Board committees

As at 31 December 2023, there were four (4) functional Board committees, namely: Board Audit Committee (‘BAC’); Nomination and Remuneration Committee (‘NRC’); Board Executive Committee (‘BEC’); and Risk Management Committee (‘RMC’).

Board Audit Committee and its report for the year 2023

Article 88A of the Corporate Governance Regulations states that the Report of the Board Audit Committee (‘BAC’) shall include details of its performance, of its competencies and duties stated in these Regulations, provided that the Report contains its recommendations and opinion on the adequacy of the internal and financial control systems and risk management systems in the Company.

Meetings

The Board Audit Committee appointed by the General Assembly held 10 meetings during 2023 and the quorum for each meeting was achieved.

ACWA Power operating model

As per the operating model adopted by ACWA power, the subsidiaries are governed by ACWA power representatives in the subsidiaries’ Board and the Audit committees.

The Risk Management Committee oversees risk management at ACWA Power.

Summary of the Board Audit Committee duties and responsibilities executed in 2023

In 2020, the BAC carried out various activities within its scope of responsibilities, of which the main activities are the following:

  • Financial reporting
    • Review and recommend to the Board of Directors the approval of the quarterly results and year‑end consolidated financial statements.
  • Internal audit
    • Review and approve the internal audit department charter, plan and outputs and ensure whether the function has the necessary authority and resources to carry out its work while maintaining its independence.
    • Review and assess internal audit reports and monitor the tracking and follow‑up of implementation process determining whether appropriate actions are taken in respect of the internal audit recommendations therein.
  • External audit
    • Review the External Auditors’ plan, scope of work, the results of the financial audits, the relevant audit reports and management letter.
    • Seek confirmation of the independence of the external auditor, its objectivity, fairness, and effectiveness of the audit activities.
    • Confirm that appropriate assistance was given by the Executive Management team to the External Auditors and that no difficulties were encountered during the course of the audit.
  • Compliance
    • Review report from the Compliance Department on compliance with the relevant laws, regulations, policies and instructions.
    • Review and provide recommendations on the related party transaction(s) for the Board’s approval.
    • Oversee the existence of a whistleblowing reporting facility which captures and records matters raised by any stakeholders, including the Executive Management and employees.

Board Audit Committee’s Assessment of the Internal Audit Control

Based on the work performed by the finance transformation and controls functions including Internal Audit, External Auditor, and Compliance, as well as management’s attestations, nothing material has come to the attention of the Board Audit Committee that would indicate significant weakness in the system of internal and financial controls.

The BAC is satisfied that ACWA Power management continue to place sufficient focus on reviewing and improving its system of internal and financial controls to ensure they can support the Company in achieving its strategic objectives. Nonetheless, the BAC acknowledges that due to the geographical spread of ACWA Power’s operations, there are inherent limitations on the comprehensiveness of the assurance provided to the BAC with regard to the effectiveness of the internal controls across all entities. The BAC supports management to continue to increase its efforts in improving its system of internal controls globally.

Profiles of Board Audit Committee Members in 2023 who are not Board Directors

Academic and Professional Qualification

  • Bachelor’s degree in accounting, University of Toledo, in 1991G

Current Positions

  • Chairman of the Board, Arab Company for Drg Industries and Medical Appliances (ACDIMA)
  • Board and Investment Committee Member and Chairman of The Board Risk Committee, Yanbu National Petrochemical Company (Yansab)
  • Board and Audit Committee Member, the Tunisian Saudi Bank (TSB)
  • Board and Chairman of the Board Audit Committee at Abdullah Al Othaim Investment Co
  • Board and Chairman of the Board Audit Committee at East Pipes Integrated Co. for Industry (EPIC)
  • Board and Chairman of the Board Audit Committee at Miahona Co
  • Board and Chairman of the Board Audit Committee, and member of the Nomination and Remuneration Committee at Southern Province Cement Co
  • Chairman of the Board Audit Committee at Saudi Tabreed Co
  • Board member and Chairman of the Audit Committee at Tarabot Charitable Organisation
  • Founder and Chairman, Khalid Al Rabiah Financial Advisory

