Rule 10: Enhancing Performance

Continuous training and qualification of board members and executive management are essential for good governance at Marafiq, significantly enhancing company performance. Training and qualification provide board members and executive management with the necessary understanding and knowledge of all company-related topics, keeping them updated with the latest administrative, financial, and economic developments, and enabling them to plan strategically according to the company's needs, ultimately achieving its goals.

The company provides mechanisms for continuous training and development for board members and executive management through the following:

  1. Developing induction programs for newly appointed members to ensure they understand the company's operations and processes, including:
    • The company's strategy and goals.
    • The financial and operational aspects of all company activities.
    • Legal and regulatory obligations of board members and the company.
    • Their responsibilities and tasks, along with their powers and rights.
    • The roles of board committees.
  1. Approving appropriate training programs, workshops, and conferences for current board members and executive management related to the company's work and board roles to develop their skills and expertise and stay updated with relevant developments, helping them fulfill their duties.
  2. Establishing systems and mechanisms to periodically evaluate the performance of board members and executive management using performance indicators related to achieving the company's strategic goals, risk management quality, and internal control systems. Evaluation procedures are clearly documented and transparently disclosed to all employees.
  3. Setting objective Key Performance Indicators (KPIs) to evaluate the board's performance as a whole, the contribution of each board member and committee, and the performance of executive managers, conducted periodically (annually), identifying weaknesses and strengths, and proposing improvements in line with the company's best interests.

Jubail (Headquarters)
P.O.Box 11133
Jubail Industrial City, 31961, Kingdom of Saudi Arabia

P.O.Box 30144
Yanbu Industrial City, Kingdom of Saudi Arabia

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