Board of Directors, Board Committee memberships and external Board memberships as at December 31, 2016
Board and Board Committees
The Board of Directors oversees Ma’aden’s adherence to the governance standards and guidelines issued by the CMA. The Board’s responsibilities include:
- the approval of Ma’aden strategy, business plans and objectives
- the establishment authority matrices across the Group to ensure consistency in decision-making
- the general evaluation of performance against approved strategic goals
- the approval of consolidated quarterly and annual financial statements
- the establishment of the policies and guidelines related to internal control systems
- the approval of policies and procedures to ensure compliance with laws and regulations and
- the appointment of the Chief Executive Officer and President.
Three Board sub-committees: the Audit, the Nomination and Remuneration and the Executive Committees help the Board in fulfilling its role and responsibilities.
Each sub-committee has its own terms of reference, indicating its duties, duration and powers and is required to report its activities to the Board in a timely and transparent manner. Following the reconstitution of the Board, the three committtees were also reconstituted. The sub-committees are chaired by Board members.
The Board’s secretariat works in close coordination with the Group and subsidiary executive managements to ensure that governance policies and practices are reviewed and updated continually, with the goal of further strengthening integrity and transparency.
Our Board met nine times during 2016. The former Board held two meetings in the first quarter of the year and the current Board held seven meetings.
The dates of our Board meetings and members’ attendance are shown below: