Internal Controls’ System

The Board’s responsibility with respect to the internal controls’ system, its effectiveness, and the review mechanism

  • The Board has the overall responsibility for ensuring adequate internal control systems/framework within the Company.
  • Board reviews the Internal Control deliverables through the Audit Committee, highlighting matters discussed and resolutions passed after each meeting of the Audit Committee in terms of internal audit assignments, audit followups, special assignments, compliance audit, risk management and governance.
  • The Internal Control Department (ICD) reports directly to the CEO and Board, operating under the stewardship of the Audit Committee. This enables Internal Control to function in an independent and objective manner.
  • It establishes a mechanism for employees to communicate irregularities discovered by them (whistle‑blowing and confidential reporting).
  • It conducts special assignments/investigations as per the requests from the Board.
  • It performs an independent overview/analysis of the financial statements and presents the same to the executive management and the Audit Committee, along with the audit inputs/ comments, variance justifications and commentaries.

Dealing with major/critical problems in the Company

  • During the year 2025, no major/critical audit observations were noted.
  • Major/critical issues (if any) are being immediately discussed and reported to the Audit Committee and Senior Management (where appropriate). Periodic follow‑up on these issues is conducted to ensure decisions are implemented in accordance with the directions of the Board/Committees.

Name of the Internal Control Department Manager with the qualification

The Company did not appoint an Internal Control Department Manager in 2025.

Name of the Compliance Officer with the qualification

Nassab Ajib was appointed as the Risk & Compliance Officer for the period from 6 August 2025 to 18 December 2025. Nassab has over

Number of reports issued by the Internal Control Department to the company’s board of directors

No reports were issued by the Internal Control Department.