Rotana Corporate Sustainability Report 2014

21 04 Corporate governance is a multifaceted system that directs the business conduct. It includes the rights and duties of stakeholders, board of directors and management alike. Rotana’s understanding of corporate governance delves beyond financial performance, to encompass guest and colleague’s satisfaction, commitment to quality and brand standards, accountability, transparency and business ethics. Our corporate governance is rooted in our legacy of maintaining a top-quality guest-oriented management system that fulfills our responsibilities and creates relationships of trust with our stakeholders. These are built upon strong foundations of transparency, disclosure, fairness, monitoring and review with a focus on dialogue between management and colleagues and society at large. Board of directors Our board of directors comprises one executive and four non executive members including the chairman. All our board members are non-independent, elected by the shareholders every three years. The skill and knowledge of the board members has proved to be of immense value, the members possess experience in fields as varied as finance, economy, business administration, and hoteliering to social service and engineering. The board of directors meet regularly and minimum quarterly to discuss the company’s performance reports covering the various areas of financial, social sustainability aspects, and is presented by a senior executive to the board of directors. Related resolutions are made accordingly. Responsible business To earn and retain the trust of our owners, guests and other stakeholders, we manage our operations responsibly and conduct our business in an ethical and transparent way, ensuring we comply with legislations, guest’s requirements and stakeholder’s expectation. The board of directors is responsible for the overall strategic direction of the company, risk management and is supported in the day to day operation by four committees: ethics, executive, audit and sustainability. An investment strategy is established taking into consideration different type of business risks including, but not limited to market, products, political, owners profile, partners, level of investment and the strategy is approved by the board of directors. The board of directors regularly addresses all key treasuries related decision, assess and approve its utilisation. An official detailed authority matrix is established and approved by the board specifying the authorities of the executive committee and the board members over specific tasks involving financial, social, legal, procurement and business development. This authority matrix represents the key tool on addressing and preventing any potential risks related to fraud and conflict of interest. Shareholders are initially and continuously involved to set company’s values, mission, and strategy. In terms of performance with respect to governance the board carries out self-assessments and does not currently have specific sustainability criteria by which it assesses its performance. Board Operation