Annual Report 2017
104
105
5
Disclosure & Transparency
Corporate Governance
Description of any arrangements or agreement under which a shareholder of the Company has waived any rights to dividends: Description of any arrangements or agreement under which a Board member or senior executive has waived any rights to salary or compensation: and there is an interest for a Board member, CEO, CFO, or any person related to them: Information on any business or contracts where the Company is a party thereof
The Company acknowledges that there is no contract where the Company is a party thereof and where there is an interest for a Board member, CEO, CFO, or any person related to them.
Bahri complies with the relevant corporate governance standards, conducts regular review of its policies and procedures, and has established policies and procedures that promote transparency and disclosure. The Company also implements all obligatory provisions stated in the corporate governance regulation issued by the Capital Markets Authority (CMA) and its Articles of Association, as well as all its policies .
None of the Board members or senior executives has waived any rights to salary or compensation.
There is no arrangement or agreement where a shareholder of the Company has waived any rights to dividends.
Description of the value of any investments or reserves created for the Company’s employees:
There are no specific investments or reserves set aside for the Company’s employees, except those for the severance payment provisions as provided for in the Saudi Labor Law and similar laws in the countries where there are companies wholly owned by Bahri such as the USA and UAE. • The accounting records have been prepared in a sound manner. • The internal control system has been established on a sound basis and implemented effectively. • The Company’s ability to continue its operations is not subject to doubt.
The Board of Directors hereby acknowledges the following:
The external auditor’s reservation over the financial statements:
The external auditor has no reservations over the Company’s financial statements.
The Board of Directors recommendation to replace the external auditor prior to the end of the agreed term:
The Board of Directors did not recommend replacing the external auditor prior to the end of the agreed term.
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