Page 24 - JTC-Annual Report-2025-Eng

Committee Members and Meetings During the Financial Year:

Members of the Committee Position No. of Meetings
Sheikh Sabah Mohammed Committee Chairman
Abdulaziz Al Sabah
Mr. Sulaiman Mohammed Shaheen Committee Member 7 meetings
Al Rubaie

Ms. Sara Tawfeeq AlNassar Committee Member (Independent)

Committee Responsibilities:

1. Reviewing interim and annual financial statements and the external auditor’s report, identifying
any material impacts on the Company’s financial position, and recommending their approval
to the Board of Directors.

2. Reviewing the external auditors’ observations on the Company’s financial statements and
following up on actions taken in this regard, if any.

3. Reviewing the accounting principles and policies adopted by the Company and examining
any changes thereto that may affect the Company’s financial position, including identifying
the reasons for such changes when necessary.

4. Ensuring the Company’s compliance with applicable accounting laws, regulations, and
instructions.
5. Holding periodic meetings with the external auditor and at least four meetings with the internal
auditor annually, or as required, at the request of the Committee or the external auditor.
6. Reviewing the results of internal audit reports and ensuring that appropriate corrective actions
have been taken in respect of the observations contained therein.
7. Reviewing the charter, work plan, and resource requirements of the Internal Audit Department.

8. Supervising the activities of the Internal Audit Department to verify its effectiveness in carrying
out its assigned duties.
9. Appointing an independent auditor to prepare a report on the review of internal control
systems for presentation to the Committee and submission to the Authority on an annual
basis.
10. Reviewing and granting preliminary approval of the internal audit policies and procedures
manuals.
11. Recommending to the Board of Directors the appointment, re-appointment, or replacement
of external auditors and determining their fees.

12. Recommending the appointment, transfer, or removal of the Head of Internal Audit, as well as
evaluating their performance and the performance of the Internal Audit Department.

13. Reviewing the findings of regulatory authorities’ reports and ensuring that the necessary
corrective actions have been duly implemented.

Committee Achievements During the Financial Year:

1. Reviewed interim and annual financial statements and the external auditor’s report, identified
material impacts on the Company’s financial position, and submitted recommendations to
the Board of Directors for approval.
2. Reviewed the annual internal audit report.

23 JTC LogisTiCs TransporTaTion & sTevedoring Company K.s.C.p.