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| Governance is the system by which the company ensures that it does not deviate from its defined purpose and only allocates resources to pursue the owners' interest. |
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| Many activities focus on this task. The board through undertaking such activities ensures the necessary measures for the effective promotion of long-term shareholder interest. A clear objective: the pursuit of the company’s purpose In promoting the long-term interest of shareholders, the board has to ensure that the business is responsive to the views of those with whom it comes into contact. This can include gaining an understanding of the environmental and social consequences of the company’s actions. However, it remains a matter of business judgment as to how these consequences are properly taken into account in maximizing shareholder value. |
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| As a company, we recognize the importance of good governance and that it is a discrete task from management. Clarity of roles is key to our approach. Policies and processes depend on the people who operate them. Governance requires distinct skills and processes. Governance is overseen by the board, while management is reporting to the group Chairman Of The Board by means of the board governance policies. |
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| The board governance policies use a coherent, principles-based approach, which anticipates many developments in UAE regulatory bodies. These policies ensure that our board and management operate within a clear and efficient governance framework that places long-term shareholder interest at the heart of all we do. |
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| The board exercises judgment in carrying out its work in policy-making, in monitoring the measured performance and in its active consideration of the strategy. The board’s judgments seek to maximize the expected value of shareholders’ interest in the company, rather than eliminate the possibility of any adverse outcomes. |
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| Auditors |
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| The ADMA general auditor carry out the assessment of special tasks for internal control. The external auditors are involved in annual tasks and nominated by the company shareholders. All company Divisions may request internal or external audit tasks aiming at improving certain business processes or adapting new technologies. Reports are sent to Management to implement audit recommendations. In this respect an audit body was established to ensure that these recommendations are implemented. The executive management controls and develops the systems in place to identify, address and manage risks. The audit reports also highlight future potentially significant risks need to be addressed during the planning process. The two audit bodies engage with executive management regularly to monitor the management of risks. Significant incidents that may occur can also be audited by both areas (internal and external). In some complex cases, it may require a special task force to find facts and report to management's with recommendations. |
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