Corporate governance

General framework for governance,

Real Estate Trade Centers Company believes in the importance of governance and its goals, therefore the company has prepared a general framework aims to ensure transparency and credibility in the decisions and verify the effectiveness of the controls, integrity and responsibility when making these decisions, leading to strengthen and improve the impressions of the relevant parties on the governance structure which enhances the sense of confidence of  the shareholders and stakeholders.

On the basis of the provisions of Law No. 7 of 2010 about the establishment of the Capital Markets Authority and regulating the activity of the stock and its implementing regulations, and its contents from the objectives of the Capital Markets Authority, Real Estate Trade Centers is committed to applying the rules of law laid down and corporate governance

Rules upon which the company is committed by:

1. Building  a balanced structure of the Board of Directors

2. Proper identification of tasks and responsibilities

3. Choosing people of qualified for membership of the Board of Directors and executive management

4. Ensure the integrity of financial reports

5. Develop  correct systems for conducting  risks  and internal control

6. Promotion of professional conduct and moral values

7. Disclosure and Transparency accurately and in a timely manner

8. Respect for the rights of shareholders

9. Awareness of the role of stakeholders

10. Strengthen and improve performance

11. Focus on the importance of social responsibility

Real Estate Trade Centers Company aims, through the general framework of governance to achieve transparency and credibility and to prevent conflicts of interest to regulate the relationship between the shareholders and the board of directors and executive management.

Board of Directors:

At the Real Estate Center Company board of directors keen on running the company based on knowledge and values ​​and ethics Commissioner for contributing to reach correct decisions and make sure there is an effective framework for corporate governance in a manner so as to protect shareholders’ rights and achieve a balance between the customer and stakeholder interests.

The Board of Directors consists of five elected members, including an independent member in accordance with the requirements of Law No. 7 of the Capital Markets Authority as well as Board of  Directors have scientific and professional expertise and specialized skills and the ability to make correct decisions that contribute to the interests of the company and their company’s status strategic objectives and work of the governance system vigorous private company to ensure the accuracy and integrity of the data and information to be disclosed.

Executive Management:

The main tasks of the executive management of the company is to implement strategic plans for the company and the associated internal policies , regulations and the establishment of an administrative structure for the organization of the overall performance of the company and the preparation of financial results accurately and detailed management of the company’s resources optimally in a manner consistent with the objectives , strategy of the company and to cope abide by the rules of corporate governance and the requirements of capital markets Authority established out of conviction of the need to uphold the principle of transparency in order to ensure the rights of shareholders

Committees that emanating from the Board of Directors :

The Real Estate Trade Centers Company formed  the following committees to assist the Board of Directors to assume the tasks assigned to it efficiently and effectively:

1. Audit Committee:

The Audit Committee aims to establish a culture of compliance within the company operates, through ensuring the safety and integrity of the financial reporting of the company. The Committee consists of three members with specialized expertise  to assist the Board of Directors in the performance of supervisory responsibilities for financial reporting process , internal control system , the audit process and procedures for monitoring the company’s compliance with laws ,  regulations and the rules of professional conduct.

2. Nomination and Remuneration Committee:

The Committee of  Nomination and Remuneration develops  a clear policy for the remuneration of the Board of Directors and executive management in line with the company’s goals. Also  it prepares the annual report on the remuneration to be presented to the General Assembly of the company. The Committee consists of three members, is working on a recommendation to accept the nomination and re-nomination of the members of the Board of Directors and executive management.

3. Risk Management Committee:

Risk Management Committee consists of three members, is developing strategies and risk management policies and ensure their implementation follows Various risks that may the company be exposed to help the board of directors to understand and analyze the nature and magnitude of these risks to assess the acceptable level of risk in the company and make sure the company has not exceeded this level types as relay

* The Governance Report for the financial year ended 31/12/2023

* The  Internal Auditing Committee’s Report for the financial year ended 31/12/2023

Legal Legislation:

The Real Estate Trade Centers Company is very keen on commitment and apply the guiding principles of various governmental and official bodies including (Kuwait Ministry of Commerce and Industry – Capital Markets Authority – Boursa Kuwait )