Bahri Annual Report-2011

The National Shipping Company of Saudi Arabia

42/43

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

www.bahri.sa

Powered by