“Corporate governance is the system of rules, practices and processes by which a company is directed and controlled. Corporate governance essentially involves balancing the interests of a company’s many stakeholders, such as shareholders, management, customers, suppliers, financiers, government and the community.”
The Middle East Specialised Cables Co. (MESC) has prepared a governance system according to the requirements of the Instruction of the Companies’ Governance Article (10) Paragraph (C) issued by the Capital Market Authority; and according to the Companies’ Law, registration and inclusion procedures; and according to the company’s Articles of Association, and without contradicting the Article’s rules; and in the light of the best international practices of the companies’ governance.
The governance is a group of structures, systems, and policies made for managing and controlling the company, and these include defining the relationship between the companies’ shareholders, the board of directors and the executive management to help the board of directors in doing its commitments and improving the practical effectiveness of the board and its committees so as to insure the abiding of the best governance practices.
The aim of the governance:
- The company aims from adopting the governance system to organise and improve its governance principles through its abiding by the following:Improve the current administrative performance which is based on the company’s value and the possibility of questioning the company.
- Increase the effectiveness of the supervision’s role in cooperation with the executive people so as to achieve the interests of the company and the shareholders including the small investors, and the work for increasing the shareholders rights with the appropriate ways.
- The commitment to the declaration and transparency of the information, and the existence of an effective system of internal control and risk management.