Abdullatif Al-Shalash, the Chairman of the Board of Khozam Real Estate Development Company until June 2021. Voting on the business and contracts that will be entered into between the Company and Al-Khair Capital, where each of the members of the Board of Directors: Mr. Vote to approve the members of the Board of Directors for the fiscal year ended December 31, 2021.
The annual general meeting is valid if shareholders representing at least a quarter of the capital are present. The audit committee for Dar Al-Arkan Real Estate Development Company was formed according to the requirements of articles no. 104) of the law on commercial companies, where article (104) says: "The audit committee examines the financial statements of the company and the auditor's reports. and notes, and will give his opinion on them, if any. The board will deposit a sufficient number of copies of this report at the company's head office at least 21 days before the meeting of the general assembly to be available to the shareholders.
The report includes the opinion of the committee on the adequacy of the internal control system in the company, and the other work carried out by the committee within the scope of its competence, based on the relevant legal requirements. The audit committee held (5) meetings during the year 2021, with the completion of the quorum therefor. A summary of the main tasks and responsibilities of the audit committee during the year 2021 First: The work carried out by the committee during the fiscal year ending on 31 December 2021 financial reports.
Verify the company's degree of compliance with unified accounting policies that are consistent with international financial reporting standards and significant accounting practices, including the consistency of these policies each year. Provide a technical opinion on the report of the board of directors regarding its preparation in accordance with the statutory requirements. Making a recommendation to the DB to evaluate the performance of the auditors, after verifying their independence and reviewing the scope of work in accordance with the terms of the contracts.
Review the audit plan for Dar Al-Arkan for the year 2021 prepared by the auditor, review his work and verify that it does not present technical or administrative works that are outside the scope of the audit work. Study the reports of the supervisory authorities on the extent of the company's compliance with the relevant regulations and instructions, and follow up on the implementation of the recommendations. Review the contracts and proposed transactions that the company does with related parties, and convey the opinion of the committee to the BoD.
The audit committee, within its scope of work, examined the periodic reports prepared by the internal audit department, in addition to discussing and reviewing the results of the auditor's work, and also discussed the company's management with the results of the assessment of the adequacy and effectiveness of Internal control. The executive management has also implemented corrective actions, where those actions can reduce the possibility of the misuse of the company's assets and its activities, in relation to all the observations and recommendations raised by the Internal Audit Department to the Audit Committee. Therefore, the Audit Committee provides a reasonable basis for the effectiveness and efficiency of the company's internal control systems, but it is not possible to provide absolute assurance about the review and assessment of the internal control procedures.
The working regulation for the audit committee of the Dar Al-Arkan Real Estate Development Company was drawn up in implementation of the provisions of Article 54 of the Corporate Governance Regulations issued by the Council of the Capital Market Authority in accordance with resolution No.
Objectives
Formation of the Audit Committee
Membership
The Audit Committee’s terms of reference, its powers and responsibilities
The work regulations for the audit committee of the Dar Al-Arkan Real Estate Development Company have been drawn up in accordance with the provisions of Article 54 of the Corporate Governance Regulations issued by the Capital Market Authority Board pursuant to resolution no. 1) Review the preliminary and annual financial statements of the company before submitting them to the Board of Directors to express their opinion and recommendation on them, to guarantee its integrity, fairness and transparency.
The occurrence of a conflict between the Audit Committee and the Board of Directors
Arrangements for submitting observations
Powers of the Audit Committee
Meetings of the Audit Committee
Remunerations of the members
Report of the Audit Committee
Committee Secretary responsibilities
The remuneration and allowance of the Secretary of the Committee and the Secretary of the Board are determined by the Council Resolution or as set out in the company system or the contracting policy or related company policies.
Amendment of the regulation
By a decision of the general meeting of the company, an audit committee will be constituted from the shareholders or others based on the nomination of the Board of Directors, at least one of them must be an independent member and not include any of the executive authority . Board members. The number of members of the Audit Committee must not be less than three members, including a specialist in financial and accounting matters. The nomination of the audit committee members must be based on the recommendation of the nomination and remuneration committee, and it.
The selection criteria must be taken into account, including the suitability and suitability of the candidate, qualifications, skills, practical experiences related to the company's strategy and activities in real estate development and investment. The General Assembly of the Company issues - with the proposal of the Board of Directors - the work regulations of the Audit Committee, provided that these regulations include the controls and procedures of the committee, its duties, the rules for the election of members, the method of their appointment , the duration of their membership, their. By decision of the general assembly of the company, the Audit Committee is formed from the shareholders or others, at least one of them must be an independent member and not include any of the executive members of the Board.
The number of members of the Audit Committee may not be less than three members and not more than five members, including a specialist in financial and accounting matters. It is not permitted for anyone who has worked or has worked in the executive or financial management of the company, or with the company auditor, for the past two years, to be a member of the Audit Committee. The Chairman of the Board of Directors may not be a member of the audit committee.
If the position of one of the members of the committee becomes vacant during the. If the position of one of the members of the committee becomes vacant during the membership period, the Council can appoint a member for the vacant position, provided he meets the conditions for. The remuneration for membership of the Audit Committee is approved by the general meeting of shareholders, taking into account any relevant regulations and controls.
The Audit Committee’s terms of reference, its powers and
The appointment is submitted to the regular general assembly at the first following meeting, and the new member completes the mandate of his predecessor. The General Assembly at the first following session, and the new member completes the mandate of his predecessor. For the audit committee meeting to be valid, the majority of its members must be present.
Its decisions are taken by the majority of the votes of those present, and in case of equal votes, the Chairman has the decisive vote.
