The board of directors shall constitute specialized committees to expand the scope of its work in areas that require specific expertise. The board shall be responsible for determining the powers of the committees and monitoring their performance. The committees constituted shall include, at least, an audit committee, a risk and credit management committee, an executive committee, and a nomination and remuneration committee.
2.
The board of directors shall determine the Company’s policies and work procedures regarding real estate refinance and is entitled to delegate specialized committees in a manner that would not impede the roles exercised by the board. Such policies and procedures must take effect upon receiving a no-objection letter from SAMA.
