Bahri Annual Report-2016

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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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