What are the main roles and liabilities of Executive Management for the company listed in Kuwait Stock Exchange? What are the duties and tasks of the Executive Management to be carried out?
Corporate Governance Team of RHR Law Firm answers this question as per the content of Corporate Governance Book from the executive regulations of the law establishing the Capital Markets Authority and regulating securities activity.
Following is the main role of the Executive Management of a company listed in Kuwait Stock Exchange:
- Executing the Company’s strategic plans and all related internal policies and regulations, while ensuring adequacy and efficiency.
- Absolute liability for the Company’s general performance as well as business results through establishing a management structure enhancing the accountability and transparency.
In light of the powers and authorities assigned to the Executive Management by the Company’s Board of Directors, following are some of the duties and liabilities of the Executive Management to be committed therewith:
- Working to execute Company’s internal policies and regulations completely as approved by the Board of Directors.
- Executing the annual strategy and plan as approved by the Board of Directors.
- Preparing the regular reports (whether financial and non-financial) regarding the progress of the company’s activity in light of the company’s strategic plans and targets and submit such reports to the Board of Directors.
- Establishing an integrated accounting system to keep books, records, and accounts reflecting the financial statements and income accounts in a detailed and accurate manner, allowing the company’s assets to be maintained and preparing the financial statements in accordance with international accounting standards as approved by the Authority.
- Managing the daily work and running activity, in addition to managing the company’s resources with the best form while working to maximize profits and minimize costs, in accordance with the company’s targets and strategy.
- Playing an active role for participation in establishment and development of ethical culture inside the Company.
- Setting the system of internal control and risk management, while ensuring the efficiency and adequacy of such systems and caring for compliance with risk-taking as approved by the Board of Directors.
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