As one of the Egyptian Exchange’s (EGX) top listed companies, Egypt Kuwait Holding (EKH) views corporate governance as an integral component of its day-to-day management both on the holding company level and at the level of its portfolio companies, which are always encouraged to implement international best practices. We work hard to ensure that the interests of all relevant stakeholders including our shareholders and the Board of Directors are represented.
EKH is transparent with its shareholders, clients, regulatory authorities and the EGX. The Board of Directors and management team of EKH are ultimately accountable and responsible for the performance of the company. Entrusted by shareholders, the Board of Directors establishes organizational and strategic policies that are implemented periodically. Since its inception, EKH’s Board of Directors has been composed of non-executive members, with the single executive member being the Chief Executive Officer.
EKH has allocated an Audit Committee that is made up of 3 non-executive board members and one specialized non-board member. The principal functions of the Audit and Internal Control Review Committee (AICRC) are to oversee the integrity of the company’s financial statements and ensure compliance with legal and regulatory requirements. It also monitors the adequacy of the company’s accounting and financial reporting and its internal control and processes for financial reporting. Further, the AICRC is responsible for the independence of external auditors, who it appoints (subject to shareholders’ ratification) and evaluates; AICRC also sets the compensation for the external auditors.
AICRC has the following responsibilities:
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Monitoring and inspecting the company’s commitment to applying internal control mechanisms
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Verifying the company’s applied accounting policies are in line with accounting standards or rules in force
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Reviewing internal controls (including the scope of internal audit programs), internal audit findings, and recommending actions accordingly
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Reviewing accounting polices and changes that result from applying new accounting standards
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Reviewing financial and risk management policies, manuals, etc., and submitting recommendations for Board approval
- Reviewing and amending internal control systems and compliance with legal and regulatory requirements
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Reviewing periodical management reports
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Monitoring and reviewing financial statements, subscriptions and private and public offering releases as well as budgets and estimated income statements
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Recommending appointments, removals and remuneration packages for external auditors as well as approving payments for other services
- Ascertaining the independence of the internal controller and auditor