Stakeholders

Stakeholder’s concept:

  • Stakeholders are the individuals, groups and institutions that influence and are influenced by the actions and decisions taken by the company. They are represented by all relevant parties such as board members, directors, employees, workers, suppliers, customers, banks, auditors, and any other entities that may be affected by the Company's affairs.
  • It should be noted that at times these parties may have interests that may be at odds, or different to the company. For example, creditors are concerned about the company's ability to pay, while employees and workers are concerned about the company's ability to survive.
  • Al-Tijaria complies with all laws such as those issued by the relevant supervisory authorities, for example the Labor Law and Company Law; it also complies with implementing regulations. Additionally it is complaint with the contracts concluded with the stakeholders, which in the case of violation of any of their rights, provide them with the opportunity to obtain compensation, as well adhering to as the standards stipulated by the Organisation for Economic Co-operation and Development (OECD) which include the role of stakeholders, or parties associated with the company, where it has recommended the need to respect their legal rights and compensation for any violation of those rights, as well as the mechanisms of their effective participation in the follow-up of the company's work through specific mechanisms:
  1. Adequately providing information and access to information in a timely manner through fiscal financial statements, continuous disclosures and adhering to a policy of transparency.
  2. Developing mechanisms for the participation of employees in improving performance through open door policy, evaluation and continuous development of performance.
  3. To allow stakeholders from individuals and their representatives to communicate freely with the Board of Directors or executive management to express their concerns about any illegal or unethical conduct that does not prejudice or diminish their rights if they do so.
  4. Treating all members of the Board, and the parties concerned, with the same conditions applied by the Company with the different parties of the stakeholders, without any discrimination or preferential conditions.
  5. Committing to contracts with stakeholders with an insurance that any party should obtain appropriate and suitable compensation in accordance with the provisions of these contracts and in accordance with the applicable laws.
  6. Developing manuals of policies and procedures that govern the relationship with customers and suppliers, and the mechanism for maintaining the confidentiality of their information through the concerned departments.
  7. Establishing specific mechanisms to protect the rights of stakeholders in accordance with the contracts and operational policies of the company. That protection is maintained through several mechanisms, including but not limited to:

 

Company staff:

  1. Complying with labour laws and contractual terms of the employees.
  2. Developing professional rules of conduct.
  3. Ensuring health care for company employees.
  4. Ensuring all employees receive fair treatment.
  5. Creating appropriate working conditions.
  6. Providing fair wages commensurate with tasks and responsibilities.
  7. Providing development opportunities and promotions.

 

Suppliers:

  1. Committing to contractual terms with suppliers.
  2. Providing a fair policy for the selection and disclosure of suppliers who deal with the company.
  3. Ensuring all material and technical rights of the Company's suppliers are in accordance with laws and contracts.
  4. Providing an opportunity for the Company's suppliers to view the financial statements and identify the Company's financial position through the financial statements, continuous disclosures and policy of transparency.
  5. Maintaining confidentiality of information.
  6. Adhering of the open door policy of receiving complaints and suggestions through direct communication with the executive management of the company.

 

Customers:

  1. Committing to customers’ pre-agreed contractual terms.
  2. Guaranteeing the financial rights of the company's customers are in accordance with the relevant laws and contracts.
  3. Maintaining confidentiality of information.
  4. Adhering of the open-door policy of receiving complaints and suggestions through communication with the executive management of the company directly.

 

Banks and financiers:

  1. Credibility in dealing with creditor banks and exploitation of funds within the framework of contracts.
  2. Compliance with the contractual terms with the banks which the company deals with.
  3. Guarantee that all financial rights is in accordance with laws and contracts.
  4. Providing the banks dealing with the company with access to the financial statements to identify the financial position, disclosures and transparency policy.
  5. Maintaining confidentiality of information.
  6. Adhering of the open door policy of receiving complaints and suggestions through communication with the executive management of the company directly.

 

Board of Directors:

  1. Developing clear policies for the functions, responsibilities and powers of the Council members.
  2. Stating the responsibility of Board members towards shareholders and stakeholders as declared by law.
  3. Establishing a fair policy that ensures no conflict of interest and separation of powers.
  4. Ensuring the right of members of the Council to freedom of expression, objection and voting.
  5. Ensuring the eligibility of members of the Council to obtain all the data and information necessary to perform the tasks entrusted to them, and to achieve a clear vision for decision-making.

 

Auditors:

  1. Ensuring the independence of the auditors of the company; reducing the factors that may weaken their independence and verifying coordination between external auditors.
  2. Holding meetings independently with the external and internal auditor when necessary, at the request of the competent committee.
  3. Ensuring that auditors have the right to view all data and information necessary to perform their work.
  4. Adopting an open-door policy in receiving complaints and suggestions through, and communicating to, the executive management and the board directly.
  5. Submitting the final audit reports directly to the relevant committees of the Council.
  6. Reading the reports and discussing the financial statements during at the General Assembly Meeting.