• • Results of the Board Of Directors meeting for the period ending from 30 September 2022

Related Parties Policy

1) Politics: Commercial Facilities Company is aware that the related parties operations (as described below) can form potential conflicts of interest and raises questions about whether this type of operation is consistent with the interests of the Company and its shareholders' equity.
Therefore, this policy was adopted for the purpose of the review, approval and adoption of the relevant parties to operations by the Board of Directors.
2) Definitions: For the purposes of this policy, the following definitions have been developed
"Immediate kinship" means minor children (under the age of 21) and husband / wife.
"Related Parties" means any of the following:
  • Member of the Board of Directors or Executive Management of Commercial Facilities Company.
  • The beneficial owner (excluding financial and investment institutions) for more than 5% of the shares of Commercial Facilities Company.
  • The immediate family members of a member of the Board of Directors or the Executive Management or who is a candidate for membership of the Board of Directors or the beneficial owner of more than 5% of the shares of the Commercial Facilities Company.
  • Any institution owned or controlled by any of the above categories.

"Related Party Operations" It means any financial transaction or agreement of any relationship (including any indebtedness or guarantee of indebtedness) or any other series of transactions, agreements and similar relations (including those which require disclosure under the laws and regulations of the Central Bank) with the Commercial Facilities Company or its subsidiaries, or for the purpose of achieving a direct or indirect interest of any of the related parties and the approval of the Ordinary General Assembly to deal with the relevant parties.

3) Identify related party operations: 
Identify any possible transactions with Commercial Facilities Company by means of several methods. Including a member of the Board of Directors or a member nominated for membership of the Board or the Executive Director to notify immediately the management of Commercial Facilities Company for any transactions that have been or will be done with related parties involved, directly or indirectly except car financing operations of agents.
4) Report transactions with related parties: 
Transactions with related parties are presented to the Audit and Risk Management Committee in accordance with a report from the Chairman of the Board, excluding the agreed operations, and ensuring that these transactions have not obtained any advantage over other transactions.
Nominations and Remuneration Committee (NRC)
It is a committee of the Board of Directors which prepares recommendations regarding nominations for the positions of Directors and Executive Management, and those related to the policy and regulations governing the awarding of compensation and bonuses.
Function of the Committee:
    • Recommend nomination and re-nomination to members of the Board of Directors and Executive Management
    • Develop job descriptions for Executive Members, Non-Executive members of the Board of Directors and independent members.
    • To establish a clear policy for the remuneration of the members of the Board of Directors and the Executive Management, with an annual review of the required skills requirements for the Board of Directors, as well as to attract applicants to fill executive positions as needed.
    • Review these applications, and identify the different segments of the bonuses to be awarded to employees, such as the fixed bonus segment, the performance bonus segment, the bonus in the form of shares and the end of service bonus. 
Prepare a detailed annual report on all bonuses granted to the members of the Board of Directors and the Executive Management, whether amounts, benefits or benefits of any nature or name, provided that this report is submitted to the General Assembly for approval and to be read by the Chairman of the Board. The Company shall follow the standards of accuracy and transparency in the preparation of the remuneration report, so that all awards given, whether directly or indirectly, shall be disclosed and any attempt to conceal or mislead should be strictly dealt with.
Corporate Social Responsibility (CSR) The concept of social responsibility is the ongoing commitment by the Company to act ethically and contribute to the achievement of sustainable development of the society in general, and workers in particular, by improving the living, social and economic conditions of the workforce and their families as well as to the society as a whole, and contribute to reducing unemployment levels In society, and the optimal utilization of its available resources.
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