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CORPORATE GOVERNANCE

Corporate Governance in Tharwa

Tharwa Investment Company has adopted clear policies, practices, rules, and processes that reflect “corporate governance” to establish a structure that is differentiated by transparency, which helps Tharwa achieving the following:

    • Reach its desired goals in an efficient way.
    • Increase the level of confidence between the company’s management and stakeholders.
    • Preserve the rights of the company’s’ stakeholders.

Corporate Governance at Tharwa

Corporate governance policies, practices, rules, and processes at Tharwa are created to ensure that the right corporate culture and best practices are in place, especially when it comes to the below aspects:

Disclosures & Transparency

The corporate governance manual stresses on the necessity of providing truthful and accurate data regarding all financial matters related to the company, through appropriate internal and external communication, including the statement of financial position, performance, ownership, and topics related to control.

Such level of transparency helps building trust and confidence internally and externally and formulates a clear division of responsibilities between the authorities.

Conflict of Interest

This is a significant policy which ensures that the decisions taken are based on sound foundations without any kind of bias. The policy aims to reduce any conflicts that could cause a significant risk or harm to the interests of our customers or stakeholders.

The company also provides stakeholders with access to any data that is related to their activities to retrieve whenever needed and to inform the board of any inappropriate practices they are exposed to.

Justice and Integrity

The company’s board follows the highest standards of integrity while applying processes that reflect equality and justice among all shareholders regardless of their contribution rates or quotas and this is a fundamental part of the concept of corporate governance.

This principle recognizes that shareholders have the right to retain their shares in the company or convert them and protect their rights and interests as per the laws adopted in the State of Kuwait, mainly the right to complain and/or appeal to any violation that causes them any sort of harm, select board members, receive the right returns on profits, review the financial statements, and to actively participate in the general assembly meetings.

Realization of the role of stakeholders.

The company seeks to protect the rights of stakeholders guaranteed by the laws in force in the State of Kuwait, in addition to the contracts concluded between the two parties and any additional pledges made by the company towards the stakeholders, dealing with members of the Board of Directors and stakeholders shall be on the same terms that the company applies to with the various parties of stakeholders Without any discrimination or preferential condition.

Human Development, Corporate Social Responsibility

This includes creating jobs, providing training opportunities for graduates, enhancing technology usage, as well as supporting health, educational, cultural, and environmental internal and external initiatives.

The company and its board of directors and executive management have adopted social goals that are integrated with the local and regional economic goals, as a continuous commitment by the company to act ethically in accordance with the requirements of laws and customs to ensure sustainable contribution to achieving economic, social and environmental development. Where the company directed its efforts to contribute to the development of society and support its current needs without neglecting the needs of future generations, so it sought to focus on sustainable community contributions that serve the current need and continue to serve successive generations.

Ethical Standards

The company follows a clear policy that defines its ethical standards, this helps staff to perform using best practices and act in a way that reflects positively on the company’s image and reputation.  

Operational and Ethics Policies and procedures

To promote the corporate governance concept Tharwa has developed an integrated system which includes policies, procedures, plans, organizational structures, and administrative powers that direct all tasks and duties.