Managing Partner of Watar Partners for Business Trading Company (2017). B) Roles and responsibilities of the fund's board of directors. Monitoring and, where necessary, approving any conflict of interest disclosed by the fund manager in accordance with Article (13) of the IFR. Ensuring compliance and accuracy of the terms of the fund and all other documents that include disclosures relating to the fund and the fund manager and its management of the fund and the amended regulations on investment funds.
Ensuring that the Fund Manager is fulfilling its responsibilities in a manner that realizes the interests of unitholders in accordance with the Terms and Conditions of the Fund, and the amended provisions of the Investment Funds Regulation. Approving the delegation of powers and authorities of the Fund Manager to other financial institutions to act as adviser, sub-manager, custodian, agent or intermediary after obtaining approval from the CMA. Undertaking the tasks of monitoring and controlling the Fund's performance, and ensuring that the Fund Manager carries out his responsibilities in a manner that realizes the interests of the unitholders, in accordance with the Terms and Conditions of the Fund, the Information Memorandum, respectively the documentation and the provisions of the Investment Fund Regulation.
Fund Management Migration Updating the fund's board with the process of transferring the fund's management from HSBC Saudi Arabia to Alawwal Invest. Risk procedures The department's board has approved risk procedures for managing non-financial risks.
The percentage of management fees calculated on the fund itself and other funds in which the fund is investing (if the fund is investing substantially in other investments.
Special commission received by fund manager during the period
Any other data or information that shall be included in this report according to investment fund regulations
Management term of the person recorded as the fund manager
Expense ratio of each underlying fund at the end of the year and weighted average expense ratio of all underlying funds
Concise Description of the Custodian's main roles and responsibilities
9 To vote on the amendment of Article (1) of the by-laws, which is about incorporation (attached). 6 Voting for the dismissal of the members of the Board of Directors for the fiscal year ended on 12/31/2021. 8 Voting for the formation of the Audit Committee, defining its duties, work procedure and members.
7 Voting on the amendment (Article 23) of the company's statutes, which refers to (resolution and decisions of the board of directors). 8 Voting on the amendment (Article 25) of the company's statutes in relation to (remunerations of management board members). 9 Voting on the amendment (Article 29) of the company's statutes in relation to (summoning of the general meeting).
10 Voting on the amendment (Article 31) of the company's statutes in relation to (resolution of the regular meeting). 11 Voting on changing the title of the fifth part of the Company's Statute in relation to (financial statement of the company and profit sharing), which will be part six (financial statement of the company and profit sharing). Khaled Ahmed Al-Saeed, in accordance with Article (90) of the Companies Act, based on a request filed by one of the shareholders who owns more than (5%) of the company's capital.
15 Vote on the termination of the Chairman of the board of directors, Eng./Moataz Qusai Al-Azzawi, in accordance with Article (90) of the Companies Act, based on the submitted request of one of the shareholders who own more than ( 5%) of the company's capital. Ahmed Mohamed El-faleh, in accordance with article (90) of the Company Law, based on the submitted request of one of the shareholders owning more than (5%) of the company's capital. 4 Vote on the release of the Board of Directors from their obligations in relation to the management of the Company for the financial year ending 31 December 2021.
5 Voting for the formation of the audit committee and the determination of its duties, work regulations and. 6 Voting to authorize the Board of Directors to distribute cash dividends every quarter/six-yearly for the fiscal year 2022. 7 Voting to delegate to the Board of Directors, the authorizing powers of the ordinary general assembly defined in paragraph (1) of Article 71 to.
Majed Bin Abdullah Al Issa has an indirect interest through his representation on the board of the company. 13 Approval of the business and contracts concluded between the Company and the AXA.
ALAWWAL INVEST SAUDI INDUSTRIAL COMPANIES EQUITY FUND
Formerly known as HSBC Saudi Industrial Companies Equity Fund)
Managed by Alawwal Invest)
FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR’S REPORT
31 DECEMBER 2022
The Fund manager has made certain changes to the terms of the Fund. As of the close of business on September 15, 2022, Alawwal Invest became the manager of the transferred assets. These financial statements are presented in Saudi Arabian Riyals (“SR”), which is the functional currency of the Fund.
The following are the principal accounting policies applied by the Fund in preparing its financial statements. The Fund recognizes a financial asset or liability when it becomes a party to the contractual terms of the instrument. After initial valuation, the Fund values financial instruments classified at FVTPL at fair value.
Redeemable units entitle the owner of the units to a proportionate share of the fund's net assets in the event of the fund's liquidation. Total cash flows are largely based on operating profit, the change in recognized net assets, or the change in the fair value of the fund's recognized and unrecognized net assets. In the statement of comprehensive income, no gain or loss is recognized on the purchase, issue or cancellation of the fund's own capital instruments.
The intrinsic value per unit as stated in the statement of financial position is calculated by dividing the fund's net assets by the number of units outstanding at the end of the year. Fund management fees are charged according to rates agreed with the Fund Manager and as specified in the Fund's Terms and Conditions. The new and amended standards and interpretations that have been issued, but which have not yet entered into force, up to the date of issue of the fund's financial statements, are listed below.
These transactions were carried out on the basis of approved terms and conditions of the fund. The fund has investments listed at fair value via the income statement, which are measured at their fair value and are classified within level 1 in the fair value hierarchy. The board supervises the fund manager and is ultimately responsible for the overall risk management of the fund.
Concentration indicates the relative sensitivity of the Fund's performance to developments affecting a particular industry or geographic location. The table below shows the Fund's maximum exposure to credit risk for the components of the statement of financial position.
