Page 21 - Corporate Governance Eng.

Ninth Rule

Recognizing the Role of Stakeholders

• Systems and policies guaranteeing the protection of stakeholders’ rights
The Company observes and protects the rights of stakeholders in all its dealings, internal and external transactions. Thus,
the Company laid down under the framework of the corporate governance framework policies which include the rules
and procedures guaranteeing protection and recognition of the stakeholders’ rights, and permit them to obtain compen-
sations if any of their rights are abused, as established by the laws passed in this respect.
The policy approved by the Company in this respect includes the following:
- Dealing with members of the board of directors and stakeholders is carried out according to the same conditions ap-
plied by the Company with the various parties of stakeholders without discrimination or preferential conditions.
- The unity and ease of the procedures followed in the event of any default on any parties of its obligations. There is no
discrimination between one contract and the other between the stakeholders and the Company.
- Compensate stakeholders if their rights determined by the regulations and protected by the contracts are abused.
- Maintain good relations with the clients and suppliers and preserve the confidentiality of information.
- The mechanism of settlement of any complaints or disagreements which may arise between the Company and stakeholders.
• Encourage stakeholders to participate in following up the Company’s various activities
For avoiding the conflict of the transactions of stakeholders, whether contracts or transactions with the Company, with
the interest of shareholders, it should be taken into consideration that none of the stakeholders receive any advantage
through dealing in contracts and transactions which fall within the Company’s normal activities. Further, the Company
lays down internal policies and regulations which comprise a clear mechanism for awarding contracts and transactions
of various types, through the various tenders or purchase orders.
The Company has also laid mechanisms and frameworks to ensure maximum benefit from the contributions of stake-
holders in the Company and urge them to participate in following up its activity, in line with fulfilling its interests in a
perfect manner. The Company permits stakeholders the ability to obtain all the information and data relevant to their
activities, whereby they may be relied upon in the right time and on regular basis. The Company has also facilitated to
stakeholders informing the Company board of directors of any improper practices to which they may be exposed by the
Company, and provide the suitable protection to the reporting parties.