Senior management is the most important element of success in the administrative system of each company or institution where the administrative structure consists of a group of components that contribute to the organization of work and the distribution of roles to specialists to achieve the set goals, the administrative structure in joint stock companies consists of a board of directors consisting of a chairman and members, then a chief executive officer and directors of departments, and the statutes of joint stock companies determine the number of board members according to the size and nature of the company's activity to not less than three members and not more than eleven members.
Responsibilities of the Board of Directors:
- The Board of Directors sets strategies, key objectives, plans and policies, oversees their implementation and periodically reviews performance.
Responsibilities of the Board of Directors:
- Board members make proposals to develop and update the company's strategy.
- The Board of Directors can increase the authorized capital.
- Appoint and remove directors and employees to develop and improve performance.
- Convene the Extraordinary General Assembly meeting of the company.
Basic requirements for board membership: - Scientific qualification and practical experience in the same activity of the company.
- Leadership skills.
- Ability to read financial reports and statements.
Relationship with executive management:
Relationship with executive management:
Board members monitor executive management's performance and achievement of objectives, set remuneration and have a say in the appointment and dismissal of executive officers.
Relationship with executive management:
The board is responsible for communicating with shareholders and stakeholders by establishing a written policy governing this relationship. The board is responsible for communicating with shareholders and stakeholders by establishing a written policy governing this relationship.
Board Meetings:
Board members are required to attend board meetings and members are required to consider and analyze information before expressing an opinion.
Prohibitions for a board member:
- Exploiting the company's internal information for his personal interests or financial dealings.
- Accepting gifts from anyone who has dealings with the company.
The Board of Directors holds regular meetings to exercise its functions effectively. The Board of Directors meets at the invitation of its Chairman or at the request of at least two of its members.
- The Articles of Association of the Company specify the minimum number of Board of Directors meetings per year to be not less than two times and the quorum for attendance and the number of members for the meeting to be legally valid.
