of capital share owned by NSCSA. The agreement is expected to be finalized and the company is envisaged to be incorporated during the first half of 2010. The administrative organizational restructuring recommended by the company’s comprehensive strategic plan has been finalized, and NSCSA continues to focus on investing in the development of its human resources through ongoing professional competence training & development . NSCSA started implementing its strategic information technology project (Manarah) and completed the initial phase of the ERP project, which is considered to be one of the most important phases of (Manarah) projects. This phase included re-engineering and development of procedures; preparation, installation and commissioning of the new systems prior to linking them to the information technology systems applied at the level of operating units, in order to subsequently interconnect all corporate systems, support joint planning for enhancing and development of reports to assist decision-making and measuring performance indicators and ensure compliance with governance requirements. God willing, this project is expected to go live by mid-2010. To enhance the level of disclosure and transparency, NSCSA has prepared its own corporate governance regulations which have been approved by the Board of Directors. Rules and standards contained in these regulations are based on the company’s articles of association, directives of the Capital Market Authority (CMA), corporate governance guidelines duly issued by CMA and Companies Act. These regulations will assist the Board of Directors and the Executive
Abdullah Sulaiman Al Rubaian Chairman of the Board
Annual Report 2009 The National Shipping Company of Saudi Arabia
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