Board Committees

Board Audit Committee and its report for the year 2024

Article 88A of the Corporate Governance Regulations states that the report of the Board Audit Committee shall include details of its performance of its competencies and duties stated in these Regulations, provided that the report contains its recommendations and opinion on the adequacy of the internal and financial control systems and risk management systems in the Company.

Meetings

The Board Audit Committee appointed by the General Assembly held 12 meetings during 2024 and the quorum for each meeting was achieved.

ACWA Power operating model

As per the operating model adopted by ACWA Power, the subsidiaries are governed through ACWA Power representatives in the subsidiaries’ Board and Audit Committees.

Summary of Audit Committee duties and responsibilities executed in 2024

The Committee, during the year 2024 carried out various activities within its scope of responsibilities, of which the main activities are the following:

A. Financial reporting

• Review and recommend to the Board of Directors the approval of the quarterly results and year‑end consolidated financial statements.

B. Internal audit

• Review and approve the internal audit department charter, plan and outputs, and ensure whether the function has the necessary authority and resources to carry out its work while maintaining its independence.
• Review and assess internal audit reports and monitor the tracking and follow‑up of implementation process determining whether or not appropriate actions are taken in respect of the internal audit recommendations therein.

C. External audit

• Review the external auditor's plan, scope of work, the results of the financial audits, the relevant audit reports and management letter.
• Seek confirmation of the independence of the external auditor, its objectivity, fairness, and effectiveness of the audit activities.
• Confirm that appropriate assistance was given by the Executive Management team to the external auditor and that no difficulties were encountered during the course of the audit.

D. Compliance

• Review reports from the Company's Compliance Department on compliance with the relevant laws, regulations, policies and instructions.
• Review the related party transactions and make relevant recommendation to the Board for approval.
• Oversee the existence of a whistleblowing reporting channels which capture and record matters raised by any stakeholders, including the Executive Management and employees.

Board Audit Committee assessment

Based on the work performed by the finance transformation and controls functions including Internal Audit, External Auditor, and Compliance, as well as management’s attestations, nothing material has come to the attention of the Board Audit Committee (the Committee) that would indicate significant weakness in the system of internal and financial controls.

The Committee is satisfied that ACWA Power management continues to place sufficient focus on reviewing and improving its system of internal and financial controls to ensure they can support the Company in achieving its strategic objectives. Nonetheless, the Committee acknowledges that due to the geographical spread of ACWA Power’s operations, there are inherent limitations on the comprehensiveness of the assurance provided to the Committee with regard to the effectiveness of the internal controls across all entities. The Committee supports management to continue to increase its efforts in improving its system of internal controls globally.

Profiles of Board Audit Committee Members in 2024 who are not Board Directors

Mr Khalid Al‑Rabiah

Position	Age	Nationality
Chairman of the Board Audit Committee	62 years	Saudi

Position	Age	Nationality
Chairman of the Board Audit Committee	62 years	Saudi

Academic and Professional Qualification

• Bachelor’s degree in Accounting, University of Toledo, in 1991G.

Current Key Positions

• Chairman of the Board, Arab Company for Drug Industries and Medical Appliances (ACDIMA).
• Member of the Board, Member of the Investment Committee and Chairman of the Risk Committee, Yanbu National Petrochemical Company (Yansab).
• Member of the Board and Member of the Audit Committee, the Tunisian Saudi Bank (TSB).
• Chairman of the Board and Chairman of the Executive Committee, Al Dowyan Real Estate Group.
• Member of the Board and Chairman of the Audit Committee, Abdullah Al Othaim Investment Co.
• Member of the Board and Chairman of the Audit Committee, East Pipes Integrated Co. for Industry (EPIC).
• Member of the Board and Chairman of the Audit Committee, Miahona Co.
• Member of the Board, Chairman of the Audit Committee and Member of the Nomination and Remuneration Committee, Southern Province Cement Co.
• Chairman of the Audit Committee, Saudi Tabreed Co.
• Member of the Board and Chairman of the Audit Committee, Tarabot Charitable organization.
• Founder and Chairman, Khalid Al Rabiah Financial Advisory

Past Key Professional Experience

• Chairman, the Exchange (Tadawul).
• Consultant, The Ministry of Industry & Mineral Resources.
• Consultant, The Saudi Mining Services Co. (ESNAD).
• Chief Executive Officer, Methanol Chemical Company.
• Chief Financial Officer, Saudi Arabian Amiantit Company.
• Accountant, Saudi Arabian Monetary Agency (SAMA).
• Chairman of the Board Audit Committee, Mehan Company.

