We believe good governance is as important to the success of Finance House as the operational achievements of the Company, in the enhancement of shareholder value.
The Board of Directors of Finance House comprises prominent UAE nationals from Abu Dhabi. The Board has been instrumental in establishing a strong corporate governance culture in the Company. It plays an important role in defining and enforcing standards of accountability that enable Management to manage the Company in the best interests of its shareholders.
The Board has a formal schedule of matters reserved to it and holds regular and frequent meetings. It is responsible for overall Company strategy, acquisition and divestment policy, approval of capital expenditure proposals and consideration of significant financing matters. It monitors the Company’s exposure to key business risks and reviews the annual budget of the Company, and monitors its progress towards achievement of the budget. The Board also considers environmental and employee issues and key appointments.
All directors are required to submit themselves for re-election at least once every three years.
Committees of the Board
The Board has established the following committees: the Investment & Credit Committee, and the Audit Committee.
The Investment & Credit Committee reviews investment opportunities, credit proposals and matters of credit policy, and reports its findings and recommendations to the Company’s Board of Directors.
The Audit Committee regularly meets to review the reports and recommendations of the independent internal audit team and external auditors, as also to monitor compliance with the laws and regulatory requirements.