Corporate Governance is the set of systems, principles and processes by which a company is governed and they supply guidelines as to how the company can be directed so that it is able to achieve its goals and targets in a way that contributes to the value of the company and its respective stakeholders. In addition, corporate governance defines the equal treatment of shareholders (through upholding their rights), remembering the role of stakeholders and their importance to the company, the significance of disclosure and transparency and the responsibilities of the Board of Directors.
At Rawabi Holding Company, there are two main governance bodies in the corporate governance structure: the Family Council and the Board of Directors.
The Family Council determines the policy for the family and recommends policies to the board which concern the family and is instrumental to the management of Rawabi Holding Company. The Council is also responsible for corresponding family values, its goals (both short-term and long-term) and its vision to all family members, and it does this through meetings which seek to formally communicate its goals and aspirations and allow thinking for making necessary decisions. The Family Council keeps the family informed about business accomplishments and conveys rules and decisions that affect them financially.
The Board of Directors, on the other hand, establishes policies for the business and offer recommendations which concern business to the Family Council. The Board consists of: Group Chairman, Vice Chairman, President and CEO and other Executive and Independent Directors. Furthermore, the Board is responsible for shaping and developing the objectives and strategic direction of Rawabi Holding Company and they do this through providing legal and financial supervision, offering a strong sense of leadership and various resources, monitoring and improving performance and helping, in a professional manner, to resolve conflicts of interest and mitigate risks.
As this particular structure of corporate governance is fairly unique for a family company in the GCC, Rawabi Holding Company endeavors to keep the family invested, dedicated and focused on the welfare and interests of the company and the corporate governance seeks to align the interests of Rawabi Holding with those who live in around us and society on the whole.