Mr Rasheed AlRasheed

Position	Age	Nationality
Member of the Audit Committee	59 years	Saudi

Position	Age	Nationality
Member of the Audit Committee	59 years	Saudi

Academic and Professional Qualification

• Higher Diploma in Management Information Technology Systems, King Saud University, Saudi, in 1988G.

Current Key Positions

• Member of the Board, Arabian Shield Cooperative Insurance Company.
• Member of the Board and Member of Audit Committee, Dr Sulaiman Al Habib Medical Services Group Company.
• Member of the Board, AlHassan Ghazi Ibrahim Shaker Company.
• Chairman of the Board, Al Ramz Real Estate Company.
• Member of the Board, Member of the Executive Committee, Member of the Audit Committee and Member of the Nomination and Remuneration Committee, Saudi Logistics Services (SAL).
• Member of the Board, Tarabot Investment and Development Company.
• Managing Director, Tarabot Investment and Development Company.
• Member of the Board, Chairman of the Executive Committee, Member of the Audit Committee and Member of the Nomination and Remuneration Committee, Saudi Airlines Cargo Company.
• Member of the Board and Member of the Executive Committee, Vision International Investment Company.
• Member of the Board, Himmah Capital Limited Company.
• Chairman of the Board, Himmah Capital Investment Company.
• Member of the Board, Tarabot Air Cargo Services Company.
• Member of the Board, Industrial Company for Electronics (ALAT).
• Member of the Board, Saudi Integrated Company for Waste Treatment.
• Member of the Board, Data Volt Information Technology Company.

Past Key Professional Experience

• Chairman of the Board, Zelan Arabia Company.
• Non‑executive Member in several companies within the Group.
• Vice Chairman of the Board at Saudi District Cooling Company (Tabreed) and Member of the Board of several companies within the Tabreed Group.
• Chairman of the Board, Network Coverage Company for Communication.
• Member of the Board, Integrated Towers Company for Communication.
• Owner, Al Ramz Real Estate Company.
• Chairman of the Board, Riyadh Water Production Company.
• Member of the Board, Global Ports & Railways Company.
• Member of the Board, Welspun Middle East Pipes Company.
• Member of the Board, Arabian Japanese Membrane Company.
• Member of the Board, Abdullah Abunayyan Group.
• Group Vice President & Chief Financial Officer, Abdullah Abunayyan Group.
• Senior Management Information Advisor, Al Rashed Certified Public Accountants.
• Senior Management Consultant, Al Rashed Certified Public Accountants.
• Management Consultant, Al Rashed Certified Public Accountants.
• Computer Programmer and Systems Analyst, Royal Saudi Air Force (BDM International).
• Computer Programmer, Saudi Telecom Company (STC).

Mr Mike Cheng

Position	Age	Nationality
Member of the Board Audit Committee	54 years	British

Position	Age	Nationality
Member of the Board Audit Committee	54 years	British

Academic and Professional Qualification

• Chartered accountant, Institute of Chartered Accountants in England & Wales, in 1995G.
• Aerospace Systems Engineering, Southampton University, in 1991G.

Current Key Positions

• Managing Director and Chief Audit Executive, Public Investment Fund.
• Chairman of the Audit Committee, Savvy Games Group.
• Chairman of the Audit Committee, Aircraft Leasing Company – Avilease.
• Chairman of the Audit Committee, ROSHN Group.
• Member of the Audit Committee, Saudi Arabian Mining Co. (Ma’aden).
• Member of the Audit Committee, CEER Motors.
• Member of the Audit Committee, LIV GOLF.
• Member of the Audit Committee, Industrial Company for Electronics (ALAT).

Past Key Professional Experience

• Chief Risk & Compliance Officer, Prudential, Indonesia.
• Chief Audit Executive, Prudential Asia.
• Managing Director, Head of Audit, Barclays Bank Asia.
• Regional Head of Audit in UK & Europe, Deutsche Bank.
• Manager, KPMG.

Board Audit Committee meetings and attendance in 2024

In 2024 there were twelve (12) official Board Executive Committee meetings held. These meetings were planned, and the Chairman did not receive any request by two or more of the Board Audit Committee members to hold an emergency meeting during the year. The record of the members' attendance is provided below.

