REPORT OF THE BOARD OF DIRECTORS
Percentage of Shareholders’ Equity to Assets
Disclosure & Governance
Good corporate governance is essential for the reputation and long term suc- cess of any business. NSCSA has a clear, transparent and effective policies and processes for managing its business in accordance with CMA rules and regula- tions in dealing with all related parties by publishing all data and financial results, disclosing all its activities and outlook for the future and events of substantial effect. NSCSA publishes it annual reports and resolutions relating to its activities in the local newspapers with details displayed on the Tadawul website and the Company’s website (www.nscsa.com) which is available to all stakeholders including shareholders and prospective investors. The reports include all the trends relating to the operational activities and analysis of the financial statements. The financial statements and accompanying notes as set forth in the annual report are in conformity with Generally Accepted Account- ing Principles (GAAP) enforced in Saudi Arabia with the required presentation, disclosure and transparency as set out in the Corporate Governance Regula- tions. The Board of Directors confirms that the Company maintains regular elec- tronic accounting books and records and that the attached consolidated financial statements and their accompanying notes, which form an integral part which have been prepared by the Company’s management and reviewed and approved by the Board in accordance with Generally Accepted Account- ing Principles (GAAP), duly issued by the Saudi Organization of Certified Public Accountants (SOCPA). It reflects fairly on the Company’s assets and liabilities and that the company is in a position to proceed with its activities as a going-concern and to continue implementing its future expansion plans. The Board is keen to optimize the utilization of the company’s resources and operation of its assets to the best interest of its shareholders and utilize the latest relevant tools and systems in this regard. It is to be noted here that the 2010 annual report includes all applicable presentations and disclosures as
NSCSA achieved the first place prize in the Transparency award from (BMG) financial group.
The National Shipping Company of Saudi Arabia Annual Report 2010
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