A regular meeting of Bapco Board of Directors was held at the Refinery chaired by Adel Khalil Almoayyed, Chairman and present were board members in addition to the Chief Executive, Deputy Chief Executive and other senior executives.
On behalf of the Board, the Chairman expressed thanks and appreciation for the valued continuous support of the Wise Political Leadership and pledged to make every effort to enhance Bapco’s positive contributions to the Kingdom. The Chairman thanked His Excellency the Minister of Finance and Minister in Charge of Oil and Gas for his valued guidance and support in the ongoing success of the Company.
The Board reviewed the operational & financial reports for the year till the end of July 2012, and expressed satisfaction on the excellent performance. The board reviewed reports by the Audit & Finance, the Human Resources and the Compensation & Remuneration Committees covering various policies & procedures related to HR, organizational, financial, product supply, in addition to the measures adopted by Bapco for protecting its IT network, for which the Board has provided appropriate directives and resolutions. The Board also discussed the implementations of NAC (National Audit Court) audit recommendations and establishment of a system/methodology to enhance the follow-up and actual implementation, in addition to establishing a transparent Corporate Governance as well as an advanced Enterprise Risk Management system with an adequate monitoring and risk remediation process.
The Chairman Adel Almoayyed and the Board thanked Executive Management and employees for their ongoing excellent contributions for the success of the Company and looked forward to working together to pursue the implementation of the ambitious programs of the Wise Government led by His Royal Highness the Prime Minister, aimed at fostering the national economy of the Kingdom.