10 / 47
Second Rule
Proper Identification of Tasks and Responsibilities
The corporate governance framework approved by the board of directors
reflects the tasks and responsibilities of the board of directors, in line with the
corporate governance rules, which are summarized in the following;
1)
Approval of the significant goals, strategies, plans and policies of the
Company, including;
a)
Laying down the comprehensive strategy for the Company, main action
plans, their revision and direction.
b)
Preparation of the Company capital structure and its financial objectives.
c)
Laying down performance objectives, control of execution and
comprehensive performance of the Company.
d)
Update of the organizational and job structures in the Company and conduct
periodical reviews on them.
2)
Approval of the annual estimated budgets and approval of the interim and
annual financial statements.
3)
Participate in realizing the Company profits.
4)
Review of the periodical reports received from the executive management in
connection with the progress achieved in the Company activity in light of the
Company’s strategic plans and objectives, including feasibility studies,
financial and technical reports of the Company current and new projects,
including:
1.
Ritim Istanbul Project- Turkey
2.
Oman Residence Project- Sultanate of Oman
3.
Q-Line Project- UAE
4.
Multi Purpose Plots Project MUs- UAE
5.
Sharq Land Project- State of Kuwait
5)
Supervising the major capital expenditures of the Company,
acquisition and disposal of assets.
6)
Verify the extent of the Company’s compliance with the policies
and procedures which ensure the Company’s observance of the