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 the Minister of Finance and Minister in Charge of Oil and Gas for his guidance and support in the ongoing success of the Company.
The board reviewed the operational and financial reports for the year to date and expressed satisfaction on the continued excellent performance. The board reviewed reports by the Audit and Finance, the Human Resources and the Compensation and Remuneration Committees covering various policies and procedures related to Financial, Compliance, Organisational, Human Resources aspects and provided appropriate directives. The Board was updated on the progress of development of the 2013 budgets and appropriate guidance was provided to the management.
The board discussed the progress of implementation of National Audit Court (NAC) audit recommendations on HR and Sales and noted that Bapco had completed implementation of more than half of NAC recommendations and has directed the executive management to complete the balance recommendations in the next three months. The Board stated that Bapco will continue to deal with NAC recommendations in a spirit of positive attitude and readiness and that the recommendations would be used to improve the overall efficiency and work practices towards enhancing Bapco’s leading role in fostering the national economy of the Kingdom.
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 achieving further growth and prosperity.