Corporate Governance

Corporate Governance is a set of rules and procedures governing relationships between a company's management, its board, its Committees, its shareholders, the regulators and other stakeholders. The primary goal of the Company’s corporate governance policy is to create and sustain increased value in the Company for the stakeholders. To achieve this goal, it is necessary amongst other things, to clearly set forth the principles of appropriate supervision and good management. The Company believes that it is important that these principles of governance are made transparent to all the stakeholders for safeguarding their rights and promoting their participation in the Company's corporate governance process.

Objectives of Corporate Governance Framework

The objective of Corporate Governance Framework is to promote the Company as a strong, viable and competitive entity by creating a strong control environment and an integrated risk management culture, which are fully aligned with governing Shariah principles.

CG focuses on the conduct of, and relationships between the Board, management and the Company’s shareholders. It is designed to:

  • Enhancing the role of the Company’s shareholders and facilitating the exercise of their rights.
  • Stating the competencies and responsibilities of the Board and the Executive Management.
  • Enhancing the role of the Board and the committees and developing their capabilities to enhance the Company’s decision making mechanisms.
  • Enhance public reputation through increased transparency and accountability.
  • Permit entities to demonstrate the effective discharge of legal, shareholders and ethical obligations.
  • Provide a mechanism of benchmarking of accountability.
  • Assist in detection and prevention of fraud, dishonesty and unethical behavior.
  • Provide strategic direction and approve corporate strategies.
  • Monitor management performance.
  • Monitor financial performance; and
  • Ensure that the Company has well defined policies, procedures and processes for risk management and internal control.

Documents

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Yaqeen Capital announcement related to the Board of Directors’ decision to merge the Audit and Risk Committees. Download Download

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