FirstDubai

First Rule

Building a Balanced Structure of the Board of Directors



The board of directors’ role represents the balance point which acts to

achieve the objectives of the shareholders and follow up the executive

management of the Company. The board of directors aims at achieving the

Company’s strategic objectives through the executive management’s

undertaking of the tasks entrusted to it in a perfect manner. Whereas the

board of directors’ decisions largely on the Company’s performance and the

safety of its financial position, therefore the Company addressed concern that

its board of directors consists of a sufficient number of members (five

members) to permit it to form the required number of committees emanating

from it under the framework of the corporate governance rules. The

composition of the board of directors has taken into consideration the

diversity in experiences and specialized skills to contribute in fostering

competence in taking decisions. Further, all members of the board of

directors are non executive members. The board comprises one independent

member. The Company board of directors assigns the sufficient time to

undertake its mandated tasks and responsibilities, including preparation for

the meetings of the board and the board committees, keenness for attending

these meetings, as well as organize meetings of the Company board of

directors according to the provisions of the law and the corporate governance

rules. Further, a special register has been created in which the minutes of the

board meetings are written in serial numbers for the year in which the

meeting was held, indicating the venue of the meeting, its date, starting and

ending hour. The board has appointed the board secretary from among the

Company personnel and determined his tasks according to the Corporate

governance rules in line with the responsibilities mandated to him. Further,

the tasks and responsibilities of each of the board of directors and executive

management were clearly outlined in the policies and regulations approved

by the board which reflect the balance in the powers and authorities between

each of the board of directors and executive management, and so that none

of the parties has absolute authority, in order to facilitate the Company’s

operations.

The board of directors consists of five members and one secretary as follows:

Name

Member

classification

Capacity

Election

date/appointment

of the secretary