IRC Board of Directors implements an effective corporate governance framework and regulations for the interest of all shareholders. IRC is tied up by corporate governance principles issued by the Capital Market Authority.
In creating the governance framework, IRC Board Members are committed to applying accepted governance practices that insure a proper balance between conformance and performance. Such practices represent IRC values, culture, processes, functions and organizational structure, and reflect IRC philosophy of transparency, professionalism and accountability at the same time.
IRC Corporate Social Responsibility adheres to policies that respect business ethics, protect the environment and support human rights.
Governance objectives of IRC:
- Respect, accountability and fairness towards all stakeholders.
- Create value for all stakeholders without compromising on ethical principles.
- Comply with laws in the State of Kuwait.
IRC Board of Directors:
The Board consists 5 elected and independent members, all equipped with professional experience and managerial skills.
IRC Corporate Governance Objectives
- To maintain fairness, respect and create shareholders’ value.
IRC Board Committees are trusted with specific duties and undertake decisions aiming to achieve the company’s vision.
Our committees are:
- Nomination & Remuneration Committee.
- Audit Committee.
- Risk Management Committees
IRC applies defined criteria to measure and assess the Board Members’ and Executive Management’s performance. This mechanism is based on Key Performance Indicators to compare both performances over specific periods of time.
Code of Conduct
IRC code of conduct stresses emphases on integrity, accountability, moral strength and behavior which promote trust and good governance practices.
IRC shows full compliance with all applicable government laws, rules and regulations. The company encourages all employees to conduct their duties through observing high standards of business and personal ethics.
To this end, IRC has adopted independent Whistle- Blowing rules to report relative issues to the Whistleblower Officer.
A succession plan policy is developed to engage key business leadership position. IRC is keen to maintain experienced and professional employees to assume leading roles when necessary.
Conflict of Interest & Disclosure Policy
A guideline principle has been established for the Board Members, management and employees against any conflict of interest. All concerned parties are expected to respect these guidelines to protect IRC integrity and reputation.
In terms of disclosures, IRC has adopted a strong disclosure and transparent standards for financial and non-financial information. This policy is aimed at enhancing both investors and shareholders’ interests and trust.
Shareholder and Stakeholder Rights
IRC maintains policies based on principles of transparency, equal treatment, respect and appreciation to protect shareholder’s and stakeholder’s rights. On timely bases, IRC provides the shareholders with equal and comprehensive information. Whereas, stakeholders IRC identified in (Customers- Shareholders- Investors- Employees) are kept assured that their information are presented with utmost secrecy and privacy.
IRC Control Management comprises 3 managerial functions:
- Compliance Department
The Compliance Department is a control function responsible for identifying and communicating relevant compliance standards, clarifications and regulatory requirements to the concerned departments.
- Risk Management Department
The scope of this department includes identifying all risk issues facing the company as well as related risk assessment, updating, monitoring, reporting and implementation.
- Internal Audit Department
The department maintains a direct line of reporting to the audit committee and administratively reporting line to the Chief Executive Officer. Its responsibility is including, but not limited to:
- Reliability of Financial Reporting
- Safeguard of assets
- Effectiveness and efficiency of the operation
Corporate Social Responsibility
IRC is tied up by its corporate values in a socially and environmentally responsible way. IRC protects the environment, respects the culture and safety of its people; and shows great interest in supporting human rights.