The Executive Committee
The Board Executive, which comprises of 3 executive board members, oversees the group's business to ensure that strategies and plans set by the board are effectively in place. The responsibilities of the Board Executive Committee are as follow:
- Approving the bank facilities for the group and Corporate Guarantee
- Approving entering in any potential partnership, after thoroughly studied by designated due diligence staff members and in light of authorities delegated by the board with this regard.
- Approving any capital expenditure within a range set by the board.
- Approving the quarterly and yearly financial statements for submission to the Audit Committee and then to the board
- Approving the Annual Operating Plans and the Annual Budgets for submission to the board.
The Executive Committee
Board Audit Committee:
The Board Audit Committee, which comprises of 3 non executive board members, oversees the Audit, Risk and Compliance functions on the holding company level covering all subsidiaries and entities within Prime's group. The responsibilities of The Board Audit Committee are as follow:
- Study the internal control structure and produce a written report on its effectiveness, observations and recommendation to enhance the structure effectiveness.
- Study the Internal Audit report and set the remedial actions towards its observations
- Recommend to the board, assignment of the external auditor, firing, audit fees and set the rules to ensure his dependency and continuation of dependency.
- Study the scope of the external audit with the auditor, and recommend to assign other than audit work to him and his fees on these separate assignments.
- Study the Financial Statements draft before submitting to the board in order to approve and send to the auditor.
- Study the accounting policies, comment and recommend any change to the board.
- Study the development and progresses in the International field of accounting and recommend whatever appropriate about to the board.
- Study the auditor’s report, discuss any reservation/ observation with him and follow up the action taken towards these observations/ reservations and resolve any disagreement between company’s management and the auditor.
- Report, on a quarterly basis, to the board about the committees work progress and the outcome.
- Study the plan of the internal audit department, its effectiveness and capabilities.
- Study the internal audit report and the remedial actions taken against any observation mentioned in the report.
The Audit Committee
Remuneration & Nomination committee
The Board Remuneration and Nomination Committee, which comprises of 3 non executive board members, is responsible for the following:
- Recommend the new potential board members’ names for election in light of principals set by the board and approved by the AGM.
- Review of the board structure, recommend any change, and notify the board as an introduction to submit to AGM.
- Continuously ensure independency of the non executive members and ensure that there is not conflict of interest if the non executive board member is a member in another company.
- Recommend clear policies for board and executive management remunerations linking such remunerations to the performance standards.
Remuneration & Nomination committee
- Shireen Alkady- Head of Remuneration Committee
-
Mohamed Al Dhoheyan- Member
-
Nabil Jumaa- Member
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