Governance

01

Framework

Waha Capital recognises that a strong commitment to a robust corporate governance framework is essential for its long-term prosperity. Accordingly, it has developed a comprehensive corporate governance framework which is modelled on international best practice and complies with all regulatory requirements.

This framework addresses the following:

  • Responsibilities of the Board and individual Directors
  • Terms of reference for each of the company’s Board Committees
  • Appropriate delegation of authority to Management
  • The company’s relationship with its shareholders
  • Internal controls, risk management and compliance functions
  • Rules relating to the appointment of external auditors
  • The company’s code of conduct
  • Share dealing policy applicable to Directors and employees.
02

Board of Directors

The Board provides strategic direction, management supervision and adequate controls with the ultimate objective of promoting the success and long-term value of the company. The Board comprises of seven directors, six of whom are non-executive directors with the majority being independent.

03

Board Committees

The company has the following Board Committees:

Audit Committee

Homaid Al Shimmari

Chairman of Audit Committee

Ahmed Al Dhaheri

Director

Rashed Al Ketbi

Director

Nomination & Remuneration Committee

Homaid Al Shimmari

Director

Ahmed Al Dhaheri

Director

Nader Al Hammadi

Director

Rasheed Al Omaira

Chairman of NRC
04

Risk Management & Compliance

The company’s Internal Control Department is responsible for the internal controls, risk management and compliance functions. These functions collectively ensure that the company is able to achieve its business objectives in a prudent manner, safeguarding the interests of the company’s shareholders and other stakeholders, while minimizing key risks such as fraud, unauthorised business activity, misleading financial statements, uninformed risk-taking, or breach of legal or contractual obligations.

05

External & Internal Auditors

Waha Capitals external auditor is Ernst & Young. The company also has an internal auditor whose role is to support Waha Capitals internal control, risk management and compliance functions, through regular internal audits and risk assessments.

06

Corporate Governance Report

Further information on the company’s corporate governance framework and practices is set out in the company’s Corporate Governance Report for 2019, which is available on the link below:

Corporate Governance Report 2022

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Corporate Governance Report 2021

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Corporate Governance Report for 2020

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Articles of Association

Articles of Association

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Amendments to the Articles of Association 2021

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Amendments to the Articles of Association 2022

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07

Sustainability Report

Sustainability Report 2022

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Sustainability Report 2021

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