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Governance & Remuneration committee

 

Responsibilities

The tasks of the committee can be divided into two major parts, one concerning good governance, and the other remuneration. . 

 

First: Governance

1.     Ensuring the availability and implementation of high standards of governance in the exchange.

2.     Reviewing work procedures to ensure appropriateness and competence.

3.     Setting policies that uphold all prevailing laws and regulations, and implementing them in a way that enhances employee performance.

4.     At least once a year, in order to help the board in assessing its performance, the committee shall issue a performance report  verifying how many times every member attended the sessions and any other committee’s sessions and his contribution to the discussions and to decision making. 

5.     Verifying compliance with the standards of disclosure, transparency, governance and all internal laws and regulations.

6.     Verifying that the applied recruitment and administration system complies with all laws, regulations and instructions. On the other hand,to ensure respect of other stakeholders’ rights, and include a transparent, clear recruitment procedure.

 

 

Second: Remuneration

1.     The remuneration committee is responsible for verifying the existence of a reward policy that is clear and specified for the exchange. This policy shall insure that salaries and remunerations are sufficient to attract qualified people to the exchange, and to retain them in a way that is consumerate with the remuneration and salaries in similar companies.

2.     Developing clear policies for the board of directors and senior executives’ compensation and remuneration.   Upon developing these policies,  performance appraisals should be taken into consideration and the committee periodically must review and enhance the current salary scale.

3.     The remuneration committee recommends the remuneration (including the monthly payment and other benefits) to the chief executive officer.

4.     Disclosing the reward policy summary for the company in its annual report.

5.     Recommending to the board the remuneration of its members and the executive management. Defining the board members payments and all other allowances.

 

For more details please check the "Committee Charter"