AlMajal Alarabi Holding and our subsidiaries are committed to high standards of corporate governance. It is viewed as essential towards the enhancement of credibility and testimony to a company’s stability.
We have a comprehensive range of policies and systems in place to ensure that the whole organization is well-managed, with effective oversight and control. The Guiding principles of our corporate governance within a framework of transparency and compliance with laws and regulations and best practices regionally & world-wide. Our Policies are consistent with the values held by the Board of Directors responsible for surveying the implementation of company-wide strategies effectively, and the assessment of executives.
It is upheld to ensure a healthy business environment, the protection of the interests of shareholders, the company, all relevant parties, and society as a whole. Further detail on some of the most important ways we seek to ensure sound governance can be found below:
- The Board aims to promote AlMajal Alarabi Holding Co.’s long-term success, deliver sustainable value to shareholders and promote a culture of openness and debate.
- AlMajal Alarabi Holding Co. adopts a three-way audit system, consisting of audits by Audit & Supervisory Board Members, audits by Ernst & Young one of the Big 5 audit firms globally, and internal audits by the Internal Audit Department.
- Provision of policies, guides, and manuals, etc… for financial, administrative, and operational facets of the businesses. As well as drawing up manuals for response to contingencies and distributing these to all Group companies.
- Propagation of Core values & codes of conduct for equal opportunity, transparency, and integrity that manifests AlMajal Alarabi Holding Co.
- The Company and its subsidiaries shall plan and conduct necessary training to ensure compliance with the Code of Ethics and internal policies.
- Board Directors, being elected by the shareholders and entrusted with the management of the Company, bear fiduciary responsibilities, including the duty of diligence in the performance of their duties, and endeavor to contribute to the sustainable growth and increase in corporate value and shareholder value over the medium to long-term.
- The company board of directors works on the review of the board’s guide for the practicing of proper corporate governance and all other governance aspects regularly, and whenever the need might arise. We always strive to develop and anchor the best evolving practices of governance and labor and adapt accordingly so that the holding maintains its competitive position in the market and matches the new era’s requirements, to seize new opportunities.