Corporate Governance
Wared is strongly committed towards adopting and applying good corporate governance principles aligned with legal and regulatory requirements, its constituting charter and applicable international best practices. The Board of Directors of Wared is responsible for the effective management of the company. It has statutory obligations to act in the best interest of Wared and it has fiduciary responsibilities to the shareholders. The board is committed to ensuring that it can function and oversee, independently of management and is accountable to the shareholders of the company. The board strives to effectively manage the business and affairs of the company and be an early adopter of the best business and governance practices to enhance shareholder value.
The Credit Committee in Wared is the consultative body for the management in all credit related issues. Provisions Diligence and Evaluation Committee in the company is responsible of evaluating and studying the investment and finance operations for each client separately to monitor any extraordinary issues related the client’s position. Clients Complains Unit in Wared is in charge of putting a mechanism that solves or explains the complain of any client of Wared, while Wared’s Internal Audit determines whether acceptable policies and procedures are followed, legislative requirements and established standards are met, resources are used efficiently and economically and planned missions are accomplished effectively.
In the meantime, the Shariah Supervisory Committee in the company studies all Wared’s transactions and contracts, makes sure that the business of the company is being carried out according to the Islamic Shariah. The committee also issued an annual report reviewing the Shariah aspect of the company’s general budget.