Past Professional Experience

  • Chairman, the Saudi Stock Exchange ‘Tadawul’
  • Consultant at The Ministry of Industry and Mineral Resources
  • Consultant at The Saudi Mining Services Co. ‘ESNAD’
  • CEO, Methanol Chemical Company
  • CFO, Saudi Arabian Amiantit Company
  • Accountant, Saudi Arabian Monetary Agency, SAMA

Academic and Professional Qualifications

  • Chartered accountant, institute of chartered accountants in England and Wales, in 1995G
  • Aerospace systems engineering, Southampton university, in 1991G

Current Positions

  • Managing Director, Chief Audit Executive, Public Investment Fund
  • Chairperson of the Board Audit Committee, Savvy Games Group
  • Chairperson of the Board Audit Committee, Avilease
  • Chairperson of the Board Audit Committee, ROSHN
  • Member of the Board Audit Committee, Maaden, Mining Company
  • Member of the Board Audit Committee, ACWA Power
  • Member of the Board Audit Committee, Ceer
  • Member of the Board Audit Committee, LIV GOLF
  • Member of the Board Audit Committee, Neom Investment Fund
  • Member of the Board Audit Committee, Industrial Company for Electronics

Past Professional Experience

  • Chief Risk and Compliance Officer, Prudential, Indonesia
  • Chief Audit Executive, Prudential Asia
  • Managing Director, head of Audit, Barclays Bank Asia
  • Regional Head of Audit in UK and Europe, Deutsche Bank
  • Manager, KPMG

Academic and Professional Qualifications

  • Higher Diploma in Management Information Technology Systems, King Saud University, Saudi, in 1988G

Current Positions

  • Member of the Board of Directors, and a member of Audit Committee of Dr Sulaiman Al Habib Medical Services Group Company since December 2021
  • Member of the Board of Directors of ALHassan Ghazi Ibrahim Shaker Company since 2022
  • Chairman of the Board of Directors of Al Ramz Real Estate Company since 2020
  • Member of the Board of Directors and member of the Executive Committee and Member of the Audit Committee and member of the Nomination and Remuneration Committee of SAL Saudi Logistics Services Company since 2019
  • Member of the Board of Directors of Tarabot Investment and Development Company (Formerly Integrated Transportation Company) since 2012
  • Managing Director of Tarabot Investment and Development Company (Formerly Integrated Transportation Company) since 2014
  • Member of the Board of Directors and Chairman of the Executive Committee and Member of the Audit Committee and member of the Nomination and Remuneration Committee of Saudi Airlines Cargo Company since 2012
  • Member of the Board of Directors and member of the Executive Committee of Vision International Investment Company (Formerly Arabian Company for Water and power Development) since 2007
  • Member of the Board of Directors of Himmah Capital Limited Company since 2022
  • Chairman of the Board of Directors Himmah Capital Investment Company since 2023
  • Member of the Board of Managers and Chairman of the Audit and Risk Committee of Jazan Gas Projects Company since 2015
  • Member of the Board of Managers of Tarabot Air Cargo Services Company since 2014
  • Member of the Board of Managers of ALAthat Company since 2014
  • Member of the Board of Managers of Saudi Integrated Company for Waste Treatment since 2013
  • Member of the Board of Managers of Data Volt Information Technology Company since 2023

