As a common practice, the Board of Directors will form an Executive Committee to the Board, which is deemed as a reasonable method to separate the management of day-to-day responsibilities from the strategic planning function in the long run. The Board shall decide on empowering the Committee with powers, lines and issues to be reported to the Board, whether for the purpose of notification or for taking action. Most issues under the disposal of the Committee are noteworthy to be reported to the Board. Nevertheless, many issues are at the borderline between the authorities of the Committee and those of the Board. Therefore, there would be an overlap between the membership in the Board and the Executive Committee.
As it is practically difficult to hold urgent meetings for the Board, particularly for a large number of memberships, the Executive Committee shall be deemed as a mini-board , because it is made up of members of the board and can meet whenever the need arises and with the speed required - by the small number of its members, and it can thus fill the gap that occurs between the meetings of the Board of Directors, and consider many issues that are within its jurisdiction or have a mandate to deal with them from the board. The Executive Committee is a body to deal with specialized issues that are not within the jurisdiction of any other committee.
The objective of the formation of the Executive Committee of the Board of Directors is to review, measure, manage and approve the general strategies of risk management, finance operations, banking facilities and investment transactions or present recommendations of the same to the Board of Directors within the powers and authorities authorized or delegated to the Committee by the Board, including the development and revision of the Group's business plans, monitoring the Group's balance sheets and providing the necessary support and flexibility to the Executive Management and divisions to effectively fulfill their liabilities and carry on their business activities.
For more detailed information about the Committee’s duties, powers, and the periodicity of its meetings, please refer to the Group’s approved Corporate Governance Code at the following link