The National Shipping Company of Saudi Arabia
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Audit Committee: This committee is in charge of 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
adopted by the Internal Audit Department, confirms the soundness 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.
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 controls as manifested in the systems duly
Table below shows the attendance (Chairman and Board Members for the Audit Committee) during year 2011
Name
Classification (1/11) (2/11) (3/11) (4/11) (5/11) (6/11)
√
√
√
√
√
√
Nasser Mohammed Al-Kahtani
Chairman
6
√
×
√
×
√
√
Saleh Abdullah AlDebasi
Member
4
√
√
√
√
×
√
Abdullah Ali Al-Ajaji
Member
5
√
√
√
×
×
√
Ahmed Abdullah Al-Moghamis
Member
4
The Nomination and Remuneration Committee: This committee is in charge of nomination for the next term in office of members 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
The Ordinary General Assembly of Bahri has approved the rules of selection of members for the Nomination and Remuneration Committee, their term in office and method of work. The Board of Directors has also determined the remuneration of the members of this Committee.
current Board of Directors and proposing to have them addressed in the subsequent session; developing clear-cut policies for compensations and emoluments of the members of the Board of Directors and senior executives based on their performance.
Table below shows the attendance (Chairman and Board Members for the Compensation and Remuneration Committee) during year 2011
Name
Classification
(1/11)
√
Abdullah Sulaiman Al-Rubaian
Chairman
√
Nasser Mohammed Al-Kahtani
Member
√
Saleh Abdullah AlDebasi
Member
√
Abdulkarim Ibrahim Al-Nafie
Member
√
Abdullah Ali Al-Ajaji
Member
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