Corporate governance is the system of policies, procedures, and rules that companies use to ensure that the interests of shareholders and other stakeholders are protected The policy at Abdul Mohsen Al Tamimi Contracting Company is to adopt high corporate governance standards in accordance with best international practices and principles.
The company has a well-developed governance framework defining the regulations and policies to enhance the level of transparency and disclosure and spread the culture of good governance across its various departments and functions to promote long-term investment, financial stability, and business integrity. Other best practices for corporate governance adopted by the company include maintaining accountability and transparency within the company, setting ethical and legal standards for the organization, and creating incentives for effective management.
To ensure the best practices for corporate governance, we have developed a board of directors with diverse skillsets and backgrounds, and also have a strong internal audit system in place to monitor adherence to corporate governance policies.
Additionally, we have established clear lines of communication within the company to actively participate in corporate decision-making. Lastly, companies should promote corporate social responsibility initiatives to demonstrate their commitment to stewardship and sustainability.
As we grow as a company, and our diversification as a business grows, we have taken the necessary steps to ensure that we are invested not only in growth but in upskilling our competencies and expanding at a pace that complies with the official requirements of these sectors. We have been working with governmental bodies as industry experts as we grow and have ensured the research and implementation of ethical practices and technical know-how where relevant.
The company's leadership, consisting of the Board of Directors, its committees, and the executive management, plays a fundamental role in the company's development and excellence by ensuring strict implementation and governance policies. The leadership has been committed from the outset to the highest level of operational integrity and utilizing resources efficiently, ethically, and sustainably.
With the aim to achieve the best corporate governance practices, the company's general body and the board of directors have approved the following internal governance guides:
- Shareholders' rights
- Rights associated with the general body meeting.
- The Board of Directors, its composition, responsibilities, terms of reference, and work procedures
- Strict adherence to documental and legal requirements
- Executive management and its terms of reference and responsibilities
- Company committees, membership, and meetings
Through our best practice corporate governance methods, we have created transparent rules and controls, built trust with all the company’s stakeholders, and also reduced the possibilities for financial lost, risks, corruption. Lastly, we hope to evaluate our corporate governance annually to ensure it is up to standard and continue to have a plan in place for long term success and resilience.