Governance
Wassel Group considers governance a fundamental principle that regulates administrative and behavioral activities within the company and organizes its relationship with the external environment. The group operates based on the principles of good governance to ensure smooth business operations, optimal resource utilization, and a clear distribution of responsibilities between the Board of Directors and its subcommittees, as well as between the Board and the executive management.
Role and Responsibilities of the Board of Directors
The Board of Directors is responsible for overseeing the company’s activities, operations, strategy, and future plans, as well as approving budgets, financial policies, and adopting financial statements. The Board plays a key role in protecting the rights of shareholders and maximizing value while ensuring compliance with the rules and regulations applicable in Palestine.
Committees of the Board of Directors
The Board of Directors fulfills its responsibilities through several committees, both permanent and temporary, which are tasked with specific duties and timelines.
Governance Committee:
Ensures the company’s compliance with legal frameworks, the Palestinian governance code, and regulations from relevant authorities. It also oversees the internal systems of the Board and ensures adherence to governance and transparency standards.
Audit Committee:
Meets four times a year to review and approve financial statements before their announcement and ensures compliance with international accounting standards.
Planning, Development, Budgeting, and Compensation Committee:
Collaborates with the executive management to prepare work plans and budgets in line with the strategic vision of the Board, focusing on the development and growth of all the group companies.
Wassel Group has a shareholder base of more than 13,000, comprising various companies, individuals, and institutions. The group maintains transparent and effective communication with its shareholders through various channels, including phone, email, social media, and annual general meetings. Shareholders are kept informed about the company's performance, future plans, and any developments of interest to them.
Wassel Group is committed to effective and transparent communication with its shareholders, ensuring they are kept informed of all relevant developments. The group employs various channels to engage with shareholders, including phone calls, social media, email, the company’s official website, and annual reports. Wassel holds annual general meetings to discuss the company’s performance, future plans, and to address shareholder inquiries. Invitations and reports are sent via email and through announcements in local newspapers.
