Governance

Timely & Transparent Reporting

Our approach is built on an integrated corporate governance framework* with clear accountability channels, transparency requirements and independence thresholds. GULFNAV’s Board of Directors and Board Committees oversee the strategies, plans and policies of the company.

GULFNAV has fully adopted and implemented the relevant corporate governance rules as set out by Securities and Commodities Authority (SCA), And the Chairman of the Authority’s Board of Directors’ Decision No. (3/ Chairman) of 2020 Concerning Approval of Joint Stock Companies Governance Guide (and its amendments).

Adopting and implementing the corporate governance framework is a primary objective of both the Board of Directors and the executive management; which helps to ensure compliance with the applicable rules, and regulations, transparency, disclosures, increase shareholder value, protect/safeguard the interest of stakeholders and mitigating business risks appropriately.

For more details on our corporate governance framework (Including Board of Directors, Board Committees and Executive Compensation) please refer to our comprehensive 2024 Corporate Governance Report available on our website.

GHN – Corporate Governance Structure

Composition of the Board of Directors

The Board of Directors is responsible for the overall management of the Company. The Company Articles of Association sets out the way and method of election and composition of Board and the number of its members, as well as their term of office in compliance with governance requirements and applicable Commercial Companies Law. Board members are elected and appointed by the shareholders during the General Assembly meeting (GAM). The Board is also vested with Board authorities to attain the Company’s goals and objectives in accordance with the Company’s Article of Association.

Board Committees

The Board is empowered to establish Board committees and to delegate powers to such committees as necessary or appropriate. The Board delegates certain functions to well‑structured committees but without abdicating its own responsibilities. Board committees are an effective way to distribute work between Board members and allow for more detailed consideration of specific matters. All the Board committees are functioning on behalf of the Board and the Board will be responsible for constituting, assigning, co‑opting and fixing terms of service for Board committee members.

Nomination and Remuneration Committee

The Nomination and Remuneration Committee assists the Board in discharging its responsibilities in relation to qualifications, compensation, appointment and succession of the Company’s directors and key management personnel. The Committee oversees the Company’s nomination process for the Board of Directors and continuously monitors the independency of the independent members of the Board.

Audit Committee

The Audit Committee is responsible for governance and internal control matters including audit, compliance and risk management in accordance with its obligations set out in Article (49) (Duties of the Audit Committee) of SCA Resolution No7. It reviews financial statements, oversees the Group’s Enterprise Risk Management objectives and guides the work of the Internal Audit Department.

Insiders’ Trading, Follow‑Up and Supervision Committee

The Board of Directors formed the “Insiders’ Trading, Follow‑Up and Supervision Committee, for the purpose of maintaining records and submitting periodic statements and reports to the market.

Investors’ RightsFor more details, please refer to “The Investors Rights & Responsibilities” Booklet published by DFM and posted on our website.

The legislation in force in the UAE grants shareholders and market participants many rights and benefits, particularly the shareholders’ right in the company whose shares are traded on the market to ownership and the transfer thereof, to the dividends distributed by the company and to the proceeds in case the company goes into liquidation. They also have the right to take part in the decision‑making process within the company in which they hold shares by attending and voting at the company’s General Assemblies as well as electing and dismissing the Board members.

Shareholders also have the right to monitor the company’s management by accessing information and data on the company’s performance, holding the Board of Directors accountable, asking the company’s auditor questions. They also have the right to raise complaints to the relevant authorities against any party/parties of DFM in the case of a valid justification or harm to the investor.

Shareholder RightsFor more details, please refer to “The Investors Rights & Responsibilities” Booklet published by DFM and posted on our website.

1. Participate in the company ownership, assets and reserves when the company goes into liquidation.
2. Participate in the company management by exercising their rights to vote during the company’s General Assembly (voting is based on the number of securities).
3. Obtain their annual share dividends.
4. Sell securities on the market.