The Board of Directors
MB Engineering BOD includes 6 members whom are all renowned public and professional figures:
| BOD STRUCTURE | SHAREHOLDER | INDEPENDENT |
|---|---|---|
| Executive | 1 Member | 1 Member |
| Non-Executive | 2 Members | 2 Members |
According to Egyptian Companies’ Laws and Statutes, the primary functions of the Board of Directors is to manage the Company and undertake all non-reserved matters by the Egyptian Companies’ Laws and Statutes to the general meetings of the Shareholders. The authority of the Board of Directors includes the following:
- Appointing the Chairman from among its members.
- Appointing one or more Managing Directors from among its members.
- Appointing one or more committees to undertake specific tasks from among its members.
- Delegating powers to the Executive Chairman, Managing Directors and/or committees.
- Review and approving the Company’s consolidated financial statements for submission to the ordinary general meeting of the company; and ensuring that the board’s composition, structure, policies and processes meet all relevant legal and regulatory requirements, including applicable corporate governance standards.
Egyptian Companies Law provides the Board of Directors broad powers allowing them to manage the Company, such powers include the following.
- Review and approve the multi-year business plan and annual budget of the Company.
- Review and approve major Company transactions and investment projects of the Company.
- Ensure high standards of Company leadership and executive management succession planning.
- Approve the remuneration policy for the Company and all stock-related compensation schemes that are based on recommendations of the Nomination and Remuneration Committee.
- Ensure that the Company maintains an effective system of internal controls that are designed to insure the integrity of all financial and non-financial disclosures, based on the recommendations of the Audit Committee; and ensure that the Board’s composition, structure, policies and processes meet all relevant legal and regulatory requirements, including applicable corporate governance standards.
MB Engineering is committed to achieving and maintaining the highest standards of corporate governance. For more Information please contact IR@mbg-systems.com
