Latest news with #auditcommittee
Argaam
03-07-2025
- Business
- Argaam
Riyadh Development reappoints bin Ayyaf as Chairman, Al-Muajjil Vice Chairman
Riyadh Development Co.'s (ARDCO) board of directors reappointed, on July 2, Prince Faisal bin Ayyaf as Chairman and Ibrahim Al-Muajjil as Vice Chairman, according to a Tadawul filing. The board also appointed the board secretary effective from July 2, 2025. During the meeting, board members formed the nominations and remuneration committee including Abdulrahman Al-Qahtani as Chairman, Osama Al-Awaidi and Fahd Al-Zahrani. They also named members of the executive committee consisting from Majed Alsubeaei (Chairman), Ibrahim Al-Muajjil and Nayef Al-Hadithi. Meanwhile, the board appointed the company's representatives before the Capital Market Authority (CMA), the Saudi Exchange (Tadawul), and the Securities Depository Center (Edaa) for all purposes related to the implementation of the Capital Market Law and its Implementing Regulations. In a separate statement, the company said that the board formed the audit committee for its new term, which will start its work as of July 2, 2025, for a period of four years. The audit committee includes Suleiman Al Hatlan (Chairman), Yazid Al-Jard, Ahmed Al-Kanhal and Saleh Al-Khalaf.
Bloomberg
03-07-2025
- Business
- Bloomberg
Korea's Reform Drive Gets a Boost as Lawmakers Vote for Changes
South Korea's ambitious plan to improve corporate governance standards got a boost after the parliament voted to approve changes that will help protect the rights of minority shareholders. The revisions to the so-called commercial code include making board members legally accountable to all shareholders, instead of catering largely only to those with significant stakes — such as the founding families of the nation's many conglomerates. Another key change is to limit the voting rights of the largest shareholders and related parties to 3% when appointing the members of an audit committee.
Argaam
24-06-2025
- Business
- Argaam
GACO shareholders reject appointing external auditor, disbursing board remuneration
Al Gassim Investment Holding Co.'s (GACO) shareholders disapproved appointing an external auditor from among the candidates based on the audit committee's recommendation to examine, review and audit the financial statements for Q2, Q3 and FY 2025 as well as the Q1 2026 and determine their fees, according to a statement to Tadawul. In an ordinary general meeting (OGM) held on June 23, shareholders also refused to disburse the board of directors' remuneration of SAR 1.05 million for 2024. Meanwhile, they approved amending the audit committee work regulation but rejected the amendment of the remuneration and nomination committee work regulation as well as the remuneration policy for the board members, the board committees, and the executive management.
BBC News
16-06-2025
- Business
- BBC News
Warrington Council could have to pay £1,100 per day for advisers
Warrington Council could face a £363,000 bill if the government ultimately decides to send special advisers to the town following concerns about the way it is inspection was ordered by the previous Conservative government after criticism of the council's £1.8bn debts, which mostly relate to its commercial inspectors' report found Warrington was failing in five areas, including leadership, culture and use of council said advisers, known as ministerial envoys, could cost £1,100 a day plus expenses. In May, Warrington Council said it welcomed the idea of ministerial envoys being appointed."This is a supportive decision and will help us to deliver the changes needed," it a report written for a full council meeting later said there would be "significant costs" associated with implementing the recommended example, hiring a new executive director and an independent chair for the council's audit and governance committee would cost the local authority an estimated £196, inspection report said there was "resistance" in the council's response to external challenges and that the inspectors were not confident that town hall bosses had the "will and capacity" to make changes without external also found a lack of strategic direction, councillors being "highly respectful" of powerful officers, and a "defensiveness to internal and external scrutiny".If the government decides to send three envoys to the town for the proposed five-year period, they would mainly advise the council, which would remain in day-to-day though, the envoys could step in and take over "as a last resort". See more Cheshire stories from the BBC and follow BBC North West on X. For more local politics coverage, BBC Politics North West is on BBC One on Sunday at 10:00am and on BBC iPlayer.
