Bahri Annual Report-2014

Board Committees Three committees emanate from the Board of Directors: Strategy and Investment; Audit; and Nomination and Remuneration, with powers specified by the Board of Directors. 1- Strategy and Investment Committee This committee is responsible for setting the basic principles of the Company’s strategies. It reviews them periodically, ensur- ing optimum use of the Company’s resources, maximizing returns on investment, and deliberating issued refer thereto by the Board of Directors. Attendance details of the Chairman and members of the Strategy and Investment Committee in 2014

Meeting No.

Name

Title

1

2

3

4

Total

4

Farraj Mansour Abothenain

Chairman

Abdulrahman Mohammed Almofadhi

4

Member

4

Esam Hamad Al-Mubarak

Member

1

-

-

-

Said Abdullatif Al-Hadrami

Member

1

-

-

-

Bader Abdulqader Ghouth

Member

2- Audit Committee The audit committee is responsible for verifying adequacy of the internal controls in a manner that achieves the specified objectives of the Company and protects the interests of the shareholders. This committee has the powers to have an access to all 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 the Company’s CPA, and verifying independence of the internal auditors. After reviewing the existing internal controls as manifested in the systems approved by the Internal Audit Department, the committee confirms soundness and effectiveness of the internal audit and controls systems being used by qualified auditors specialized in risk management and quality control. The committee did not find any material observations. The General Assembly has approved the selection rules of the audit committee members, their term and work methods. In addition, the Board of Directors has set the remuneration of the committee members.

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The National Shipping Company of Saudi Arabia ( )

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