Past Professional Experience

  • Chairman of the board of managers of Zelan Arabia Company in Riyadh from 2007 to 2023
  • Vice Chairman of the Board of Directors of Saudi District Cooling Company (Tabreed) in ALKhobar from 2021 to 2023
  • Chairman of the Board of Directors of the board of managers at Network Coverage Company for Communication in Riyadh from 2020 – to June 2021
  • Chairman of the board of managers of Dhahran Valley Colling Company in ALKhobar from 2019 to Aug 2021
  • Member of the board of managers of Integrated Towers Company for Communication in Riyadh from 2019 to July 2022
  • Owner of AL Ramz Real Estate Company in Riyadh from 2017 to 2019
  • Chairman of the board of managers of Saudi Riyadh Cooling Company in Riyadh from 2015 to Aug 2021
  • Chairman of the board of managers of Riyadh Water Production Company in Riyadh from 2015 to 2020
  • Member of the board of managers of Global Ports and Railways Company in Riyadh from 2014 to 2019
  • Member of the board of managers of Central District Cooling Company in Makkah Al Mukarramah from 2011 to Oct 2021
  • Managing Director of Saudi District Cooling Company (Tabreed) in Al Khobar from 2011 to Aug 2021
  • Chairman of the board of managers of Saudi Dhahran Cooling Company in Al Khobar from 2009 to Aug 2021
  • Chairman of the board of managers of Saudi Tabreed Operations and Maintenance Company in Al Khobar from 2009 to Aug 2021
  • Member of the Board of Directors of Saudi District Cooling Company (Tabreed) in Al Khobar from 2008 to Aug 2021
  • Member of the board of managers of Welspun Middle East Pipes Company in Dammam from 2008 to 2014
  • Member of the board of managers of Arabian Japanese Membrane Company in Riyadh from 2008 to 2014
  • Member of the Board of Directors of International Company for Water and power Projects in Riyadh from 2008 to January 2022
  • President and CEO of Arabian Company for Water and power Development Company (Formerly ACWA Holding) from 2007 to 2014
  • Member of the board of managers of Shuaibah Water and Electricity Company in Jeddah from 2006 to 2009
  • Member of the Board of Directors of Abdullah Abunayyan Group from 2006 to 2009
  • Member of the board of managers of Shuqaiq Water and Electricity Company in Jazan from 2006 to 2009
  • Member of the board of managers of Rabigh Water and Electricity Company in Jeddah from 2006 to 2009
  • Member of the board of managers of Arabian Company for Water and power Projects from 2004 to 2011
  • Group Vice President and Chief Financial Officer of Abdullah Abunayyan Group from 2000 to 2007
  • Senior Management Information Advisor of AL Rashed Certified Public Accountants from 1998 to 2000
  • Senior Management Consultant of AL Rashed Certified Public Accountants from 1996 to 1997
  • Management Consultant of AL Rashed Certified Public Accountants from 1993 to 1995
  • Computer Programmer and Systems Analyst of Royal Saudi Air Force (BDM International) from 1992 to 1993
  • Computer Programmer of Saudi Telecom Company (STC) from 1988 to 1992

BAC meetings and attendance in 2023

In 2023 there were ten (10) official BAC meetings held. These meetings were planned and the Chairman did not receive any request by two or more of the BAC members to hold any emergency meeting(s) during the year. The record of the members’ attendance is provided below. The Chairman of the BAC presents quarterly updates to the Board of Directors on the committee’s discussions, recommendations/ endorsements.

Name Title BAC Meeting Attendance Total
5‑Feb 1‑Mar 6‑Mar 9‑May 13‑Jun 9‑Aug 5‑Sep 1‑Nov 6‑Nov 3‑Dec
Mr Khalid Al Rabiah Chairman check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign 10
Mr Mike Cheng Member check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign 9
Mr Rasheed Al Rasheed Member check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign 10
Mr Abdullah Al Rowais Member check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign 10
Mr Li Ping Member check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign 10
check sign Attended
check sign Not attended
check sign Attended via proxy
N/A Resigned or not yet appointed as a member on these date(s)

Board Executive Committee

Pursuant to Article (28) of the Company’s By‑laws, the Company has established a Board Executive Committee (‘BEC’) which comprises five (5) Board members, appointed by the Board for a period not exceeding the term of the Board membership, exclusively consisting of members of the Board. Chaired by the Chairman of the Board of Directors, the BEC is responsible for amongst other things, receiving and evaluating proposals submitted to it from, and recommended for approval by the Executive Management, regarding any project or investment/divestment opportunities and deciding on whether the Company will execute or participate in the proposed project of the proposed investment/divestment opportunity, in line with its approval authorities. In addition, the BEC oversees the Company’s business and investment operations by analysing investment policies, strategies, transactions, opportunities and performance of the Company. The BEC executes its responsibilities as outlined below, in accordance with the Company’s By‑laws, the BEC Charter and the internal governance of the Company.

