Asry approves corporate governance policy
Manama, April 4, 2010
Asry approved proposed corporate governance policy which refers to the set of rules, regulations, systems, procedures and best practices by which the company is directed, administered and controlled.
The policy also sets to enhance Asry's shareholder value over a long term and enable it to achieve high standards of business integrity, ethics and professionalism across all its activities.
It was approved at the board of directors meeting presided by chairman and Bahrain's representative Shaikh Daij bin Salman bin Daij Al Khalifa, attended by representatives of shareholding countries Saudi Arabia, Qatar, Kuwait, the UAE, Iraq and Libya.
This policy reflects the board's commitment in defining responsibilities, setting high professional and personal conduct standards and assuring compliance in accordance to the corporate standards.
The board was also informed on the progress of the expansion project including the construction of a quay wall for ship repair and offshore services which is expected to be completed by December next year.
The board reviewed and approved the financial statements and auditors' report and raised a recommendation to the general assembly to approve them, said Shaikh Daij.
The board was also informed regarding the financial results during the first three months of the year as the company's ship repair sales reached $33.8 million, and 35 vessels were repaired.
The board approved the organisation structure of the company and recommended the general assembly be asked to approve the amendment of the memorandum of association and statutes of the company and internal regulations of the board of directors.
The board also reviewed proposals and information related to administrative, marketing and technical matters.-TradeArabia News Service