Shommaki Holding Group understands governance as the system that directs and manages the Group, which aims to define the Group’s institutional targets, achieve them, manage its business in a safe manner, protect the interests of shareholders and other stakeholders, and the Group’s commitment to the responsibilities entrusted thereto in accordance with the policies laid down and approved, all within the framework of the legislations in force.

Shommaki Holding Group also considers, with its own concept, corporate governance and control as the trust of customers and all other parties interested in our business. Governance identifies and marks out the sound and right methods in setting the Group’s objectives and strategies and its businesses, achieving the principle of accountability to shareholders and taking care of the rights of the relevant parties.

Shommaki Holding Group believes that activating corporate governance and control ensures the achievement of rational management and helps to achieve the strategic objectives of the Holding Group and its subsidiary companies, since the observance of governance in all public and private institutions will eventually result in efficient institutions, and provide an appropriate competitive environment, which helps support the national economy in general, especially since business firms are considered as the mainstay and core of the economic and financial system; the fact that emphasizes the importance of having and implementing corporate governance and control with first-class levels.

Hence, the Board of Directors of the Holding Group has decided to adopt the Charter of Corporate Governance and Control (hereafter referred to as the Charter), which was prepared in accordance with the best international practices in this respect. Whereas the Group, by adopting this charter, aims at achieving the principles of governance, institutional control, transparency and disclosure of the real financial and administrative position of the Holding Group and accountability in the relations between the Board of Directors and the top executive management and between the Board of Directors and the shareholders. The Group shall provide a summary of the approved version of the charter on its website.