Code of conduct
ACICO Industries has been adopted a Code of Conduct to work with the internal policies and guidelines which are designed to comply with the laws, rules and regulations that would governance the business operations. ACICO Board members practiced good corporate governance rules to ensure the interests, safety and the care of customers, employees and other related parties. ACICO Industries maintain the work environment and the structure of cooperative and effective and positive, appropriate and productive work.
ACICO Industries is committed to protecting the rights of its shareholders a way which is the best for them and for the interest of the company. The Shareholder rights policy emphasizes the protection of shareholders' rights and the company, as provided by the laws and related regulations.
ACICO Industries is committed to protecting the rights of all stakeholders and to provide stability and functional sustainability through good financial performance. The stakeholder’s rights policy has been prepared to identify the parties who have been regarded as a stakeholder in the company has been developing guidelines on how to protect these rights. ACICO Industries has set a unit for specialized for Investors affairs and develop a policy in this regard to identify the key data to be provided to shareholders of the company's current and potential investors and the role of Investors affairs in dealing with these shareholders and investors and provide all the data and information on the company's activities and financial position at the right time.
Capital Markets Authority confirmed by the new corporate governance instructions to provide accurate and comprehensive, detailed and sufficient disclosures within the time frame to the company's shareholders and stakeholders and regulators concerned. ACICO Industries worked on developing disclosures policies and different channels and information for disclosure that require disclosure by the company and its board of directors and executive management or insiders persons.
Conflict of Interest
The company has prepared a conflict of Interest policy and has set the guidelines for identifying and reporting and the preparation of reporting and disclosure and prevention or put strict limits to potential conflicts of interests.
This policy is designed to enable the Stakeholders to report any concerns or erratic behavior is observed within the company by offering reporting line, objective, confidential and independent mechanism to achieve until you take appropriate corrective action.
Related Parties Transactions
ACICO Industries has developed related parties transactions policy which consistent with the Capital Market Authority rules and procedures which organize the related parties transactions, whether it is between the company and its employees or the company and Board of Directors members and its subsidiaries or interested parties systems.
Corporate Social Responsibility
The company is keen to align their values and strategy with the social and economic needs while applying responsible and ethical business practices in each activity carried out by the company. This policy aims to guide the company in the managing its social responsibility by providing the necessary support for the community to achieve social benefits and long-term business and make sure that the company's work is constantly to reduce the harmful effects to society and the environment.
ACICO Group has prepared a policy that clarifies the different segments that deserve the remuneration of the members of the Board of Directors and the Executive Management, in addition to defining the role of the Board and the Nomination and Remuneration Committee in adopting an effective system for the rewards for the company's employees.
Compliance & Risk Management Department
The Risk Management Department is considered one of the independent departments in ACICO Group. The company relies on risk management to ensure that all activities are executed in an efficient and timely manner in line with the company's overall strategy and main objectives.
Effective risk management is an essential component of good corporate governance. Risk management is the main factor for "ACICO Group" to create sustainable value (strategic and tactical), making the company ready to manage risks effectively.
One of the principles of risk management is to proactively identify and address the risks and opportunities involved to protect and create value for stakeholders, including owners, employees, customers, and external parties such as regulators and rating agencies.
The Compliance Function is considered one of the supervisory departments in "ACICO Group", as it promotes and monitors corporate governance and compliance practices within the Group. It helps in achieving the required levels of transparency, accountability and the regulatory environment. The Compliance Function seeks to uphold company's reputation and protect the interests of its clients, shareholders and employees.
In addition, the Compliance Function works to ensure that all employees are aware of the regulatory requirements, and that these various requirements are included in the relevant policies and procedures within the company.
The Risk Management and Compliance Function also work in close coordination with the Internal Audit Department in order to ensure the effectiveness and efficiency of the company's risk management.
Internal Audit Department
The Internal Audit is an independent Department, which ACICO Group is leading to ensure that all internal audit activities are carried in an efficient and timely manner as to conduct an objective and independent evaluation of the effectiveness of risk management, internal control and management operations within the group.
The Internal Audit Department aims to provide the necessary assurance and business advice in order to add value and improve workflow within ACICO Group. It also aims to assist the Board of Directors and the Executive Management in reaching sound decisions to effectively manage the risks in the company.
In addition, the Internal Audit Department assists in achieving the company's objectives by establishing a regular and disciplined system that evaluates and improves the effectiveness of risk management, internal control and management processes.