In this Section
 
 

Board and Management Committees

Audit Committee

The Audit Committee (AC) is involved in the Board’s fulfillment of its oversight responsibilities relating to the integrity of financial statements, appropriateness of policies and procedures, performance of the external auditors, performance of internal auditor and other internal control related matters. The AC is comprised of three directors, one of whom is an independent director. The AC is authorized to monitor all internal control related activities of ALAFCO or to seek any information that it requires from management and relevant external parties.

Risk, Governance and Compliance Committee

The Risk, Governance and Compliance Committee (RGC) has been formulated by the board for the oversight of Risk Management, Compliance and Corporate Governance related matters. The RGC comprises of three directors, one of whom is an independent director. The Board has also delegated to the RGC, the responsibilities relating to identification, evaluation, monitoring and mitigation of all risks that ALAFCO is exposed.

Nomination and Remuneration Committee:

The Nomination and Remuneration Committee has been established to:
    1. Formulate a process and make recommendations to the Board on nominations, appointment, re-appointment and removal of Directors, Board Level Committee Members and Executive Management;
    2. Implementing remuneration policies for Board members and Executive Management including related systems to support the Company’s wider objectives and strategies; and
    3. Establishing a clear relationship between the performance of ALAFCO and the overall remuneration structure.

Board Executive Committee (EC)

The EC acts as a key committee within ALAFCO responsible for supporting the board of directors in the execution of their responsibilities in accordance with applicable laws and regulations including compliance with Kuwait Stock Exchange (KSE) requirements and the Capital Market Authority (“CMA”) regulations. The EC’s roles and responsibilities include, but not be limited to:

  • A. Review and approval of transactional due diligence and other analysis that have been carried out for transactions within their authority;
  • B. Holding meetings with the CEO and staff to discuss proposed transactions, recommended course of action, other options along with their related pros and cons;
  • C. Review the deal structure (including tax structures) proposed by management for the purpose of executing leasing transaction that EC is authorized to approve;
  • D. Ensure ALAFCO’s strategic goals and objectives and being achieved.

 

The Committee comprises of:

  • a. Barrak Abdulmohsen Barrak Al-Sabeeh, Chairman of EC
  • b. Ahmad Abdullah Alzabin, EC member
  • c. Abdulwahab Essa Alroshood, EC member
  • d. Fahad Abdul Razzaq Al Nisf, EC member
  • e. Meshari Mustafa Al Judaimi, EC member

Lease Management Committee (LMC)

The LMC is a management committee that assists the Board in fulfilling its responsibility with respect to ALAFCO’s business and operations, including the oversight of aircraft procurement lifecycle, contract preparation, negotiation assistance, contractual administration and claims management. The LMC is authorized to act on behalf of the CEO of ALAFCO in all matters as delegated to it. The LMC is authorized to make decisions relating to aircraft procurement within its authorized limits and engage independent counsel and other advisors, as it deems necessary, to carry out its duties, provided such engagements are justifiable and approved by the CEO.

The LMC is comprised of the Vice Chairman of ALAFCO, the Deputy CEO along with heads of business units.