AQARAT believes that sound governance is an essential factor to boost the image of the Company, through the commitment of the board of directors, executive management, and employees to a corporate culture that would motivate them to maximize the efficiency and effectiveness of the Company’s operations and achieve growth in its activities. AQARAT also believes that sound corporate governance is the key to enhance the trust and shareholders and stakeholders and increase transparency and accountability.
To ensure the proper implementation of the principles of sound governance, the Board of Directors of AQARAT approved comprehensive governance policies and procedures, as per Module Fifteen “Corporate Governance” of the Executive Bylaws issued by Capital Markets Authority.
AQARAT’s board of directors consists of eight (8) members; one (1) executive member, two (2) independent, and five (5) non-executive members and enjoys a diversified educational and professional experience, specialized skills as well as knowledge of the Company’s activities. The number of directors is sufficient to form the required committees.
The committee consists of three (3) members; one (1) independent member and the committee is chaired by a non-executive member.
The Company’s operations are run by the executive management under the oversight of the Company’s CEO to achieve balance in the relationship of the Company and its shareholders, employees, clients, and other stakeholders.
AQARAT’s internal control systems are an integrated procedure that is implemented by both management and employees. It aims to increase the efficiency and effectiveness of all operations within the Company, confirm the accuracy and soundness of the financial statements, and commit to the applicable laws and regulations, therefore, ensure the protection of property from damage, loss, or misuse.
The internal audit ensures the integrity of the internal control systems, risk management, and governance, assesses the Company’s various operations, and ensures the accuracy of the financial statements.
The Audit Committee gives its recommendation to the board of directors on the appointment or re-appointment of an external auditor and determines their fees after ensuring their independence, and that no services other than audit services are provided to the Company. Grant Thornton-Al-Qatami, Al-Aiban and Partners are commissioned to carry out the auditing services.
The risk unit in AQARAT identifies, assesses, and monitors risks associated with the Company’s operations as well as prepare periodic risk reports. It is an independent unit with access to all operations within the Company to form a complete understanding of such operations and can request further information to properly assess and monitor risks.
AQARAT’s board of directors established standards/principles to promote good conduct and values, in a way that reflects on and boots both the image and reputation of the Company. The code of conduct affirms the commitment of all employees, whether members of the board of directors, executive management, or staff in general, to the Company’s internal policies and procedures as well as the applicable rules and bylaws of the regulators.
The whistleblowing policy provides a supportive and transparent environment for all employees. It allows them to report their concerns on any irregularities, misconduct, or malpractice to the board of directors. Whistleblowing procedures are carried out within a framework that ensures the protection of the whistleblower, the conduct of the necessary investigation, and the effective supervision of such procedures.
To boost the mechanism of accurate and timely disclosure of all significant information, AQARAT developed disclosures’ policies and systems that aim at achieving fairness, transparency, prevent conflicts of interest and misuse of inside information. Additionally, the policies regulate disclosures’ procedures of material/significant information and provide announcement mechanisms in accordance with corporate governance principles.
The board of directors of AQARAT has adopted a policy that protects the rights of shareholders and ensures fair and equal treatment in exercising their rights, which are:
The Company has established an “Investor Relations” unit that is responsible for providing accurate and timely information to existing and potential investors. For more information, please contact:
E-Mail: investor.relations@aqarat.com.kw
AQARAT is committed to protecting the rights of stakeholders and creating employment opportunities through maintaining stable and strong financial positions. Additionally, and as part of the governance framework, the Company has developed a policy that protects the rights of stakeholders, and ensures that their rights are respected and honored. Moreover, the board of directors is responsible for setting the standards and principles that protect the rights of stakeholders and update them whenever required, to clarify the changes in the provisions of law and regulations issued by regulators.
The company contributes to the sustainable development of society in general and to the employees of the company in particular and contributes to the reduction of unemployment in the society and to the optimal utilization of available resources.