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Senior Executives and the incentive program and plans on a continuous basis and adopt
them on the recommendation of the Executive Management, in a manner that does not
contradict with the Labor Law and any applicable regulations. In this respect, employee
rewards, including Executive Management, shall include:
-
Basic salary (paid at the end of each month and on a monthly basis);
-
Allowances which include, but are not limited to, housing allowance, transportation
allowance, education allowance, and telephone allowance (as per the grades
established by the internal human resources policy);
-
Medical insurance benefits for employees and their families;
-
Life insurance policy (including work injuries, partial and total disability and death at
work);
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Annual bonus linked to the performance indicators according to the annual appraisal
in this regard;
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Short-term incentive schemes associated with exceptional performance, and long-term
incentive schemes such as equity options programs (if any) adopted by the Company
in light of its Bylaws and relevant regulations;
-
Other benefits including, but are not limited to, annual leave, annual travel tickets,
executive airport services to Executive Management team, and end of service benefits
according to the charter and human resources policy adopted by the Company;
-
Employee housing loan program in light of the internal policy adopted in this regard;
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Plans, programs, and general guidelines for Senior Executive bonuses shall be
approved by the RNC; and
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The CEO shall implement the bonus policy for staff and Senior Executives in the light
of the plans, programs and general guidelines approved by the Committee.
Tenth.
Professional and Ethical Standards
1)
Code of Conduct and Ethical Values
The Board shall establish a policy of professional conduct and ethical values in the
Company, taking into account the requirements of Article (86) of the CG Regulations
issued by the CMA
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.
2)
Social Responsibility and Social Initiatives
In light of Savola's keenness to contribute to the development of the community in which
it operates, the Board sets out the programs and necessary means to launch the company's
social responsibility initiatives, including the formation of a Corporate Social
Responsibility Committee and approval of its charter and duties to oversee the
institutional plans, programs and initiatives of social responsibility and to determine the
necessary budgets for this in a manner consistent with the provisions of Articles 87 and 88
of the CG Regulations issued by the CMA in light of the charter of the Social Responsibility
Committee approved by the Board. The Social Responsibility Committee shall:
1.
Develop measurement indicators that link the performance of the Company to its
initiatives in social work;
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The code of conduct and ethical values policy has been approved by the Board at its meeting on 2/11/2017
