4- Analyze Company’s financial performance At different intervals throughout the year, and utilizing budget preparation processes and performance monitoring, the Company’s financial performance is analyzed from different perspectives, including performance analysis and comparison with previous periods or existing budgets; or analysis of financial ratios and soundness of the financial position of the Company or performance for each period. Findings of the financial analysis are considered and recommendations are made to the senior management to make appropriate decisions. 5- Oversee internal control and audit system The Finance Division sets internal control and audit procedures to perform its duties in a quality fashion. In this regard, the Division applies information systems and the best international practices to control the financial transactions internally and ensure development of accurate financial reports in a timely manner. Moreover, the Company has an effective internal control and audit system which is constantly updated to meet demands of the senior management and external reports. 6- Conduct financial planning and consider growth potentials and ways of improving performance The role of the Finance Division is not restricted to providing and analyzing financial information, but also include considering growth and investment opportunities on the mid-to-long-term. This includes analyzing and planning for investment opportunities in new vessels or other growth opportunities, taking into account the economic and commercial conditions, as well as the Company’s capacity to seize such opportunities for the interest of the investors.
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Annual Report 2014
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