Transparency and disclosure drives and enhances the stability and growth of the organization by implementing the global best practices and complying with the instructions issued by the regulatory authorities; Arzan’s has developed and approved its Corporate Governance structure. The Governance Structure is subject to periodic review and upgrade in order to reflect emerging trend consistent with AFG business philosophy, strategy and applicable regulatory requirements.
The existing structure reflects best corporate governance practices and enables the Board of Directors (BOD) and Senior Management to carry out their responsibilities and facilitates effective decision-making. The structure clearly lay down the key responsibilities and authorities of the Board, Senior Management, Business Units and other units responsible for the support and control function.
This Corporate Governance Report has been prepared based on the following rules:
Rule 1:Construct a Balanced Board Composition.
Rule 2: Establish Appropriate Roles and Responsibilities.
Rule 3: Recruit Highly Qualified Candidates for Members of a Board of Directors and the Executive Management.
Rule 4: Safeguard the Integrity of Financial Reporting.
Rule 5: Apply Sound Systems of Risk Management and Internal Audit.
Rule 6: Promote Code of Conduct and Ethical Standards.
Rule 7: Ensure Timely and High-Quality Disclosure and Transparency.
Rule 8: Respect the Rights of Shareholders.
Rule 9: Recognize the Roles of Stakeholders.
Rule 10: Encourage and Enhance Performance.
Rule 11: Focus on the Importance of Corporate Social Responsibility.
