EXECUTIVE COMMITTEE
The Executive Committee is responsible for the management of the business affairs of the Company when the Board of Directors is not in session. The function of the Executive Committee is to act as a mini Board of Directors. In doing so, it will review of the Company’s strategies, objectives of EII and its subsidiaries as well as the performance of the Company’s investments. The Committee shall also review and approve investment deals and follow-up on their performance.
Objectives
The objective of the Executive Committee is to assist the Board in fulfilling its responsibilities regarding the:
• Company’s investment policies, strategies and transactions.
• Performance of the Company’s investments.
• Company’s capital and financial resources.
• Providing recommendations on remuneration policies for Directors, CEO and senior management.
• Remuneration component in Human Resources Policies.
• CEO and senior management, succession planning, appointments and terminations.
• Other matters referred to the Committee by the Board.
AUDIT COMMITTEE
The Audit Committee is responsible for the integrity of the financial statements, compliance with the laws and regulatory requirements, the internal systems and controls, the risk management function, the independence and qualifications of the Company’s auditors and the performance of the internal auditors of the Company and its subsidiaries and the compliance function.
Objectives
The main objective of the Committee is to maintain free and open communication between the Committee, external auditors, internal auditors and senior management. The other objectives of the Audit Committee include:
• Monitoring the integrity of the financial statements of the Company, and any formal announcements relating to the Company’s financial performance, and reviewing significant financial reporting judgments contained in them.
• Reviewing the Company’s internal controls and risk management systems unless expressly addressed by a separate Board risk committee.
• Monitoring and reviewing the effectiveness of the Company’s Internal Audit Function.
• Making recommendations to the Board, in relation to the appointment, re-appointment and removal of the external auditor and approving the remuneration and terms of engagement of the external auditor.
• Reviewing and monitoring the external auditor’s independence and objectivity and the effectiveness of the audit process, taking into consideration relevant professional and regulatory requirements.
• Developing and implementing policies on the engagement of the external auditor to supply non-audit services, taking into account relevant ethical guidance regarding the provision of non-audit services by the external audit firm.
• Reporting to the Board, on potential improvements at large.
