General Responsibilities of the Board of Directors:
The Board of Directors bears overall responsibility for Salhia Real Estate Company, including setting the company’s strategic objectives, risk strategy, and governance standards, as well as ensuring their implementation and monitoring the effectiveness of their application. The Board also oversees executive management, including the Chief Executive Officer.
The Board is accountable for all aspects of Salhia Real Estate Company’s operations, financial soundness, compliance with regulatory requirements, and for protecting the interests of shareholders, creditors, employees, and other stakeholders. It ensures that the company is prudently managed within the framework of applicable laws, regulations, and internal policies.
Supervision of Executive Management
The Board is required to appoint a Chief Executive Officer who possesses integrity, technical competence, and relevant experience. Approval from the Board is also required for the appointment of other members of the executive management, who will report either to the CEO or to the Chairman. The Board shall provide sufficient oversight to ensure executive management is effectively performing its duties in line with the company’s objectives and in accordance with policies approved by the Board.
Board Operations
Board meetings are held as needed, with a minimum of six meetings per year. Decisions made during these meetings are recorded in formal minutes and become part of Salhia Real Estate Company’s official records.
The Chairman consults with executive management on key topics proposed for the meeting agenda, and Board members are provided with comprehensive data and information well in advance of each meeting to allow for informed decision-making. The Board Secretary records meeting discussions, member comments, and voting outcomes. The roles and responsibilities of the Chairman and Board members must be clearly defined in writing and in compliance with applicable laws and regulations.
Role of the Chairman
The Chairman plays a key role in ensuring the smooth functioning of the Board, maintaining mutual trust among its members, and ensuring decisions are made based on sound principles and accurate information. The Chairman facilitates the exchange of views among Board members, ensures timely access to adequate information for both the Board and shareholders, and ensures the company maintains effective governance standards. The Chairman also acts as the main liaison between the Board and executive management.
Board Secretary
The Board Secretary supports the Board and its Chairman in managing Board affairs, including: Ensuring timely preparation of meeting minutes in coordination with the Chairman and CEO Organizing and coordinating Board and shareholder meetings Safekeeping of meeting minutes and drafts Executing any instructions issued by the Board Ensuring compliance with all legal requirements related to Board affairs