Nominations and Remuneration Committee: This committee is in charge of nominations for the next session of member- ship 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 Direc- tors and recommending changes as necessary, identifying the weaknesses and strengths of the current Board of Directors and proposing to have them addressed in the subsequent session, developing clear-cut policies for the compensation and emoluments of the members of the Board of Directors and senior executives based on their performance. The Company’s General Assembly approved the selection of the members for the nominations and remuneration committee and the duration of their membership as well as their method of working; furthermore, the Board also approved the remuneration for the members of this committee.
Attendees of the Nominations and Remuneration Committee Meetings during 2010
Name
Classification
Sessions Attended
Abdullah Sulaiman Al-Rubaian Committee Chairman
2 2 2 2
Mohammed Abdulaziz AlSarhan Member
Nasser Mohammed Al-Kahtani
Member Member
Sami Abdullah Al-Saeed
Executive Management
The Senior Executive Management Team is commissioned by the Board of Di- rectors to manage company affairs; it is led by the Chief Executive Officer, as- sisted by Vice Chief Executive Officers and heads of various business sectors/ affiliates. The Executive Management assumes the responsibility of financial, administrative, technical, operational and informational, risk management and related company activities. Ad hoc committees are also formed by the Executive Management to provide assistance in following up certain activities and contingent tasks on an as needed basis. Pursuant to the authorities vested in it by the Board of Directors, the Execu- tive Management is committed to act in line with the stated policies and to implement Board resolutions and strategic & operational plans that aim to develop and grow the company activities and serve the interests of the shareholders. No investments or reserves have been created for the benefit of the Company’s employees other than their legal entitlements. It is also to be noted here that the Senior Executives who are five in number, including the Vice Chief Executive Officer (Finance), do not hold any shares in the com- pany according to Tadawul records as at 31/12/2010. This excludes the Chief Executive Officer of the company, as mentioned in the previous table which shows the number of shares owned by the Board of Directors and the Execu- tive Management.
The National Shipping Company of Saudi Arabia Annual Report 2010
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