Corporate Governance is a global practice aiming to enhance the overall Company performance through achieving a number of principles related to accountability, transparency and fairness.
Recognizing the importance of the aforementioned principles, UPAC has adopted a Corporate Governance Framework which incorporates the following concepts:
- Building a sound structure for the Board of directors which compose of competent and qualified members.
- Allocating qualified members to established board committees and ensuring that proper and clear roles and responsibilities are identified and that continuous performance monitoring process is in place to ensure effectiveness of established committees. Read More..
- Ensuring that continuous training and development initiatives are in place to support the Board and Executive Management in fulfilling their expected role and that performance is periodically assessed to identify development opportunities where required.
- Setting clear Roles and Responsibilities for the Board and Executive Management and ensuring that such roles and responsibilities are carried out in line with ethical code of conduct adopted by the Company to avoid conflicts in responsibilities and optimize the benefits from their assigned role.
- Setting sound risk management and internal controls systems and ensuring the establishment of an effective risk management and internal audit functions to ensure the proper implementation of the adopted systems.
- Identifying the Company’s Stakeholders and setting effective guidelines and mechanisms to maximize their participation in the business and to protect their rights.
- Ensure effectiveness of internal and external audit activities as well as the respective Board Committees in handling its role related to ensuring the integrity of the Company’s financial reporting.
- Setting up mechanisms which ensure that the rights of shareholders are well protected and that all shareholders are treated equally and in a fair manner.
- Contributing towards the society through adopting a sound corporate social responsibility framework which achieves the best interest of both the Company and society. Read Less..