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Corporate Governance – Al Faisal Holding

Al Faisal Holding is committed to maintain high standards of corporate governance in order to enhance transparency and public confidence in Al Faisal, its consolidated subsidiaries and their practices.

Al Faisal Holding has established an Executive committee, an Audit committee, a Compensation committee and a Corporate Governance committee.

Executive committee

The Executive committee is responsible for directing oversight over the strategy, investment and financing policies of the Group. Responsibilities of the Executive committee include, among others, responsibility to ensure that the Board resolutions are correctly implemented, to review the initial investments proposals from the Investment Team for onward submission to the Board and to receive periodic progress reports from the Management for onward submission to the Board.

The Executive committee's responsibilities include:

  • ensuring that the Board resolutions are correctly implemented
  • reviewing initial investments proposals from the Investment Team for onward submission to the Board
  • receiving periodic progress reports from the Management for onward submission to the Board.

The Executive committee meets formally at least four times a year, or more frequent if required.

Audit committee

The Audit committee is responsible for directing oversight over accounting, risk management and compliance matters and overseeing the Group’s internal and external audit.

The Audit committee meets formally at least four times a year, including once each year with the external auditor.

Compensation committee

The Compensation committee supports and advises the members of the Board in establishing the compensation of the Management, as well as the overall compensation policy of the Group and evaluates the performance of the Management.

The Compensation committee meets formally at least once a year.

Corporate governance committee

The Corporate governance committee is responsible for ensuring that Al Faisal complies with the corporate governance best practice standards. This committee focuses on five broad areas:

  1. Risk assessment
  2. Transparency
  3. Responsibilities of the Board
  4. Auditing and accounting standards
  5. Protection of minority rights, specially the rights of Al Faisal’s joint ventures partners in the associated companies.

The Corporate governance committee meets formally at least two times a year.