العربية
العربية
Corporate Governance constitutes the policies and regulations which arrange the relationship between the Board of Directors of the company and its shareholders and other stakeholders while balancing and separating powers between the executive management, who run the business, and the Board of Directors, who strategize and oversee the company’s overall performance and strategic alignment.
The Key Objectives of Corporate Governance adopted by National Cleaning Company are:
NCC is committed to applying the corporate governance rules, according to the fifteenth book "Corporate Governance" of the executive bylaws of the Capital Markets Authority(CMA).
The Board is responsible to NCC’s shareholders for creating and delivering sustainable value through the effective management of NCC’s business. Although day-to-day management of NCC’s business is delegated to EM, the Board is responsible for providing strategic direction, management supervision, and adequate controls with the ultimate objective of promoting the success and long-term value of NCC.
The NCC ‘s Board comprises of (5) members, one of whom is an independent member. The Board meets on a regular basis (at the written notice of the Chairman) at least Six times annually. A minimum of one meeting is to be held in each quarter.
Board Composition :
The NCC board of directors formed the following committees to assist board to undertake its duties in an efficient and effective manner:
The primary responsibility for NCC audit committee is to ensure the existence of effective controls over various business processes to adhere to the company's policies and procedures as well as laws and regulations set by regulatory bodies. The committee also ensures the accuracy and integrity of the company’s financial statements in compliance with the International Financial Reporting Standards (IFRS). It also prepares reports which include the opinions and recommendations of the committee in this regard to the NCC’s BOD.
The NCC Audit Committee comprises of (3) members elected by the Board, one of whom is independent. The Committee meets on a quarterly basis at least four (4) times a year.
Committee Composition :
The primary responsibility for NCC risk committee is to review the company risk management policies and procedures before approval from the Board, and for evaluating and monitoring significant risks or exposures across NCC. Then steps are taken to minimize such risks, and reports are prepared which includes the opinions and recommendations of the committee in this regard to the NCC’s BOD.
The NCC’s Risk Committee comprises of (3) members elected by the Board. The Committee meets on a quarterly basis at least four (4) times a year.
Committee Composition :
The primary responsibilities of NCC Remuneration and Nomination Committee is to design policies and bylaws that regulate granting compensation and bonuses and preparing the recommendation of nomination and re-nomination acceptance for Board of Directors and executive management members. They also make reports which include the opinions and recommendations of the committee in this regard to the NCC’s BOD.
The NCC’s Remuneration & Nomination Committee comprises of (3) members elected by the Board, one of whom is independent, the Committee hold periodic meetings with a minimum of once a year.
Committee Composition:
The members of the Committees will serve for a (3) three years term unless they resign or are removed by the Board earlier. Members may be re-elected upon the expiry of their terms.
NCC is committed to conducting its business with honesty and integrity, by the NCC code of ethics policies and procedures manual. The ethics of shareholders, stakeholders, management and employees are a necessary element for NCC to fulfill its objectives through the following practices:
Disclosure and Transparency are essential elements of a robust corporate governance; the NCC provide the information base for informed decision making by shareholders, stakeholders, and potential investors through the following disclosures (financial and non-financial ):
NCC is committed to being a good neighbor and a contributing corporate member in the communities. NCC is responsible for conducting its business activities in ways that honor ethical values, respecting people, communities, and the natural environment.
NCC works toward the sustainable improvement of community by:
