At Hassan Allam, we believe that good corporate governance is an essential driver of success. We provide our management teams with clear guidelines resulting in all Hassan Allam companies complying with carefully designed policies and procedures.
Our board of directors includes several independent non-executive directors. In line with best governance practices, key decisions require the consent of independent directors.
Responsibility of the Board of Directors
The board takes ultimate responsibility for the welfare of the company by guiding and monitoring its business affairs. It is responsible for formulating, reviewing, and approving the company's strategy and financial performance.
The board has established two principal committees:
The board meets regularly throughout the year, a minimum of four times. To facilitate prompt decision making, the day-to-day management of the company's resources is delegated to its senior management teams, under the leadership of each operating group’s chief executive officer.
Through its chairman and executive directors, the board maintains regular contact with the company's advisors and financial and public relations consultants to ensure the full understanding of the views of shareholders.
Directors must declare any conflict of interest. A director cannot participate in discussions or resolutions relating to any matter in which he or she has a material personal interest without board approval.
In discharging their duties, non-executive directors are provided with direct access to senior management and outside advisors and auditors. Committees of the board and individual directors may, with the chairman's approval, seek independent professional advice at the company's expense in order to perform their duties.
Senior management has overall responsibility for the establishment and oversight of the Group’s risk management framework. The Board is responsible for developing and monitoring the Group’s risk management policies.
The Group’s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group’s activities. The Group, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations.
The Group’s Audit Committee oversees how management monitors compliance with the Group’s risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. The Audit Committee is assisted in its oversight role by Internal Audit Department. The Internal Audit Department undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit Committee.