  • Review and approve investment/divestment proposals.
  • Review and recommend for the approval of the Board of Directors the Company’s five‑year (5‑year) business plans, operating plans, the capital expenditure programmes and other studies or plans that will have a significant impact upon the operations of the Company.
  • Review and recommend for the approval of the Board of Directors the Annual Business Development Plan (ABDP), Strategic Business Development Plan (SBP) and Strategic Risk Review (SRR) proposed by the Executive Management which identifies various investments, acquisitions and bid opportunities.
  • Without prejudice to the provisions set out in the Company’s By‑laws, review and recommend to the Board of Directors any amendments to existing or any new corporate investment principles or guidelines of a general nature proposed by the Executive Management for the financial assets. For the avoidance of doubt, this does not include individual investments and/or bids where the BEC has sole authority.
  • Review, endorse and recommend the annual budget for the Board of Directors’ approval.
  • Ensure that the Company integrates sustainability in the development of its strategy.
  • Review the sustainability action plan proposed by the Executive Management and monitor its implementation to ensure the Company is successful in achieving its sustainability goals.
  • Approve Corporate Social Responsibilities (‘CSR’) initiatives in and/or out of Saudi Arabia where the Company invests or contemplates to have potential investments as determined by the BEC.
  • Review and or approve any other matter as delegated from the Board of Directors from time‑to‑time.

The Chairman of the BEC presents quarterly updates to the Board of Directors on the committee’s discussions, recommendations/endorsements.

BEC meetings and attendance in 2023

In 2023 there were twenty‑two (22) official BEC meetings held. These meetings were planned and the Chairman did not receive any request by two or more of the BEC members to hold any emergency meeting(s) during the year. The record of the members’ attendance is provided opposite.

Name Title BEC meeting attendance Total
29‑ Jan 28‑ Feb 8‑ Mar 12‑ Mar 22‑ Mar 18‑ Apr 11‑ May 24‑ May 4‑ Jun 5‑ Jun 26‑ Jun 23‑ Jul 20‑ Aug 7‑ Sep 18‑ Sep 12‑ Oct 22‑ Oct 2‑ Nov 10‑ Nov 22‑ Nov 4‑ Dec 20‑ Dec
Mr Mohammad Abunayyan Chairman check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign 22
Mr Fahad AlSaif Member check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign 22
Mr Omar Al‑Madhi Member check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign 22
Mr Omar Al‑Midani Member check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign 22
Mr Esmail Alsallom Member check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign 22
check sign Attended
check sign Not attended
check sign Attended via proxy
N/A Resigned or not yet appointed as a member on these date(s)

Nomination and Remuneration Committee

In line with article (51) of the Corporate Governance Regulations issued by the CMA, and article (30) of the Company’s By‑laws, the Company has established a Nomination and Remuneration Committee (‘NRC’), dated 05 January 2022. The NRC is chaired by an Independent Board member, in line with applicable legislation, and further consists of one (1) Non‑Executive Director and three (3) non‑Board members. In line with the CMA CGR, none of the members of the NRC are members of the Executive Management. The NRC is responsible, amongst other things, to assist the Board in fulfilling its fiduciary responsibilities by providing independent advice, guidance, and oversight in respect to:

  1. The process of nomination, appointment, and evaluation of the members of the Board (Executive, Non‑Executive, and Independent Board members) and Board committees, individually and collectively, to ensure their effectiveness.
  2. The structure, skills, qualification, and Remuneration of the members of the Board and Board committees.
  3. The appointment and remuneration of the Executive Management.
  4. The Company’s succession plan for the Executive Management.
  5. The Company’s incentive programme and total rewards framework and policies.
  6. The Company’s corporate governance policies.

The NRC executes its responsibilities as outlined below, in accordance with laws, regulations and the NRC Charter as provided below.

