KIC Board of Directors has a structure that commensurate with the size and nature of its activities, as well as the tasks and responsibilities assigned to the Board. Upon the inception of that Board, a number of factors has been taken into consideration: the diversity of practical and professional expertise and specialized skills and that the members should have knowledge of the relevant laws and regulations, the rights and duties of the Board of Directors, as well as full understanding of KIC's activities and risks to its financial position.
KIC has also appointed an independent member capable of evaluating the performance of the Company objectively and neutrally, separate from the executive management and shareholders, with a view to ensure objectivity and accountability in the process of strategic decision-making and daily operational management.
This strategy helps to achieve the best protection and balance between the interests of KIC management and those of its shareholders and other stakeholders. The main objective of applying KIC rules of governance is to ensure that the Company works in line with the objectives of the shareholders, thus enhancing the investors' confidence in the efficiency of the Company and its ability to cope with crises.
KIC's governance structure regulates its decision-making methodology and stimulates the values of transparency and credibility of those decisions. Among KIC's key objectives is to protect its shareholders and segregate the powers of the executive management, which runs the Company's business, and the Board of Directors, which prepares and reviews its plans and policies, thus providing reassurance and confidence in our business and enabling our shareholders and stakeholders to effectively monitor the performance of the Company.