Introduction :
Based on our culture approach "The Balanced Way", we, in the Savola Group, are committed to exert our best efforts to achieve the international standards & best practices in the area of Corporate Governance (CG) & corporate social responsibility (CSR) through enforcement of two major initiatives:
1 - Savola Pledge 2 - Savola Bridges
Savola CG and CSR Unified Mission
To enhance corporate value by ensuring that the Group fulfill its commitment
to the shareholders, the employees, the communities and all other stakeholders through an effective corporate governance framework, focused corporate social responsibility programs, and interactive communications with all stakeholders.
Savola CG and CSR Unified Vision
To become a Center of Excellence which provides a source of expertise in corporate governance and corporate social responsibility policies, guidelines, systems and processes and, to become a model worthy to emulate in the MENA region and beyond.
Savola Pledges "Corporate Governance"
These pledges comprise the Group initiatives to comply with values, procedures, and commitments towards its shareholders, employees, suppliers, clients and all others stakeholders. This will be fulfilled through the implementation of Corporate Governance principles which ensure the Group compliance with laws, regulations, and general policies including the Group internal policies & bylaws, those of the Capital Market Authority regulations and other various laws and regulations of the Kingdom, and the International best practices.
The Balanced Way
This plan stems out of the “Balanced Way” adopted by the Group. It is a culture that depends on four basic values which are:
Honesty (Amanah) : Our responsibility towards shareholders.
Caring Justice (Birr) : Our responsibility towards our staff and employees.
Conscientiousness (Taqwa) : Our responsibility towards our community, clients, and suppliers.
Personal Control (Mujahdah) : Our responsibility towards self improvement & our aspiration to realize full potential capabilities.
The Savola Future Plan in CG field
The main feature of the plan adopted by the Group is to satisfy the CG (Savola Pledges) requirements and commitment to fulfilling the interests & promises of:
Shareholders & investors.
Regulators.
Employees.
Customers, venders & suppliers.
Community at large.
This is in addition to enhancing the relationships and maintaining their interests between these parties and the Group.
The Group is committed to transparency and disclosure principles and the activation of both the Board of Directors and the executive management roles and specifying their responsibilities and areas of accountabilities. Savola is also continuously securing the mechanisms that enhance internal control and risk management.
The plan also aims to comply with CG regulations issued by CMA, as a top priority, in addition to adopting the best international practices in CG field. This is to enhance the culture and implement modern management rules in the Group. In addition, the plan seeks to maintain the application of Islamic values to all the transactions in the Group; and to do its best in order to activate them via adopting the values of honesty, caring justice, conscientiousness, and personal control.- the Savola 'Balanced Way'.
Although there are many differences between corporations, firms have in general begun to realize the importance of corporate governance & social responsibility as a strategic and institutional activity, instead of viewing it as a program adopted without careful planning.
Accordingly, a real commitment to Corporate Governance (CG) and Corporate Social Responsibility (CSR) initiatives is an important tool for any organization to be successful. It is also considered as one of the most important ways for attaining sustainability in all fields when it is given its actual position within the management structure. Therefore, the Savola Group has established a special team within Corporate Affairs for the management, continuous planning, implementation and monitoring of CG and CSR programs.
In addition, the Savola Group Board of Directors has adopted CG and CSR through the establishment of two special board committees in July 2004. It was decided, in July 2007, to combine these two committees into one, called CG and CSR Board Committee. This committee is responsible for planning CG and CSR activities, and enabling the Group to adopt the best practices in this field as well as monitoring the plans and decisions.
The following are the members of CG and CSR Committee:
