SAICO is keen to comply with the Corporate Governance Regulations issued by the Capital Market Authority (CMA), and the Insurance Corporate Governance Regulation issued by the Saudi Arabian Monetary Authority (SAMA), the governance guidelines include standards covering the company’s corporate governance policies, its strategic direction, the required culture, and the guidance principles followed at the core of the functional areas of the company. The Board is accountable for providing leadership for the company. It ensures that sound strategy and controls are in place in order to deliver value to shareholders, employees, and the community. The governance guidelines also reflect the main guiding principles issued by (SAMA) on corporate governance in general. The list includes basic rules of corporate governance of listed companies, reporting requirements imposed, disclosure in the capital market system and relevant regulations.
One of our key strengths is our notable Board of Directors, which is the ultimate decision-making body of SAICO. The Board is responsible for providing leadership for the company. It ensures that the right strategy and controls are in place in order to deliver value to shareholders, employees and the community. The Board is composed of five members with a diverse knowledge and expertise base, and a balanced skill set that gives SAICO an outstanding competitive edge. The Board primarily focuses on long-term financial returns and the best interest of all SAICO’s stakeholders: customers, shareholders and employees, as well as the community in which the company operates. Moreover, the Board’s role is to set the company’s values, strategy and key policies, along with pursuing and maintaining its long-term success. Such role is accomplished through providing business leadership, sound strategies and risk management oversight to ensure that risks are assessed and properly managed. The Board of Directors meets many times per year for discussions on matters that are important to the company.
The Board of Directors established the following committees:
- Risk committee.
- Investment committee.
- N/R committee.
- Executive committee.
- Audit committee (by the AGM’s resolution).