Responsibilities in relation to Nomination

  • Suggest clear policies and standards for membership of the Board and the Executive Management;
  • Recommend to the Board the names of candidates nominated or re‑nominated for the membership of the Board and/or Board committees, in line with the CMA Corporate Governance Regulations and the Company’s Selection Policy, taking into account that such nomination shall not include any person convicted of a crime involving moral turpitude or dishonesty;
  • Prepare a description of the capabilities and qualifications required for membership of the Board and Executive Management positions;
  • Determine the amount of time that the members shall allocate to the activities of the Board;
  • Annually review the skills and expertise required of the Board members and the Executive Management;
  • Review the structure of the Board and the Executive Management and provide recommendations regarding changes that may be made to such structure;
  • Annually ensure the independence of Independent Directors and the absence of any Conflict of Interest if a Board member also acts as a member of the board of Directors of another company;
  • Provide job descriptions for the Executive, Non‑Executive and Independent Directors and the Senior Executive Management;
  • Set procedures to be followed if the position of a member of the Board or a Senior Executive becomes vacant; and
  • Determine the strengths and weaknesses of the Board and recommend remedy solutions that serve the Company’s interests.

Responsibilities in relation to Remuneration

  • Prepare a clear policy for the Remunerations of the Board members and its committees and the Executive Management, and present such policy to the Board in preparation for approval by the General Assembly, provided that such policy follows standards that linked to performance, and disclose and ensure the implementation of such policy;
  • Clarify the relation between the paid Remunerations and the adopted Remuneration Policy, and highlight any material deviation from that Remuneration Policy;
  • Review on a periodic basis the Remuneration Policy and assess its effectiveness in achieving its objectives;
  • Provide recommendations to the Board in respect of the Remunerations of its members, the members of the Board committees and Executive Management, in accordance with the approved policy;
  • Without prejudice to the provisions of the Companies Law and the Capital Market Law and their implementing regulations, the Committee shall see that the Remuneration Policy is in line with the following principles and provisions:
    • Ensure consistency with the Company’s approved long‑term strategy, objectives and risk appetite;
    • Provide remuneration packages with the aim of encouraging the Executive Management to achieve the success of the Company and its long‑term development by, for example, making the variable component of the remuneration linked to sustained long‑term performance;
    • Determine remuneration based on job level, duties and responsibilities, educational and professional qualifications and competencies, practical experience, skills and level of performance;
    • Be consistent and proportionate with the magnitude, nature and level of risks faced by the Company;
    • Benchmark against practices of other similar companies in respect of the determination of remunerations, but avoid the disadvantages of such comparisons in leading to unjustifiable increases in remunerations and compensations;
    • Attract, retain and promote talented professionals and incentivize them to drive for materially positive business outcomes, aligned with the Company’s approved strategy, objectives and risk appetite;
    • Without prejudice to the provisions set forth in employment contracts, and/or appointment letters, and applicable law (i.e., the Labor Law), take into consideration situations where Remuneration, except the Fixed Remuneration, should be suspended or reclaimed if it is determined that such Remuneration were set based on inaccurate information provided by a member of the Board, Board Committee or the Executive Management, or where a Board, Committee member and/or Executive Management failed to act in accordance with the Company’s policies and/or Codes or violated applicable laws and regulations, in order to prevent abuse of power to obtain unmerited remunerations; and
    • Regulate the grant of the Company’s shares to the Board members and the Executive Management, whether newly issued or purchased by the Company.

Responsibilities in relation to Corporate Governance

  • Propose, for the Board’s review and approval, a Code of Corporate Governance for the Company in accordance with the provisions set forth in the Corporate Governance Regulations.
  • Monitor the implementation of the Code, verify its effectiveness and propose amendments, if and where required, for the Board’s review and approval. To this end:
    • Verify that the Company is in compliance with the Code of Corporate Governance;
    • Review and propose updates to the Code pursuant to statutory requirements and best practices;
    • Review and propose the development of codes of professional conduct representing the Company’s values, and other internal policies and procedures in accordance with applicable best practices; and
    • Regularly inform the Board members of the developments in corporate governance and best practices.

The Chairman of the NRC presents quarterly updates to the Board of Directors on the committee’s discussions and recommendations/endorsements.

