CORPORATE GOVERNANCE OVERVIEW
We the Arab Investment Company (“AIC”) firmly believe that adherence to sound corporate governance and development of a conductive corporate culture is vital for our growth, performance and enhancement of trust in all our activities. This is demonstrated through our commitment to uphold the highest standards of corporate governance and ethical conduct.
Our Board and the Executive Management believe that accuracy, transparency and compliance with regulatory requirements promote the interests of our stakeholders and benefit the long term interests of our shareholders.
The Board of Directors responsible for the overall direction, supervision and control of the company, including but not limited to the following:
- Strategic objectives of the company
- Protecting the interest of shareholders and stakeholders in terms of maximization of wealth & profits
- Strengthening company’s competitive abilities and achieving high growth rates
- Compliance with Statutory laws and regulations
- Maintenance of Internal, Financial, Accounting and reporting controls
Our Executive Management is entrusted with the following but not limited:
- Managing the day to day activities as well as managing the company’s resources optimally and working on increasing profits and reducing expenditures in accordance with the objectives and strategies of the company
- Executing AIC’s strategic plans, annual plans, policies, procedures and other internal regulations approved by the Board
- AIC’s Corporate Governance system refers to the rules, practices and processes by which we are directed and controlled. Our system is highly proactive and has a focused state of mind on the part of the Board, CEO and the Executive management.
In AIC, we have set the Corporate Governance system based on the principles & methodologies as prescribed by the Capital Markets Authority in addition to other best practices.
Our Corporate Governance philosophy is based on the following principles:
- Responsibility in delegation of authority and division of work with emphasis on prudent risk and control framework
- Accountability in conduct of the Management and the Board and their relationship to and responsibilities towards all stakeholders
- Transparency and Information disclosure in an accurate and timely manner to enable all stakeholders to assess the performance and to judge the effectiveness of the Board and Executive Management in governing the AIC
- Integrity in dealing with customers / client and delivering services in an ethical manner
- Fairness in the treatment of all stakeholders ( shareholders, employees, customers & other business partners)
- Corporate Social Responsibility in contributions to the society and environment