Corporate Governance

WFBC believes that the application of good corporate governance rules and regulations provides a proof of company's systems solidity where it’s the most important base and foundation to ensure the rights of stakeholders and enhance their supervision role over the company, WFBC establish and promote the corporate governance rules and regulations according to the Capital Markets Authority standards to implement the highest standards of professional competence.

Accordingly, WFBC is working on establishing a culture of responsibility and accountability to all parties to the company, starting from its Board of Directors and its responsibility in the implementation of the corporate governance framework and rules, determining the mechanism of decision-making, reviewing plans and policies as well as its role to ensure implementation of proper management to achieve the company objectives and activate proper management system through the executive management , also activation of the internal control system down to all employees of the company to ensure the compliance with the Code of Conduct and Ethics.

WFBC is being directed by a BOD composed of Executive, non-Executive and Independent members enjoying extensive experiences and qualifications. The BOD is supported in achieving its roles by several committies whose responsibilities and authorities are defined by the BOD.

The Board of Directors committees are:

  • The Nomination and Remuneration Committee
  • The Risk Management Committee
  • The Audit Committee

The Nomination and Remuneration Committee

  1. The Main role:

    The main role of the Nomination and Remuneration Committee is to draw recommendations for nomination to membership of the Board of Directors and Executive Management and recommendations related to policies and regulations that govern the granting of benefits and remuneration.

  2. Members of the Committee:
    • Mr. Faisal Al-Hamad - Committee Chairman
    • Mr. Salah Al-Fulaij - Member
    • Mr. Tariq Al-Shehab - Member
    • Mr. Tariq AlSamerraie - Member

The Risk Management Committee

  1. The Main role:

    The main role of the Risk Management Committee is to draw Risk Management policies and the relevant internal regulations in line with the Company’s risk appetite.

  2. Members of the Committee:
    • Mr. Faisal Al-Hamad - Committee Chairman
    • Mr. Salah Al-Fulaij - Member
    • Mr. Tariq AlSamerraie - Member

The Audit Committee

  1. The Main role:

    The main role of the Audit Committee is to ensure the integrity and soundness of the financial reports and internal control systems.

  2. Members of the Committee:
    • Mr. Faisal Al-Hamad - Committee Chairman
    • Mr. Salah Al-Fulaij - Member
    • Mr. Tariq AlSamerraie - Member