Profiles of Members of the Nomination and Remuneration Committee in 2023 who are not Board Directors

Academic and Professional Qualifications

  • MSc Business Economics, Erasmus University Rotterdam, Netherlands, in 1986G
  • MA Corporate Law, Erasmus University Rotterdam, Netherlands, in 1985G
  • MA Private Law, Erasmus University Rotterdam, Netherlands, in 1985G

Current Positions

  • NRC Member, Saudi Telecom Company
  • RNC Member, The Savola Group
  • NRC Member Ma’aden
  • Board member, Almrakez/Cenomi
  • NRC Member, Nesma Company
  • Board member, Nesma United Industries
  • RNC Member Ghobash Trading and Investments
  • Managing Director, Johan Brand Leadership Advisory

Past Professional Experience

  • Senior Partner and Consultant, Executive Search, Egon Zehnder
  • Head of Marketing/Director of PCI Management Institute, Pepsi Cola International
  • Brand Management, PandG Benelux

Academic and Professional Qualifications

  • MBA, Strategy and HRM from  Griffith University, Australia, in 2007G
  • BBA, Marketing from  Griffith University, Australia, in 2005G

Current Positions

  • Chief Human Resources Officer at Bupa Arabia
  • Chairman of the Board Nomination and Remuneration Committee (NRC) at Saudi Tourism Investment Company
  • Board member and Audit Committee Member of Kaffa Efficiency Excellence
  • Member of the Board Nomination and Remuneration Committee (NRC) at Jeddah Downtown
  • Member of the Board Nomination and Remuneration Committee (NRC) Uptown Jeddah Company
  • Member of the Board Nomination and Remuneration Committee (NRC) Makkah Health Cluster
  • Member of the Board Nomination and Remuneration Committee (NRC) Milling Company
  • Member of the Board Nomination and Remuneration Committee (NRC) Endeavor
  • Member of the HR Committee at SAMA Advisory Council

Past Professional Experience

  • Chief Human Resources Officer at Bupa Arabia from 2017‑Present
  • Director in Human Resources at Procter and Gamble from 2016–2017
  • Global Director in Human Resources at Procter and Gamble from 2012–2016
  • Head in Human Resources at Procter and Gamble from 2007–2012

Academic and Professional Qualifications

  • Master’s Degree in MB, HULL university, in 2009G
  • Bachelor’s Degree in industrial engineering, KFUPM, in 2004G

Current Positions

  • Chief Human Resources Officer, STC
  • Non‑executive, Board and Executive Committee, STC channels
  • Independent Director, Nomination and Remuneration Committee, GOSI
  • Independent Director, Nomination and Remuneration Committee, Economic Cities Authority (ECZA)
  • Independent Director, Nomination and Remuneration Committee, First Milling Company
  • Independent Director, Nomination and Remuneration Committee, SPIMACO Addwaeih
  • Independent Director, Nomination and Remuneration Committee, SAMI

Past Professional Experience

  • HR Planning and Organisation Design GM, STC
  • Human Capital Senior Associate, Mercer
  • Human Resources Head, NUPCO
  • Group Human Resources Head, LAZURDE Group
  • Recruitment Manager/Acting HR Manager, Al Safi Danone
  • HR Specialist, National Air Services (NAS)
  • Section Manager – Hyper Panda, Azizia Panda – Savola

Academic and Professional Qualifications

  • Higher Diploma in administrative and constitutional law The Institute of Public Administration 2023
  • LLM from Northwestern University, in 2014
  • MBA from the University of Leicester, in 2008
  • Bachelors in Legal Translation King Saudi University, in 2002

Current Positions

  • Senior Legal Counsel, The Bureau of Experts at the Saudi Council of Ministers
  • Independent Committee Member with the Governance Committee at Real Estate Development Fund
  • Independent Board member, Saudi Fransi Financing Company
  • Chair, NRC Committee, Saudi Fransi Financing Company
  • Member, The Investment and Securities Committee, Chambers of Commerce
  • WomenSpark volunteer Board member
  • Founding Partner, Alef‑baa consulting

Past Professional Experience

  • Counsel, Latham and Watkins
  • Chief Legal Officer Saudi Stock Exchange (Tadawul)
  • Vice President, legal and Compline and Corporate Secretary, Credit Suisse SA
  • Head, Legal and Compliance, Standard Charted SA
  • Compliance and Governance Manager, HSBC, Manager, senior investment operations supervisor Banque Saudi Fransi

NRC meetings and attendance in 2023

In 2023 there were twelve (12) official NRC meetings. These meetings were planned, and the Chairman did not receive any request by two or more of the NRC members to hold any emergency meeting(s) during the year. The record of the members’ attendance is provided below.

