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I Corporate Governance (CG) Manual Confidential Page 1 of 26 Confidential I Corporate Governance Manual I Corporate Governance (CG) Manual Confidential Page 2 of 26 I Corporate Governance Manual Table of Contents Table of Contents ................................................................................................................................................................. 3 Table of Abbreviations ......................................................................................................................................................... 4 1. Introduction .................................................................................................................................................................... 5 1.1. Document Authorization Control Sheet .................................................................................................................. 5 1.2. Document Approval Record .................................................................................................................................... 5 1.3. Review, Update & Maintenance ............................................................................................................................. 5 2. Purpose of the Manual .................................................................................................................................................. 6 3. Principles........................................................................................................................................................................ 7 3.1. Leadership from the Top ......................................................................................................................................... 7 3.2. Ethical Business Practice ....................................................................................................................................... 7 3.3. Principle of Accountability & Responsibility ............................................................................................................ 8 3.4. Shareholders & Stakeholders Rights ...................................................................................................................... 8 3.5. Conflicts of Interest ................................................................................................................................................. 9 3.6. Transparency & Disclosure ..................................................................................................................................... 9 3.7. Social Responsibility ............................................................................................................................................... 9 3.8. Remuneration & Compensation of Board / Board Committee Members and Senior Executives ........................ 10 3.9. Code of Conduct Policy ........................................................................................................................................ 10 4. Legal and Regulatory Framework .............................................................................................................................. 10 5. Corporate Governance Structure .............................................................................................................................. 12 5.1. Organizational Structure ....................................................................................................................................... 12 5.2. General Approval Hierarchy ................................................................................................................................. 12 6. The General Assembly ................................................................................................................................................ 13 7. The Board and its Committees .................................................................................................................................. 14 7.1. Board .................................................................................................................................................................... 14 7.2. Board Committees ................................................................................................................................................ 14 7.3. Delegation of Authority Manual ............................................................................................................................. 18 8. Management and Management Committees ............................................................................................................ 20 8.1. The MD&CEO ....................................................................................................................................................... 20 8.2. Management Committees ..................................................................................................................................... 20 9. Shariah Governance .................................................................................................................................................... 21 9.1 Shariah Committee: ..................................................................................................................................................... 21 10. Code of Ethics & Conflict of Interest ......................................................................................................................... 21 11. Related Parties Transactions Policy ......................................................................................................................... 22 12. Systems & Controls .................................................................................................................................................... 23 12.1. Control Functions .................................................................................................................................................. 23 12.2. Other Systems and Controls ................................................................................................................................. 24 12.3. Segregation of Duties ........................................................................................................................................... 25 12.4. Policy Management .............................................................................................................................................. 25 13. Subsidiaries ................................................................................................................................................................. 26 Confidential Page 3 of 26 I Corporate Governance Manual Table of Abbreviations S. No. Abbreviation Expansion 1 AML Anti-Money Laundry 2 AC Audit Committee 3 BRC Board Risk Committee 4 CG Corporate Governance 5 CGD Corporate Governance Division 6 CMA Capital Market Authority 7 CTF Combating Terrorist Financing 8 DoA Delegation of Authority Manual 9 EC Executive Committee 10 LGG Legal and Governance Group 11 MD & CEO Managing Director & Chief Executive Officer 12 MC Ministry of Commerce 13 RPs Related Parties 14 SAMA Saudi Central Bank 15 NRC Nomination and Remuneration Committee 16 PPU Policies & Procedures Unit 17 PPC Policies & Procedures Committee Confidential Page 4 of 26
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