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Nomination & Remuneration

This Committee of the Board Nomination and Remuneration Committee enable’s and assist the Board of Directors of Sharq Investment Company in fulfilling its responsibilities to identify, screen and recommend to the BOD appropriate candidates to serve as directors and Executive Management of the Company, to oversee the process for evaluating the performance of the BOD and to develop policies and guidelines in relation to the granting of remuneration and bonuses to be implemented at the Company.

Scope of Nomination & Remuneration Committee

  • Recommend nomination and re-nomination for the BOD membership, Board committees and for the Executive Management members.
  • Develop job description for the executive, non-executive and independent members of the BOD.
  • Review annually the requirements regarding the appropriate skills needed for BOD and Board Committee membership, attracting those willing to fill executive positions as required and review these requests taking into consideration the relevant CMA requirements.
  • Ensure that the independent BOD members maintain their independent status at all times.
  • Develop a clear Remuneration Policy for the remuneration of the BOD and the Executive Management members taking into consideration the relevant provisions of the Companies Law and its Bylaw and any amendments thereof, and ensure its effective implementation at the Company.
  • Periodic review of the Remuneration Policy, assessing its effectiveness in achieving its goals, namely, attracting qualified personnel and retaining the professionally efficient employees needed for the company’s growth.
  • Determine the different remunerations categories that will be given to the employees such as fixed remuneration, performance-based, share based and end of service benefits if applicable.
  • Prepare detailed annual report of all forms of remuneration given to the BOD and the Executive Management whether such remuneration is in monetary amounts, interests, or benefits, and whatever was its nature or name. This report shall be presented to the Company’s general assembly for approval and to be read by the Board chairman. SIC shall apply accuracy and transparency standards while preparing the remuneration report so that all forms of remunerations (given directly or directly) shall be disclosed and shall avoid any attempt of hiding or providing misleading information.