The Board has established three committees to assist in discharging its oversight responsibilities. The Committees are as follows:
The Audit Committee
The Audit Committee’s primary purpose is to focus on aspects of financial reporting and on the entity’s processes to manage business and financial risk, and for compliance with foremost applicable legal, ethical, and regulatory requirements, also to assist the Board in its oversight of:
- Appointing the Board.
- Approving the financial results.
- Appointing the external auditors.
- Approving dividend distributions. It can take further extra-ordinary decisions at the extraordinary meetings.
- Determining of the members of the BoD’s remuneration and allowance.
The Remuneration Committee
The Remuneration Committee’s primary purpose is to assist the Board in its oversight of all matters relating to Director compensation. The Remuneration Committee:
- Decides the remuneration policy of the company and makes recommendations to the Board on the policy and structure for remuneration and payments of senior management and on the establishment of a formal and transparent procedure for developing policy on such appropriate remuneration.
- Decides and approves with the BoD the broad policy for the remuneration of the Board Executive Directors, the Chairman and other members of the executive management.
- Recommends, monitors and notes the level and structure of remuneration for senior management.
- The fees and other payment arrangements for Non-Executive Directors are matters for consideration by a sub-committee of the Board, consisting of the Chairman and one or more Executive Directors, which shall make recommendations to the Board as a whole.
Corporate Governance Committee
The Corporate Governance Committee is appointed by the Board of Directors to assist the Board in fulfilling its responsibilities with respect to four key matters:
- Overseeing the development and the regular assessment of (B.I.G) – El Barbary Investment Group’s approach to corporate governance issues.
- Ensuring that such approach supports the effective functioning of (B.I.G) – El Barbary Investment Group, with a view to the best interests of the shareholders and effective communication between the Board of Directors and the management team.
- Overseeing the process, structure and effective system of accountability by management to the Board of Directors and by the Board to the shareholders, in accordance with applicable laws, regulations and industry standards for good governance practices.
- Carrying out the functions and responsibilities of a nomination committee to recommend to the Board of Directors candidates for election or appointment to the Board of Directors.