Board’s responsibility with respect to the internal controls’ system, its effectiveness and review mechanism

  • The board has the overall responsibility for ensuring adequate internal control systems/ framework within the company.
  • Board reviews the Internal Control deliverables through Audit Committee- highlighting matters discussed and resolutions passed after each meeting of Audit Committee in terms of internal audit assignments, audit follow-ups, special assignments, compliance audit, risk management and governance.
  • The Internal Control Department (ICD) reports directly to the CEO and Board, operating under the stewardship of the Audit Committee. This enables Internal Control to function in an independent and objective manner.
  • Establish mechanism for employees to communicate irregularities discovered by them (whistle blowing/ confidential reporting).
  • Conduct special assignments/investigations as per the requests from the Board.
  • Perform independent overview/analysis over the financial statements and present the same to the executive management and the Audit Committee along with the audit inputs/comments, variance justifications and commentaries.

Dealing with major/ critical problems in the Company

  • During the year 2021, no significant/critical audit observations were noted.
  • Major/critical issues (if any) are being immediately discussed and reported to the Audit Committee and Senior Management (where appropriate). Periodic follow-up of these issues is carried out to ensure that they are implemented in accordance with the directions of the Board/Committees.

Name of the Internal Control Department Manager with the qualification

The Company did not appoint an Internal Control Department Manager in 2021.

Name of the Compliance Officer with the qualification

Mr. Nader Muqbel assumed the duties of compliance with the company on February 14, 2021. He has more than 18 years of experience in management positions in various sectors. He holds a bachelor’s degree in Commerce from Saint Mary’s University in Canada.

Number of reports issued by the Internal Control Department to the company’s board of directors:

No reports were issued by the Internal Control Department.