Tharwa Investment Company has adopted clear and comprehensive policies to establish the foundations for a system of governance characterized by transparency and to ensure proper rights and obligations of shareholders and stakeholders. The Board of Directors is responsible for ensuring that the company’s management is running in an effective manner, implementing all control procedures and compliance and auditing according to the plans as required by the prevailing laws and regulations.
The importance of adhering to the principles and concepts of governance and the importance of implementing them in “Tharwa” perfectly to achieve their objective.
- Achieving efficiency in reaching the desired goals.
- Strengthen the confidence and credibility of the company and its management.
- Preservation of the rights of shareholders and stakeholders of the company.
Core Principles of Corporate Governance in Tharwa
We at Tharwa have a strong corporate governance framework in place to align all our business fronts to best practices, internal processes and control, policies and procedures and ethical considerations. The core principles of corporate governance drive the cornerstones of Tharwa’s governance philosophy, Disclosure and transparency, Conflict of interest, Justice and integrity, Accountability, Social Responsibility, Ethical Corporate Citizenship. Tharwa believes that the practice of each of these leads to the creation of the right corporate culture by which the company is managed.
Disclosure and transparency
The corporate governance manual states the need to comply to accurate and orderly disclose regarding all financial matters related to the company through appropriate internal and external communication, including the statement of financial position, performance, ownership and matters relating to control. Such transparency would create an atmosphere of trust and confidence internally and externally, and formulate a clear division of responsibilities between the authorities. Transparency also ensures clear and cognitive means of communication between shareholders, the board of directors and executive management. Creating an effective climate of transparency in the work environment is the responsibility of all parties.
Conflict of interest
The wealth of the company designed to regulate the conflict of interest policy in order to ensure that the decisions taken complements be based on sound foundations and without bias. And this policy aims to reduce any conflicts that could result in a significant risk of harm to the interests of our customers or stakeholders.
The stakeholders, for example, but not limited to both the (board members – staff – Clients- suppliers – banks – accounts) monitors.
The company also provides stakeholders access to information and data related to their activities so that they can rely on in a timely manner. The company operates a fortune to make it easier for stakeholders access to guide the protection of stakeholders and to inform the board of any improper practices are exposed to it by the company with the provision of adequate protection of the parties that the reporting policy.
Justice and integrity
The company’s board follows the highest standards of integrity and fair and equal treatment for all shareholders regardless of their contribution rates, quotas or their property and this is one of the most important basics of the concepts and principles of corporate governance where all shareholders have equal opportunities for compensation against any violation to their rights. This principle recognizes that the shareholders have the right to retain their shares in the company or convert them and exercise their rights, protect their interests and their shares in available methods in accordance to the laws adopted in the State of Kuwait and the Company and its statute, and includes, the right to complain and/or appeal to any violation to their rights, the selection of the Board, get returns from profits, reviewing the financial statements, and the right to actively participate in the meetings of the General Assembly.
The board of directors and executive management seek to bring about the desired balance between the interests of shareholders and stakeholders and the requirements of protecting the company and its assets, so the company has arranged their strategic priorities and objectives and developed indicators to measure performance through:
- The awareness of the executive management and employees of their role and responsibility.
- Evaluate work through a set of standards and performance indicators
- Accountability on the values and goals that have been achieved.
- The Board prepares an annual report on the company’s accomplishments and performance in general .
Social responsibility includes creating jobs and training graduates to provide skills in the labor market as well as to promote the use of technology and contribute to raising the standard of living through initiatives and contributions in the social, health, educational, cultural and environmental areas.
The Board develop policies and procedures for determining the criteria and scope of corporate social responsibility in line with the capabilities of the company and its strategy.
It is the Constitution of the values of employees in Tharwa and contains many of the professional ethics and codes of conduct that must be displayed by all employees in the company .The Company follows a clear and studied policy to engage in activities with honesty and integrity in accordance with the highest legal and ethical standards which are consistent with the principles.
These policies are a guide to instruct staff to perform all functions using best practices and act in a way that reflects positively on the company’s image and prestige, and staff must abide by the text and essence of this policy and not try to exercise what is prohibited or forbidden or unlawful in a direct or indirect manner, which will affect the company’s values and principles. These policies are set up clearly and accurately so that they are workable and practiced by all staff.