Management Report
Strategy and Follow-up Committee Meetings in 2009
Name
Title
Sessions Attended
Abdullah Sulaiman Al-Rubaian Mohammad Abdul Aziz AlSarhan Saleh Abdullah AlDebasi Abdulkarim Ibrahim Al-Nafie Farraj Mansour Abothenain
Chairman Member Member Member Member
5 5 4 6 6
Audit Committee:
This committee is responsbile for verifying the adequacy of the internal control system in a manner that would achieve the objectives of the company and safeguard the interests of shareholders. The Audit Committee is authorized to examine all relevant information and data, reports, records or other matters, which it considers important to access; review the interim and annual financial statements and accounting policies; nominate the Company’s auditor for the respective fiscal year and verify the independence of internal auditors. The Committee, having reviewed the current control system as manifested in the systems duly adopted by the Internal Audit Department, confirms the validity and effectiveness of the internal audit and control system that is being implemented in an orderly and effective manner by a team of qualified auditors and specialists in risk management and quality control. The Board of Directors has selected members of the Audit Committee and determined their term of office and method of work of the Committee to be presented to the General Assembly at its upcoming meeting.
Audit Committee Meetings in 2009
Name
Title
Sessions Attended
Nasser Mohammed Al-Kahtani Ahmad Abdullah Al-Moghamis
Chairman Member Member
7 5 5
Saleh Abdullah AlDebasi
Nominations and Remuneration Committee:
This committee is in charge of nomination for the next session of membership of the Board of Directors, annual review of the needs and skills required for membership of the Board, review of the structure of the Board of Directors and recommending changes as necessary, identifying weaknesses and strengths of the current Board of Directors and proposing to have them addressed in the subsequent session, developing clear-cut policies for the compensation and emoluments of the members of the Board of Directors and senior executives based on their performance. The Board of Directors has selected members of this Committee and determined their term of office and method of work of the Committee to be presented to the General Assembly at its upcoming meeting.
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Annual Report 2009 The National Shipping Company of Saudi Arabia
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