The role of the Board is to govern the Company. The Board of Directors will exercise its duties collectively and independently, and will devote sufficient time to its responsibilities, and work in good faith and in total dedication to the interests of the company and its shareholders. The Board strives to realize its objectives and discharge its responsibilities in accordance with its charter. It assumes the overall responsibility for the effective management and controls in the Company. Moreover, the Board is responsible towards the shareholders for ensuring that the Company’s objectives are consistent with the expectations of the shareholders and stakeholders. The Board laid down sound governance standards through a set of policies, processes and procedures and assumed the responsibility for oversight over corporate governance by monitoring the performance of the Executive Management and ensuring the Company’s objectives are managed in an effective manner in line with the applicable regulations and code of ethics.

The Board’s Committees
The Board’s Committees consist of the Risk Committee, Audit Committee and Nomination and Remuneration Committee. Each Committee composed of three members, including an independent member. The Risk and Audit Committees are entrusted with a supervisory role and assists the Board in monitoring the efficiency and independence of internal audit and assessment of risk management and compliance. The Nomination and Remuneration Committee shall assist the Board with respect to the nomination and remuneration of Board and Executive Management members, development of policies and submission its recommendations.

Risk Committee
The Committee provides the Board with the necessary oversight on risk management practices.

Audit Committee
The Committee assists the Board in providing oversight of the financial reporting process, the audit process, the system of internal controls and compliance with laws and regulations.

Nomination and Remuneration Committee
The Committee is responsible for the nomination of the Board members, Board committee members, and the Executive management members. In addition, it sets the principles, parameters and governance framework of the Company’s remuneration policy and the remuneration of Board of directions and Senior Executives.