81
80
Board of Directors and its Committees
Bahri Annual Report
Board of Directors and its Committees
Bahri Annual Report
the Company’s CPA, and verifying the independence of the internal auditors. After reviewing the existing internal controls as outlined in the procedures approved by the Internal Audit Department, the committee confirms the soundness and effectiveness of the internal audit and controls systems that is used by qualified auditors who are specialized in risk management and quality control. Moreover, the General Assembly approves the selection rules of the audit committee members, their term and work methods. In addition, the Board of Directors sets the remuneration of the committee members.
implementation, the effective utilization of the company’s resources. In return, this enhances the company’s ability to maximize its ROI, profits and shareholder value. through
The audit committee is responsible for verifying the robustness and effectiveness of Bahri’s internal controls, in a manner that achieves the specified business, financial and operational objectives of the company, in addition to protecting the interests of the shareholders. This committee has the power and authority to access to all company information, data, reports, records, and any other details it deems important. In addition, it examines the annual and interim financial statements prior to submitting them to the board of directors. The committee is also responsible for examining the accounting policies and recommending to the board the appointment and remuneration of
This committee deliberates on behalf of the board of directors and is responsible for overseeing Bahri’s strategy. It periodically reviews the strategy’s various components, thus, ensuring their optimum
Audit Committee
Strategy & Investment Committee
Details of Strategy & Investment Committee Meetings in 2016
Details of Audit Committee Meetings in 2016
Meeting Number
Meeting Number
Item
Position
Total
Item
Position
Total
1-16 (23FEB)
2-16 (17MAY)
3-16 (24OCT)
1-16 (17JAN)
2-16 (23FEB)
3-16 (18APR)
4-16 (26JUL)
5-16 (17OCT)
√ √ √ √
√ √ √ √
√ X √
√ √ √ √
√ √ √ √
√ √ √ √
√ √ √ √
√ √ √ √
Farraj M. Abothenain
Chairman
3
Saleh A. Al-Debasi
Chairman
5
Abdulrahman M. Almofadhi
Member
2
Abdullah A. Al-Ajaji
Member
5
Essam H. Al-Mubarak
Member
3
Naser A. Al-Kahtani
Member
5
Said A. Al-Hadrami (*)
Member
2
Dr. Saad S. Al-Ruwaita
Member
5
X
Ibrahim Q. Al-Buainain**
Member
0
* Resigned from the board on September 1, 2016 - ** Joined the board on September 1, 2016.
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