SHOAIBI GROUP

Spotlight

Corporate Governance

Contents

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.‎