REPORT OF THE BOARD OF DIRECTORS
Board Committees
Three committees have emerged from the Board of Directors; Strategy and Follow-up Committee, Audit Committee and Nominations and Remuneration Committee. Each entrusted with specific powers by the Board of Directors. Strategy and Follow-up Committee: This committee is entrusted to lay down the basic principles for the Com- pany’s strategies, review of these strategies on a periodic basis, optimal utilization of the company’s resources, maximizing return on investment and deliberating the issues referred to it by the Board of Directors.
Attendees of the Strategy and Follow-up Committee Meetings during 2010
Name
Classification
Sessions Attended
Abdullah Sulaiman Al-Rubaian
Committee Chairman
1 1 1 1 1
Mohammed Abdulaziz AlSarhan
Member Member Member Member
Saleh Abdullah AlDebasi
Abdulkarim Ibrahim Al-Nafie
Farraj Mansour Abothenain
Audit Committee: This committee is responsible 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 autho- rized to examine all relevant information and data, reports, records or other matters, which it considers important to access. In addition to reviewing the interim and annual financial statements and accounting policies, nominating the Company’s auditor for the respective fiscal year and verify the indepen- dence of the 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 the risk management and quality control.
Attendees of the Audit Committee Meetings during 2010
Name
Classification
Sessions Attended
Nasser Mohammed Al-Kahtani
Committee Chairman
5 4 5
Saleh Abdullah AlDebasi
Member
Ahmad Abdullah Al-Moghamis Member
The National Shipping Company of Saudi Arabia Annual Report 2010
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