Corporate Governance

The Audit Committee was formed by the Company’s Ordinary General Assembly and operates in accordance with the applicable legal and regulatory requirements, including the Companies Law and the Capital Market Authority’s Corporate Governance Regulations. The Committee supports the Board in overseeing the integrity of the Company’s financial reporting and the effectiveness of internal control systems. Its responsibilities cover four core areas of focus: financial reporting, internal audit, external audit, and compliance.

Key Responsibilities

The Audit Committee’s responsibilities include:

Financial Reporting

• reviewing the interim and annual financial statements before submission to the Board and providing its opinion and recommendations to support their integrity, fairness, and transparency
• reviewing significant accounting matters, including accounting estimates and accounting policies, and investigating issues raised by the Chief Financial Officer, Compliance Officer, or the external auditor

Internal Audit

• examining and reviewing internal and financial control systems and reviewing internal audit reports, including follow up on corrective actions
• overseeing the performance of the internal auditor and the Internal Audit Department, including ensuring sufficient resources to carry out their duties
• reviewing the internal control system and preparing a written report on its adequacy and the Committee’s observations

External Audit

• recommending the appointment or dismissal of the external auditor and determining the auditor’s remuneration, while verifying the auditor’s independence and reviewing the scope of work and contractual terms
• reviewing the auditor’s plan and activities and ensuring that the auditor does not perform any technical or administrative work beyond the scope of audit services
• reviewing the auditors’ reports and comments on the financial statements and following up on procedures taken in connection with them

Compliance

• reviewing the findings of supervisory authorities and ensuring that necessary actions are taken in connection with those findings
• ensuring the Company’s compliance with relevant laws, regulations, policies, and instructions
• reviewing contracts and proposed related party transactions and providing recommendations to the Board, and reporting any issues requiring Board action

See our Results of the Annual Review of Internal Audit Procedures here.

Mr. Raied Al Seif – Chairman of the Committee

Mr. Raied Bin Ali Al Seif is a financial and banking expert with over 25 years of extensive experience in accounting and banking. He has held several key executive leadership positions in prestigious companies and banks and has a proven track record of serving as chairman and member on the boards and committees of various prominent companies. Mr. Raied holds a bachelor’s degree in accounting from King Saud University, Saudi Arabia. He has also successfully completed numerous international professional training programs that have further enhanced his expertise.

Dr. Salah Al Talib – Committee Member

Dr. Salah Bin Khalid Al Talib has over 20 years of experience in accounting and financial management, having held executive and advisory positions, and served on the boards of directors, as well as audit and investment committees of numerous companies and charities. He holds a bachelor’s degree in accounting from King Saud University, Saudi Arabia, a master’s degree in accounting from the University of Miami, Florida, and a PhD in Accounting and Finance from George Washington University, USA, in 1998. He is a Certified Government Auditing Professional (CGAP), Certified Financial Manager (CFM), Certified Internal Auditor (CIA), Certified Public Accountant (CPA) and holds a Certification in Control Self-Assessment (CCSA) and numerous professional memberships in the fields of accounting, management, and financial auditing in the Kingdom of Saudi Arabia and abroad.

Mr. Eid Al Shamri – Committee Member

Mr. Eid Al Shamri has extensive experience spanning over 30 years, during which he has held numerous executive positions. He is a member of the Boards of Directors and committees of several companies. He also holds a bachelor’s degree in industrial management sciences with honors from King Fahd University of Petroleum and Minerals, Saudi Arabia. He obtained his Certified Public Accountant (CPA) license from the State of Colorado in 1995 and has been a member of the American Institute of Certified Public Accountants (AICPA) ever since.

Mr. Mohammed Bin Mansour Al Mousa – Committee Member

Mr. Mohammed Bin Mansour Al Mousa is a financial and administrative expert with extensive experience in executive leadership, and serving service on boards and committees across the semi-government, and private sectors. He holds a master’s degree in Accounting from Missouri State University, in Springfield, Missouri, USA, and a Bachelor of Administrative Sciences from King Saud University, Saudi Arabia. He is also a Certified Public Accountant (CPA) and holds the General Securities Regulations Certification.

To further enhance his leadership skills, Mr. Al Mousa has participated in numerous prestigious executive leadership and board effectiveness programs at world-renowned institutions such as the International Institute for Management Development (IMD), Harvard Business School, and the European Institute of Business Administration (INSEAD). He brings broad experience from serving on the boards of both local and international companies.