The Herald
06-06-2025
- Business
- The Herald
Several successful projects unveiled by MDBA
Since it was established in 2003, the MBDA flourished and it did so due to an enabling and stable political environment, an era predating coalition government. It is important to remember that the MBDA is intrinsically linked to its shareholder through several accountability measures, and all of these are founded on two key pieces of legislation, the Municipal Finance Management Act No 56 of 2003, the Municipal Systems Act and various regulations that set the tone for accountability. The legislation gives council the authority to appoint the accountability structures, the board of directors, the members representative committee and equally important, the independent audit committees, and council has the sole means to hold them to account. The establishment of audit committees in municipalities and municipal entities is a critical requirement under the Municipal Finance Management Act (MFMA) to ensure sound financial governance. As part of their responsibility for financial administration, accounting officers (CEOs) must take all reasonable steps to establish and maintain effective, efficient and transparent systems of financial and risk management, internal control and internal audits that adhere to prescribed norms and standards (sections 62 and 95 of the MFMA). Furthermore, Section 166 (1) of the MFMA mandates that every municipality and municipal entity must have an audit committee, which plays a crucial oversight role. It is evident that these structures and accountability measures are at the disposal of the parent municipality to exercise control over the entity. In addition, the Acts also encourage meaningful public participation and stakeholder engagement in the activities of local government, and that is why platforms such as this are necessary, to keep the citizens and ratepayers informed and involved. When I joined the MBDA in June 2023, the entity's plans for the 2023/2024 financial year were already set and in motion. I accepted that I would work with what I inherited while rebuilding and refocusing the entity for the following year, 2024/2025, the financial year we are currently in. Our goals for 2024/2025 are lofty, and that is to achieve record institutional performance in terms of budget expenditure and service delivery focused key performance indicators ( KPIs). We adopted the 95% budget expenditure performance framework as it applies in our sector, and I am happy to report that we are firmly on track. However, there are only two impediments that are now beyond our control, they are the termination of the construction contract related to Moore Dyke due to disputes with the contractor, and the capital funds earmarked for multipurpose centres that are wholly inadequate and cannot be spent fruitlessly. As evidenced this week, on Tuesday we held the official handover of the Helenvale Extension 12 community park developed at a cost of nearly R4m from a co-funding agreement between the municipality and the German Development Bank, KFW. The park is set up to promote safety and peace and planted with indigenous fauna that is self-sustainable. The work included the construction of a seated pavilion area, paved pathways, a five-a-side and netball court, children's play area and outdoor gym facility. This milestone was achieved due to improved focus on project delivery and accountability we introduced, known as the 'war-room' with one main objective, to unblock and troubleshoot project management. On June 11, we will unveil yet another key community development project that has reached completion and is ready for use. The New Brighton community waste drop-off site came from pleadings by the community through the ward councillor and was facilitated with the assistance of the public health directorate. The project is a solution to rampant illegal dumping in the area which creates health hazards. We also recognised this as an opportunity to turn waste into economic potential, so we trained community co-operatives that will be managing the site in partnership with the municipality. Built at a capital cost of R5.5m, the project created much-needed work opportunities in that community and will provide a lasting solution to illegal dumping. On the tourism asset development front, the St Peters Rainbow Village will finally open to receive local, national and international visitors. By securing the property, the MBDA could protect the heritage of the area and restore some dignity for those who called South End home for decades. The remains of the church represent one of the last remaining structures from the 1960s forced removals. Going beyond the restoration of the old church, we have created a unique and must-see tourism offering that will appeal to all markets. The rehabilitated St Peters Rainbow Village now offers a space for outdoor events, educational and community activities, a small amphitheatre, and the opportunity for guided tours celebrating South End's rich history and culture. Also, in June, as part of initiatives to commemorate 22 years of urban redevelopment, we intend to honour a former leader and founding member of the first democratic local government of the Bay. An individual that played a leading role in shaping the vision that enabled the existence of the MBDA, someone who represents a cohort of collective leadership that provided a conducive environment for the MBDA to flourish. The phrase 'Without vision, the people perish' is from Proverbs 29:18 in the Bible. It means that without a clear goal or direction, people become unrestrained, cannot focus and cannot reach their goals. The phrase emphasises the importance of having a clear vision or goal, and currently it is difficult to identify what the current vision is for the Bay. The Herald
