Sound corporate governance is an important component in creating and sustaining shareholder value while ensuring behavior is ethical, legal, and transparent.

Gulf Navigation believes corporate governance is fundamentally concerned with creating sustainable shareholder value, without ignoring the interests of other Stakeholders in the company such as; employees, customers, suppliers, and the community at large.

We at Gulf Navigation Holding PJSC are committed to the best in class corporate governance practices.

Our corporate governance structure ensures that

»»All reported results are accurate, reliable and transparent

»»Compliance with local, international and industry laws, rules and regulations

»»Adherence to the Gulf Navigation policies and procedures

Gulf Navigation Audit Committee

The Audit committee is a permanent committee at the Gulf Navigation. It assists the Board in fulfilling their oversight responsibilities for the integrity of the financial statements, independent external auditor's qualifications and independence; and performance of Gulf Navigation's Internal Audit Department.

The committee has three members. They are independent and non executive board directors. Mr Abdul Rahman Al Saleh (Senior Executive Director with Dubai Customs) is the Chairman of the committee, Mr Abdullah Al Hosani (Head of consumer banking transformation office, NBAD) and Mr Ali Hamdan Ahmad (Deputy Director � Ministry of Finance) are committee members.

The audit committee is very active, has utmost integrity, sincerity and professional capability to fulfill their responsibilities.

Internal Audit & Risk Management

Gulf Navigation has a full fledged Internal Audit department which has functional reporting to the Audit committee. Internal Audits are conducted as per risk based audit methodology. It begins with risk assessment at department level, subsidiary level and the overall group level. Internal audits are prioritized as per the risk assessment outcome.

Code of conduct

We have a code of conduct for our directors and employees which covers business principles, dealing with business partners, ethics, conflict of interest, compliance, privacy and confidential reporting (whistle blower policy).

We have a confidential reporting framework and structure to report and escalate possible contraventions.