Markaz's internal management and control system is based on the directives and regulations issued by the Capital Markets Authority, Central Bank of Kuwait, Boursa Kuwait, the Company's Articles and Memorandum of Association and its own internal policies. The board of directors has the ultimate responsibility for the operations of the company, and delegates some of its authority to the Board Committees. The Board has formed four committees to help it oversee Markaz’s decision making and oversight functions. Each Board committee performs its duties in compliance with its own charter as determined in the Board Policies pursuant to the applicable regulations.
1. Board Audit Committee (BAC)
The BAC is responsible to assist the Board in the effective discharge of its responsibilities with respect to financial reporting, internal controls, internal and external audit; and to establish the compliance culture of the Company by ensuring the independence of the external auditors and the fairness and integrity of the Company’s financial reports and ensuring that the internal controls within the Company are sufficient and efficient.
The BAC comprises of three members:
- Mr. Faisal AbdulAziz Al-Jallal (Chairperson)
- Fahad Yacoub Al Jouan
- Mr. Fahad Sulaiman Aldalali
2. Board Risk Management Committee (BRMC)
The BRMC is responsible to assist the BOD in fulfilling their oversight responsibilities for the risk management function of the Company such as identification, evaluation, monitoring and mitigation of all risks that the Company is exposed to. The Committee assists the Board in setting the Company’s risk strategy and appetite, the overall Risk Management Framework, and oversees the Executive Management’s application of such strategy.
The BRMC comprises of three members:
- Fahad Yacoub Al Jouan (Chairperson)
- Mr. Adel Mohammed AlGhannam
- Mr. Omran Habib Hayat
3. Board Nominations and Remunerations Committee (BNRC)
The BNRC is responsible to formulate policy and make recommendations to the Board on nominations of Board members and Executive Management members, remunerations systems and policies. The BNRC comprises of four members:
- Mr. Diraar Yusuf Alghanim (Chairperson)
- Mr. Faisal AbdulAziz Al-Jallal
- Mr. Ayman Abdullatif Alshaya
- Adel Mohammed AlGhannam