PRINCIPLE A: BOARD LEADERSHIP & EFFECTIVENESS (CONT'D) The Board Committees The Committees for Audit and Risk, Remuneration and Nominations, Investment and Sustainability initiatives were established with delegated and clearly defined powers. The terms of reference for the Committees are reviewed annually, when appropriate. Each Committee’s terms of reference can be found on the website. Board Evaluation The Board conducts regular Board Effectiveness Evaluation (BEE) on individual Directors’s performance and the senior management team. This is to reinforce the Board’s commitment towards the highest level of performance by their directors when fulfilling their responsibilities to stakeholders, and the continuous strive for excellence in governance. The BEE Report was tabled at the BNRC meeting on in January 2025. The summary of the report can be found on Board Nomination and Remuneration Committee section of the Annual Report. The Fit and Proper Assessment The Board, through the BNRC, assessed the fitness and propriety of the Directors, Company Secretaries, License Holders, Shariah Adviser, the CEO and the Senior Management team, in accordance with the Manager’s Fit and Proper Policy on Key Responsible Persons as well as Declaration by Independent Directors on an annual basis. Continuing Education and Development Directors play a critical role in guiding the strategy and operations of organisations, therefore, on-going education and development ensures that Directors are kept up-to-date on emerging trends, best practices, and regulatory requirements. Trainings and presentations attended and delivered by the Directors are specified in the Directors profiles on pages 88 to 95. Competencies and Skill Set Members of the Board and the Senior Management are expected to possess the relevant knowledge, skills, competencies, functional and management experience, characteristics and mind-set to contribute effectively to the Board, as specified in the Fit and Proper Policy of the Company. Guidelines for the skill set of the Directors is summarised as below: AREAS COMPETENCIES Knowledge and Understanding of the Business/ Industrial Strategies • Experience in planning and developing corporate strategies for growth, assessing business performance, investment and financial decisions • Operates or has relevant industry experience in operating businesses • Competent and skillfull in financial aspects of running a business including the ability to read, analyse and interpret financial statements Corporate Governance, Risk Management and Internal Controls • Working knowledge on duties and responsibilities of the Board, Board Committees and Directors • Hands-on experience in the fields of governance, risks and controls • Ability to understand, interpret and effectively apply legislative and regulatory changes • Knowledge on legal, regulatory and business requirements in other countries/ regions in which the company operates Corporate Governance Overview Statement 106 AL-SALĀM REIT ANNUAL REPORT 2024
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