About KMEFIC
Committees
The Board of Directors has formed the following standing committees, which provide support and recommendations to the Board in carrying out its tasks. The Board approved the bylaws and powers of these board committees.
The Audit Committee
The Committee aims to ensure soundness and integrity of the Company’s financial reporting, as well as verifying the adequacy and effectiveness of the internal control systems applicable at the Company, while promoting a culture of compliance within the Company. The Audit Committee consists of three members of the Non-Executive Board members, including an independent member. The Chairman of the Board and board members should not be members of the Committee. The Committee consists of:
Mr. Malek Al-Ajeel
(Independent)
Chairman of the Committee
Mr. Ahmed Al-Bahar
(Non-executive Member)
Member
Ms. Altaf Al-Thekair
(Non-executive Member)
Member
Risk Management Committee
The Committee aims at developing risk management strategies, policies and regulations, in line with the Company’s risk appetite. The Committee consists of three board members and is chaired by a Non-Executive Board Member. The Chairman of the Board may not be a member of the Committee. The Committee consists of:
Mr. Ahmed Al-Bahar
(Non-executive Member)
Chairman of the Committee
Ms. Altaf Al-Thekair
(Non-executive Member)
Member
The Nomination and Remuneration Committee
The Committee aims to prepare recommendations on nominations for board members and executive management as well as providing recommendations for policies and regulations governing compensation and bonuses. The Committee consists of three members of the Board. Membership of the Committee should be held by at least one independent member and the Committee is chaired by a non-Executive Board member, as given below:
Mr. Hamad Al-Thekair
(Non-executive member)
Chairman of the Committee
Mr. Malek Al-Ajeel
(Independent)
Member
Mr. Ahmed Al-Bahar
(Non-executive member)
Member