The Board of Directors structure and responsibilities

The Board of Directors of ACWA Power Company (the ‘Company’ or ‘ACWA Power’) (the ‘Board’) is the ultimate responsible body within the Company that is elected by the Ordinary General Assembly, in accordance with applicable laws and regulation in the Kingdom of Saudi Arabia (‘Saudi Arabia’ or ‘Kingdom’). Without prejudice to the Saudi Capital Markets Law, Companies Law, applicable regulations, the Company’s By‑laws and the internal governance of the Company, the Board assumes the responsibility of providing direction, guidance and leadership on strategy, operations, and business expansion in Saudi Arabia and internationally, while assessing opportunities, challenges, risks and its associated mitigative measures. Furthermore, the Board oversees the Company’s internal controls, compliance framework and risk register, and operates according to its charter and the Company’s Delegation of Authority Policy, which specifies its structure, authorities, and role, and responsibilities.

The Board is vested with full powers by the Shareholders to manage the business of the Company and supervise its affairs, as per the Company’s Articles of Association, the Company’s By‑laws, and Board Charter. To optimise the management of the Company and upon its appointment on 05 January 2022, the Board restructured four functional Board committees (the ‘Board committees’); nevertheless, the Board may at any time establish specialised committees, as may be needed, for the effective governance, oversight, and operations of the Company. The Company’s Board committees include the Board Audit Committee (‘BAC’), the Nomination and Remuneration Committee (‘NRC’), the Board Executive Committee (‘BEC’), and the Risk Management Committee (‘RMC’). The respective Board committees have been established to assist the Board in fulfilling its fiduciary responsibilities by providing independent advice, guidance, and oversight. All Board committees have independent committee charters that stipulate their respective structure, authorities, role and responsibilities, within the context of their specific remits. The Board committees deliberate and oversee various relevant issues and the respective Chairperson presents quarterly reports to the Board for discussion, guidance and/or approvals, as applicable.

Procedure taken by the Board to inform its members, Non‑Executive Directors in particular, of the shareholders’ suggestions and remarks on the Company and its performance

As required by the Capital Market Authority’s (‘CMA’) Corporate Governance Regulations (‘CGR’), the Board of Directors and the respective Chairmen of the Board committees participates in the Company’s General Assembly meetings, which serves as a platform for shareholders to provide their suggestions and remarks directly to the members of the Board of Directors.