Matters Reserved For The Board
The Business Board is ultimately accountable and responsible for the affairs and performance of the Group’s “Operating Business” (as defined in the Al Shoaibi Family Constitution). The Business Board’s primary responsibility is to provide effective governance over the Operating Business’s affairs for the benefit of the Group and to balance its interests, those of the shareholders and internal and external stakeholders, as well as maintaining high standards of transparency and accountability.
In all actions taken by the Business Board, directors are expected to exercise their business judgment in what they reasonably believe to be in the best interest of the Group. In discharging this obligation, the directors shall rely on the honesty and integrity of the Group’s CEO, executive management, external advisors and auditors. The Business Board’s constitution will be based on the Al Shoaibi Family Constitution Guidelines and leading practices for governance.