The Company is establish an audit committee. The chairman and the other members of the audit committee are designated by the Board of Directors. At least one member of the audit committee must have particular expertise in accounting and financial matters.
The audit committee's charter will be reviewed annually by the Board of Directors following a recommendation by the audit committee. The audit committee will be responsible, among other things, for
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Examining and evaluating the efficiency of internal controls and procedures |
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Examining quarterly and annual financial statements and evaluating their completeness and consistency prior to publication
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Advising the Board of Directors regarding the selection of external auditors
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Examining with the external auditors the framework and methodology of the annual audit, and supervising and evaluating their performance
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Examining, following the completion of the annual audit, all issues that have arisen during the audit, the results of the audit and any issues raised by the external auditors during the execution of their work
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Examining and evaluating the independence of the external auditors and suggesting to the Board of Directors measures to be taken in order to maintain their independence
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| Audit Committee will comprise of: |
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| 1. |
Mr. Ahmed Sabbagh |
| 2. |
Mr Naim Fakhri Al Jayyousi, 61, is the Financial Consultant at A. H. Algosaibi & Bros. and a member of the Board of Directors of Eastern Insulation Company. Prior to joining A. H. Algosaibi & Bros., he was the Manager of Finance and Administration at Saudi United Insurance Company from 1976 to 1988 and Chief Accountant at Baloise Insurance Company from 1972 to 1976. Mr. Al Jayyousi also served as Chief Accountant of Algosaibi Travel Agency from 1971 to 1972 and as Accountant of Union National Insurance Company from 1968 to 1971.
Mr. Al Jayyousi received his Bachelors degree in Commerce from Beirut Arab University in Lebanon in 1982.
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3.
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Mr. Abdullah Al-Farraj, 42, is the Vice President of Finance and Administration at Malath Insurance and Reinsurance Company (under formation). Previously, he was Director of Finance at Sultan Bin Abdulaziz Humanitarian City from 2005 to 2006 and also associated with the National Company for Cooperative Insurance ("NCCI") as Manager of Internal Audit from 1998 to 2004 and Manager of Takaful Insurance from 2004 to 2005. Prior to joining NCCI, he served as Assistant Financial Manager at Neo International Group from 1997 to 1998 and as Accountant at the Ministry of Municipal and Rural Affairs from 1989 to 1997.
Mr. Al-Farraj is a Certified Public Accountant, Certified Internal Auditor and Certified Information Systems Auditor. He received his Masters of Science degree in Accounting from The American University in Washington D.C., USA in 1996 and a Bachelors degree in Accounting from Imam University in Qassim, Saudi Arabia in 1989
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