Board of Directors

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Board of Directors

The Board has overall responsibility to govern the Company and its role includes setting, overseeing and monitoring the implementation of the Company’s strategic objectives, risk management policy and governance systems.

The Board is composed of seven members per the Memorandum and Articles of Association of the Company.
The Board is currently composed of six members whose names are listed below, after the passing of the late Vice Chairman. The Board elections will be held in the next Annual General Meeting.
 
  • Mr. Diraar Yusuf Alghanim (Chairman)
  • Mr. Faisal AbdulAziz Al-Jallal (Vice Chairman )
  • Mr. Ayman Abdulatif Alshaya (Director)
  • Mr. Fahad Yaqoub Al-Jouan (Director)
  • Mr. Fouzi Ebrahim Al-Mukaimi (Director)
  • Mr. Adel Mohammed AlGhannam (Director)

The principal responsibilities of the Board include the following:
  1. Approving the objectives, strategies, plans and essential policies of the Company.
  2. Approving the annual budgets, interim and annual financial statements.
  3. Monitoring the major capital expenditures of the Company and the process of acquiring and disposing of assets.
  4. Ensure compliance with the company’s articles and memorandum of association, internal policies and procedures and applicable laws and regulations.
  5. Setting up effective channels of communication for shareholders in order to enable them to be informed continuously and on a periodic basis of the various activities of the Company and any significant developments.
  6. Developing a corporate governance system for the Company and monitoring the level of its effectiveness.
  7. Ensuring that the Company’s policies and procedures are transparent and clear to allow the decision making process, achievement of mature corporate governance principles and the segregation of authorities amongst the Board of Directors and Executive Management.
  8. Defining the authorities that are delegated to the Executive Management, the decision making procedures, and the delegation period.
  9. Supervising and monitoring the performance of the Executive Management.
  10. Determining the remuneration categories given to employees
  11. Appointing or terminating Executive Management members
  12. Markaz Board members participate in a range of training programs. In addition to a formal induction program, Board members receive regular updates designed to keep them abreast of the matters relating to their duties and responsibilities as Board members.