The National Shipping Company of Saudi Arabia
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Table shows the Compensations and Remunerations for the five Executive Management members for the year 2011*
Description
Amount in Thousands Saudi Riyals
Salaries & Remunerations
4,443
Allowances
1,326
Periodic and Annual Bonuses
2,101
Incentive Plans
---
In-Kind compensations & other benefits
400
Total
8,270
*Executive Management includes the Chief Executive Officer and the Chief Financial Officer.
Conclusion The annual report for 2011, has been prepared in accordance with the standards of transparency, disclosure, requirements of the Capital Markets Authority, International Financial Reporting Standards and standards of the Saudi Organization for Certified Public Accountants. The Board of Directors would like to take this opportunity to offer its gratitude and deep appreciation to the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz, and His Royal Highness Prince Naif bin Abdulaziz, the Crown Prince and Minister of Interior, may God protect them, and to the rightly-guided Saudi government, especially the Ministry of Finance, Ministry of Commerce and Industry, Ministry of Transport, Capital Market Authority and the Public Investment Fund.
The Board is also pleased to thank the shareholders and customers of the Company and to express its deep gratitude for their support and cherished confidence which motivates the Board to extend more efforts to lead the Company in the right direction towards achieving its stated objectives successfully. The Board of Directors would also extend its deep gratitude and appreciation to the executive management and all employees of the Company for their sincere efforts to enhance performance and achieve the Company’s stated goals.
Board of Directors Riyadh (29 Rabi Al Awwal 1433 H) corresponding to (February 21,2012)
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