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) through enforcement of our major initiative "Savola Pledge".
Savola CG 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 and interactive communications with all stakeholders.
Savola CG Vision:
To become a Center of Excellence which provides a source of expertise in corporate governance 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 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.
- 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 as a strategic and institutional tool, instead of viewing it as a program for compliance purpose one only and doing it without careful planning.
Accordingly, a real commitment to Corporate Governance (CG) initiative 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 programs.
In addition, the Group Board has adopted CG through the establishment of CG board committee in July 2004. Later on and effective July 1st 2010, the CG committee has been merged with Compensation and nomination committee to be renamed as Compensation, Nomination and CG Committee. This committee is responsible for all compensation related to the Board members & top Executives, in addition to all nomination and restructuring and succession planning issues.
The Savola Group has a special department for governance, compliance and Board Affairs and Management of General shareholders Assemblies.
Corporate Governance (CG) & Board Affairs team:
- Elnour Ali Saad, Executive Director, Corporate Governance, & Legal Affairs & Board Secretary.
- Haitham A. Mahboub, Senior Manager, Corporate Governance.
- Mead A. Malibari, Manager, Corporate Governance and Board Affairs.
Feel free to contact us any time!