Name Title NRC meeting attendance Total
14‑ Jan 27‑ Feb 14‑ Mar 16‑ Apr 19‑ Apr 8‑ May 1‑ Jun 30‑ Aug 16‑ Oct 14‑ Nov 23‑ Nov 17‑ Dec
H.E. Ahmed AlHakbani Chairman check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign 12
Mr Johan Henri BrandMr Johan Henri Brand voluntarily resigned from the NRC on 10 December 2023. Member check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign N/A 11
Mr Tariq Alamoudi Member check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign 12
Mr Ahmad Al‑Ghamdi Member check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign 12
Ms Aseel Albarqawi Member check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign check sign 12
Mr Omar Al‑MadhiMr Omar Al‑Madhi was appointed by the Board of Directors as a member of the NRC on 11 December 2023. Member N/A check sign 1
check sign Attended
check sign Not attended
check sign Attended via proxy
N/A Resigned or not yet appointed as a member on these date(s)

Risk Management Committee

In line with guiding article (67) of the Corporate Governance Regulations issued by the CMA and article (29) of the Company’s By‑laws, the Company has an established Risk Management Committee (‘RMC’) which was formerly known as the Risk and Compliance Committee. The RMC consists of one (1) Independent Director and four (4) non‑Board members, one of which is the Chairman of the Committee, serving for a period not exceeding the term of the Board membership. The RMC assists the Board in fulfilling its fiduciary responsibilities by providing independent advice, guidance, and oversight with respect to:

  1. The adequacy of the Company’s risk management system in identifying, monitoring, and mitigating risks and exposures.
  2. The policies related to risk management, including the Risk Appetite, and monitoring the implementation and adherence thereof.
  3. The independence and adequacy of the Risk Management department.

The RMC’s role and responsibility, as outlined below, is in accordance with the legal and regulatory requirements, and the RMC Charter:

  • Develop a strategy and comprehensive policies for risk management that are consistent with the nature and volume of the Company’s activities, monitor their implementation, and review and update them based on the Company’s internal and external changing factors;
  • Determine and maintain an acceptable level of risk that may be faced by the Company and ensure that the Company does not go beyond such level;
  • Ensure the feasibility of the Company continuation, the successful continuity of its activities and determine the risks that threaten its existence during the following twelve (12) months;
  • Oversee the Company’s risk management system and assess the effectiveness of the systems and mechanisms for determining and monitoring the risks that threaten the Company in order to determine areas of inadequacy therein;
  • Regularly reassess the Company’s ability to take risks and be exposed to such risks (through ’stress tests’ as an example);
  • Prepare detailed reports on the exposure to risks and the recommended measures to manage such risks, and presenting them to the Board;
  • Provide recommendations to the Board on matters related to risk management;
  • Ensure the availability of adequate resources and systems for risk management;
  • Review the organisational structure for risk management and provide recommendations regarding the same before approval by the Board;
  • Verify the independence of the risk management employees from activities that may expose the Company to risk;
  • Ensure that the risk management employees understand the risks threatening the Company and seek to raise awareness of the culture of risk;
  • Review any issues raised by the Board Audit Committee that may affect the Company’s risk management; and
  • Ensure the CRSSO (Chief Risk, Strategy and Sustainability Officer), within the scope and authority of his/her risk responsibilities, shall be given the right of unfettered direct access to the Chairman of the Board and to the RMC.

Profiles of Risk Management Committee Members in 2023 who are not Board Directors

Academic and Professional Qualifications

  • Master’s Degree in Nuclear Engineering, University de Liege Belgium, in 1978G
  • Master’s Degree in Climate Change and Environment, King’s College of London, in 2000G

Current Positions

  • Independent Board member and Executive Committee, Vision invest international

Past Professional Experience

  • Non‑Executive Vice‑Chairman of the Board and Chairman of the Board Executive Committee of NOMAC in the Middle East
  • Member of the Nomination and Remuneration Committee of ACWA Power
  • Senior Advisor to the CEO and to the NRC, and Chief Risk, Sustainability and Strategy Officer of ACWA Power
  • Engie SA, Head of Business Development Oversight (BDO) and Acting CEO, Middle East Africa‑Southeast Asia
  • Engie SA, Director Operational Projects
  • International power, Executive Director, COO
  • GDF SUEZ Energy International, Regional CEO, Middle East, Asia and Africa
  • Westinghouse Nuclear, Engineering Manager
  • Eskom, Classroom and simulator instructor

Academic and Professional Qualification

  • Honours degree in politics from the University of New England in Australia in 1982G

Current Positions

  • Chairman, Eastpoint Partners Limited (Hong Kong)
  • Chairman, Asia, Glenfarne Infrastructure Holdings, LLC (New York)
  • Chairman, Korea Renewable Energy Development and Operation (Korea)
  • Deputy Chairman, Australia Korea Business Council
  • Chairman, Camarata Music Company (Korea)
  • Chairman, Integra Communications (Korea)
  • Advisory Board member, BlackRock Infrastructure Solutions
  • Advisory Board member, BrightNight power (USA)
  • Advisory Board member, Nextwave Partners (Singapore)

Past Professional Experience

  • Chairman of Macquarie Capital Asia
  • Chairman of Macquarie Group – Korea
  • Chairs Eastpoint Partners Limited
  • Head of Government Business, Asset and Infrastructure Group, Macquarie Group
  • Head of Government Business, Bankers Trust Australia
  • CEO, Chief Ministers Department, Australian Capital Territory
  • CEO, New South Wales Department of Transport, Australia.

Academic and Professional Qualifications

  • Bachelor’s Engineering, The American University of Beirut, in 2001G
  • Master of Science, Electrical Engineering, University of California, in 2003G
  • MBA, INSEAD, in 2009G

Current Position

  • Director, Public Investment Fund (Riyadh, KSA)

Past Professional Experience

  • Senior Manager, Masdar
  • Manager, The Monitor Group, a global strategy consulting firm
  • Software Engineer, Mobiclip (today Nintendo European RandD)
  • Lead Software Engineer, LG Electronics

Academic and Professional Qualifications

  • Master’s Degree in Economics, University of Cambridge, in 1977G
  • Associate of Chartered Institute of Bankers, in 1980G

Current Positions

  • None

Past Professional Experience

  • Managing Director, Saudi British Bank “SABB” (currently Saudi Awwal Bank “SAB”) Riyadh
  • Deputy Global Head HSBC Amanah (Islamic Banking) And Chief Administrative Officer, HSBC Bank, Investment Banking
  • Chief Operating Officer, HSBC Bank USA
  • Chief Audit Officer, HSBC Bank, Buffalo, and Chicago
  • Deputy Managing Director, SABB, Riyadh
  • Deputy Chief Executive Officer, HSBC Bank, Singapore
  • Chief Executive Officer, HSBC Bank, Milan

RMC Meetings and Attendance in 2023

In 2023 there were five (5) official RMC meetings. These meetings were planned, and the Chairman did not receive any request by two or more of the RMC members to hold any emergency meeting(s) during the year. The record of the members’ attendance is provided below.

Name Title RMC Meeting Attendance Total
9‑ Mar 30‑ May 11‑ Sep 12‑ Oct 6‑ Dec
Mr Guy Richelle Chairman check sign check sign check sign check sign check sign 5
Mr John Walker Member check sign check sign check sign check sign check sign 5
Mr Ayman Elariss Member check sign check sign check sign check sign check sign 5
Mr David Dew Member check sign check sign check sign check sign check sign 5
Dr Madelyn Antoncic Member check sign check sign check sign check sign check sign 5
check sign Attended
check sign Not attended
check sign Attended via proxy
N/A Resigned or not yet appointed as a member on these date(s)