POWERS & RESPONSIBILITIES
Below are the powers and roles of the nomination and remunerations committee:
- Recommending nomination and re-nomination acceptance for Members of a Board of Directors and executive management members.
- Setting apparent policy for Members of a Board of Directors and executive management members’ remunerations, along with annual review of the required proper skills needs for Board membership. This in addition to importing applications for executive positions as required, studying and revising the application and determining various remuneration categories to be provided for employees such as fixed, performance-based, Share-like and end of service remuneration categories.
- Designing job description for Executive Members, Non-Executive Members of a Board of Directors and independent members.
- Ensuring that Members of a Board of Directors independency is valid.
- Preparing detailed annual report for all remunerations given to Members of a Board of Directors and executive management members; whether cash or benefits or privileges, of whatever nature and title. However, this report shall be referred to the general assembly for approval and to be read by the Board chairman. The company shall apply accuracy and transparency standards while preparing the remuneration report so that all, directly and indirectly, given remunerations shall be disclosed and avoid any attempt to hide or mislead.