Board committees play a crucial role in ensuring specialized oversight and effective decision-making, playing a crucial role in Burjeel Holdings’ corporate governance, strategic planning, and operational efficiency.
The Board has established three permanent committees, the Audit Committee, Nomination and Remuneration Committee, as well as the Business Development and Sustainability Committee. All Burjeel Holdings committees have been established in adherence with the composition requirements of the SCA Governance Rules. A high-level overview of the responsibilities of each of these committees is set out below.
Audit Committee
The Audit Committee assists the Board in discharging its responsibilities relating to financial reporting, external and internal audits, and controls, including reviewing, and monitoring the integrity of the financial statements, as well as reviewing and monitoring the extent of the non-audit work undertaken by external auditors. It additionally advises on the appointment of external auditors, overseeing the relationship with the external auditors, reviewing the effectiveness of the external audit process, and internal control review function.
The ultimate responsibility for reviewing and approving the annual report and accounts remains with the Board, although the Audit Committee provides advice and due consideration to the applicable laws and regulations of the UAE, the ADGM, the SCA and the ADX in this process.
Nomination and Remuneration Committee
The Nomination and Remuneration Committee assists the Board in setting and overseeing the nomination and remuneration policies in respect of the Board, any committees of the Board and senior management. In this capacity, it is responsible for evaluating the hiring of the Company’s Executive Management, evaluating the balance of skills, knowledge and experience of the Board and related committees, and monitoring the independent status of the independent Directors.
In addition, the Committee assists the Board in determining its responsibilities in relation to remuneration, setting the overarching principles, parameters and governance framework of the remuneration policy and determining the individual remuneration and benefits package of the senior management.
Business Development and Sustainability Committee
In December 2023, the Board expanded the previously named Business Development Committee to additionally oversee sustainability matters, given the increasing importance of sustainability for the company’s strategy, objectives, and daily operations. This new Business Development and Sustainability Committee focuses on matters related to health, safety, and environment as well as Burjeel’s sustainability initiatives, business, and operational planning.
The Business Development and Sustainability Committee also provides support and advice to the Board in relation to business development plans, international expansion, revenue growth, as well as advising on marketing and positioning strategies.
Internal Controls & Risk Management
The Board, with the support of its committees, provides oversight on implementation and effectiveness of the governance processes (risk management, internal control and compliance management) as implemented by Executive Management. The Internal Audit function assists the Audit Committee by providing independent and objective assurance on the effectiveness and efficiency of risk management, internal controls, and operations.
