Corporate Governance

A Message from the Chairman

One of the most powerful trends in today's fast changing world is the fact that businesses and their leaders are increasingly confronted with the independence between their organization and its stakeholders. As a result of this confrontation the traditional primary role of business as a "profit maker" is challenged; good business performance should be more than merely profit-focused financial performance.

This trend represents a shift of power from inside to outside the organization, revolutionizing boardroom culture and priorities. As external stakeholders have more say than ever in how business leaders run their businesses, these leaders are required to demonstrate through their actions and decisions that they are part of society and not merely of an economy.

It's a system of "checks and balances" designed to find a careful equilibrium between the interests of the different stakeholders of the organization (shareholders, management, employees, customers, suppliers and society at large). As such, corporate governance is not only limited to legalistic matters, respect of regulations or risk management. But rather, corporate governance is pervasive throughout the Group.

Using the phrase “corporate governance” literally means applying the concept in its broadest sense to the direction and management of the Group and the creation of value for its owner/shareholders. To others, corporate governance simply means the implementation of control systems to prevent conflicts of interest and other improper conduct.

Corporate governance in the legal context is about the system(s) by which the Company is controlled and, consequently, by which the role of the Board, its members and their relationships are defined.

Chairman of the Board : Fahad M. S. Al-Athel