CORPORATE GOVERNANCE BRIEF
IWAN started their Corporate Governance journey in early 2016 and quickly became committed to maintaining the highest corporate governance standards, promoting the implementation of the best governance principles, essential to protect shareholders’ interests and enhancing their value. Such a journey will ensure the fulfillment of IWAN’s shareholders’ aspiration for institutionalization and business sustainability.
Accordingly, IWAN’s highly professional, and newly formed Board of Directors ensures the implementation of transparency, accountability, fairness and effective internal controls throughout the company’s processes, with the support of the corresponding Board Committees.
The Board continuously oversees the strategic direction of the Group, monitors and ensures its implementation through the CEO and the Executive Committee, while also ensuring compliance with the approved polices to guarantee IWANs continued success.
Mr. Mohamed Maher, Eng. Waleed Mokhtar, Eng. Ehab Mokhtar, Mr. Ahmed Samy and Mr. Ahmed Naim, as Board Members and Shareholders. Mr. Maher is nominated as the Board Chairman. Eng. Waleed Mokhtar and Eng. Ehab Mokhtar hold the positions of CEO in; IWAN Development and IWAN Designs respectively. Eng. Ahmed Bakry, Eng. Amr Helmy, Mr. Khaled Mostafa and Mr. Amr Osman, are nominated as Independent and Non-Executive Board Members.
IWAN Audit Committee
IWAN Board established and activated the Audit Committee as soon as the Board was established and nominated one of the Independent Board Members to head this committee. IWAN Audit Committee supports the Board of Directors by;
- Monitoring the process of financial reporting and ensuring accounting compliance
- Ensure the effectiveness of the system of internal controls; commercial, centralized functions and technical processes, and,
- Acts as the link between the External Auditor and the Board and ensures its appointment, on-going independence and process as per the stipulated laws and governance code.
THE EXECUTIVE COMMITTEE
a) The purpose of the Executive Committee is to ensure that all the organization’s functions are aligned on the strategy and to enable a structured process for internal communication & organization level reporting. Hence, put together a formal process for collaborative decision making at the level of execution.
o During the Executive Committee meetings, the ExCom members ensure their discussions and agendas are focused on the achievement of the overall company’s strategies and strategic directions, rather than their own vertical function, and the challenges they face within their daily operations.
b) The CEO nominates the Executive Committee members, which include representation from all the primary functional areas within the organization. Executive committee Members are the direct Subsidiaries Heads and the direct position holders who report directly to the CEO.
c) IWAN Executive Committee will include the subsidiaries Heads, Core Departments Head and the Support Functions Heads.
d) The CEO shall have the right to appoint any member of value addition to the committee.
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