Today, governance has occupied great importance in the world in light of the transition to the capitalist economic system, in which private institutions play a large and influential role, with the consequent necessity of monitoring and evaluating this role on an ongoing basis. And the continuity of business institutions, especially after the global financial crisis of 2008-2009, which witnessed the collapse of huge international companies due to a lack of awareness of the importance of adopting the principles of good management (corporate governance). Therefore, the Yemeni Islamic Insurance Company submitted to the Yemeni Institute of Directors a request to design a corporate governance system that considers its characteristics and privacy and ensures It has obtained a useful and effective system of supervision and guidance, and through which the company can enhance its competitive position among the peer companies. will be done.
To implement this project, an implementation plan for the project has been prepared according to the following steps:
First: Obtaining the main documents of the company.
Second: Coordination to attend the Board of Directors meeting in the presence of the Chairman of the Board, the Executive Director, members of the Board, and the Advisory Team of the Institute to implement the Board Evaluation Service, which aims to assess the Board of Directors to verify the fulfillment of the basic requirements that must be met by the Board so that it can perform the roles assigned to it by the best practices in Companies in particular.
Third: Unloading and analyzing the data of the Board of Directors evaluation tool.
Fourth: Reading and interpreting the data to conclude.
Fifthly: Prepare a summary report on the report’s results, including recommendations for improvement.
Sixth: Starting to build the Board of Directors evidence (Governance Guide – Board Charter – Guide for Disclosure and Transparency Rules – Code of Ethical Conduct – Mechanism for Reporting Unethical Practices) and handing it over to the company after review and arbitration. All evidence was delivered after review, arbitration, and final output to the company.
