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CORPORATE GOVERNANCE
Strong corporate governance is an integral part of the Company's core values and affects the way we direct our company and the relationship we have with interested parties. We believe that the highest standards of corporate governance are essential to our business integrity, performance and sustainable growth mission. SABIC is committed to having sound corporate governance principles and practices.
Internal Audit
Internal Audit plays critical assurance and advisory roles to SABIC Board and Management to pursue the SABIC's mandate and the strategic goals. It independently evaluates the adequacy and effectiveness of the systems of internal controls in SABIC. It is a trusted adviser to assess and give assurance on Governance, Internal Controls and Risk Management. Read more on our internal audit.
Saudi Arabia Corporate Governance Standards
The CMA has issued a resolution to gradually apply corporate governance standards and requirements, from the beginning of the year 2012, on all companies in the Saudi capital market whether they were listed companies or licensed Authorised Persons. This is part of CMA's efforts to raise the quality, transparency and disclosure levels in the securities business sector in order to create a suitable investing environment.
RISK MANAGEMENT
SABIC recognizes that effective risk management is essential to safeguard operations, protect and enhance our global brand reputation and enable SABIC to achieve its strategic goals. The company has a risk management policy and integrated governance system in place to effectively identify, understand, and manage the risks facing the company and affecting our business performance. Our Risk Management Framework aims to create value and protect our interests and comply with applicable legal and regulatory requirements. All SABIC’s functions regularly provide coordinated reports to the company’s Risk Management Committee.
More information about approach to risks can be found in our Annual Reports and Risk Management Policy