Global views the implementation of corporate governance practices as integral to its operations. Global is committed to the principles of international best practices of corporate governance and at all times complied with such practices during the period under review.
The Board of Directors is committed to the ongoing implementation of initiatives to improve corporate governance for the benefit of all stakeholders. All Global’s operations are subject to an effective governance framework. This provides direction for subsidiary entities, which structure their respective governance frameworks according to group standards.
Furthermore, this framework enables our directors to balance their responsibility to provide oversight with their role as providers of strategic counsel, thereby achieving a proper balance between conformance and performance. In creating the governance framework, the Board is committed to applying accepted governance practices in a practical way.
In addition, Global is listed on a number of stock exchanges and operates in a number of countries, which requires compliance with corporate and accounting regulations of various countries. Branches outside of Kuwait operate in accordance with the governance recommendations of their countries of domicile, but with clear reference at all times to group values and culture.
Global’s values form the framework against which we measure behaviour, practices and activities to assess the characteristics of good governance. Global’s values require directors and employees to conduct themselves with integrity at all times and displaying moral strength and behaviour which promotes trust.
Good corporate governance is contained in our values, culture, processes, functions and organisational structure. Organisational structures are designed to formalise the oversight all businesses and processes. We continue to refine these structures on an ongoing basis, and our culture is based on a written Code of Ethics.
Committees of the Board
Our governance framework can be illustrated as follows: