Boursa Kuwait’s Board of Directors is responsible for setting the strategic direction of the company and maintaining an effective governance framework that serves the interest of the stakeholders while safeguarding the company’s assets, in addition to overseeing the company’s day-to-day business activities.
The Board is comprised of eight members. They are all non-executive directors (NEDs), of which two functioning as independent directors (IDs). The structure of the Board is marked by diverse experiences, qualifications and knowledge in the capital markets sector, including familiarity with legal aspects, governance, internal controls risk management, financial and economic management as well as strategic planning.
The detailed mandates of the Board are documented in the Board charter. They are to determine and approve the strategy and business plan, compose committees to support the Board in its oversight roles, approve the company’s risk and compliance framework as well as its policies and charters, and establishing best-in-class Corporate Governance standards of Board practices, Executive Management functioning, internal controls, and remuneration.
The Board is also responsible for the promotion of ethics and transparency to raise the confidence of investors in the capital market, protecting stakeholders’ rights and monitoring the design and implementation of vital policies and procedures, and overseeing the performance of management through clear key performance indicators and management reporting packs while ensuring that management maintains a system of internal controls assuring effective and efficient operations, internal financial controls, and compliance with laws and regulations.