Board Executive Committee:

Pursuant to Article (28) of the Company’s Bylaws, the Company has established a Board Executive Committee which comprises five (5) members, appointed by the Board for a period not exceeding the term of the Board membership, exclusively consisting of members of the Board. The Chairman of the Board chairs the Board Executive Committee. The Board Executive Committee is responsible for, amongst other things, receiving and evaluating any proposals submitted to it from, and recommended for approval by, the Executive Management, regarding any project or investment/divestment opportunities and deciding on whether the Company will execute or participate in the proposed project of the proposed investment/divestment opportunity, in line with its approval authorities. In addition, the Board Executive Committee oversees the Company’s business and investment operations by analysing investment policies, strategies, transactions, opportunities and performance of the Company. The Executive Committee executes its responsibilities as outlined below, in accordance with the Company’s Bylaws and Code of Corporate Governance.

• Review and approve investment/divestment proposals.
• Review and recommend for the approval of the Board of Directors the Company’s five‑year business plans, operating plans, the capital expenditure programmes and other studies or plans that will have a significant impact upon the operations of the Company.
• Review and recommend for the approval of the Board of Directors the Annual Business Development Plan (ABDP), Strategic Business Development Plan (SBP) and Strategic Risk Review (SRR) proposed by the Executive Management which identifies various investments, acquisitions and bid opportunities.
• Without prejudice to the provisions set out in the Company’s Bylaws, review and recommend to the Board of Directors any amendments to existing or any new corporate investment principles or guidelines of a general nature proposed by the Executive Management for financial assets.
• Review, endorse and recommend the annual budget for the Board of Directors’ approval.
• Ensure that the Company integrates sustainability in the development of its strategy.
• Review the sustainability action plan proposed by the Executive Management and monitor its implementation to ensure the Company is successful in achieving its sustainability goals.
• Approve Corporate Social Responsibility (‘CSR’) initiatives in and/or out of KSA where the Company invests or contemplates to have potential investments as determined by the Board Executive Committee. Furthermore, the Board Executive Committee may delegate such powers to the Chairman and/or the Executive Management.
• Review and or approve any other matter as delegated from the Board of Directors from time to time.

The Chairman of the Board Executive Committee presents quarterly updates to the Board of Directors on the committee’s discussions, recommendations/ endorsements.

Board Executive Committee meetings and attendance in 2024

In 2024 there were twenty‑two (22) official Board Executive Committee meetings held. These meetings were planned, and the Chairman did not receive any request by two or more of the Board Executive Committee members to hold an emergency meeting during the year. The record of the members’ attendance is provided below.

Nomination and Remuneration Committee:

In line with article (51) of the Corporate Governance Regulations issued by the CMA, and article (30) of the Company’s Bylaws, the Company has established a Nomination and Remuneration Committee (NRC), dated 05 January 2022. The Nomination and Remuneration Committee is chaired by an Independent Board member, in line with applicable legislation, and consists of one (1) Non‑Executive Directors and three (3) non‑Board members. In line with the CMA Corporate Governance Regulation, none of the members of the Nomination and Remuneration Committee are members of the Executive Management. The Nomination and Remuneration Committee is responsible, amongst other things, to assist the Board in fulfilling its fiduciary responsibilities by providing independent advice, guidance, and oversight in respect to:

1. The process of nomination, appointment, and evaluation of the members of the Board (Executive, Non‑Executive, and Independent Board Members) and Board Committees, individually and collectively, to ensure their effectiveness.
2. The structure, skills, qualification, and Remuneration of the members of the Board and Board Committees.
3. The appointment and remuneration of the Executive Management.
4. The Company’s succession plan for the Executive Management.
5. The Company’s incentive programme and total rewards framework and policies.
6. The Company’s corporate governance policies.

The Nomination and Remuneration Committee executes its responsibilities as outlined below, in accordance with laws, regulations and the NRC Charter as provided below.

Responsibilities in relation to Nomination

• Suggest clear policies and standards for membership of the Board and the Executive Management.
• Recommend to the Board the names of candidates nominated or re‑nominated for the membership of the Board and/or Board Committees, in line with the Corporate Governance Regulations and the Company’s Selection Policy, taking into account that such nomination shall not include any person convicted of a crime involving moral turpitude or dishonesty.
• Prepare a description of the capabilities and qualifications required for membership of the Board and Executive Management positions.
• Determine the amount of time that the members shall allocate to the activities of the Board.
• Annually review the skills and expertise required of the Board members and the Executive Management.
• Review the structure of the Board and the Executive Management and provide recommendations regarding changes that may be made to such structure.
• Annually ensure the independence of Independent Directors and the absence of any Conflict of Interest if a Board member also acts as a member of the Board of Directors of another company.
• Provide job descriptions for the Executive, Non‑Executive and Independent Directors and the Senior Executive Management.
• Set procedures to be followed if the position of a member of the Board or a Senior Executive becomes vacant.
• Determine the strengths and weaknesses of the Board and recommend remedy solutions that serve the Company’s interests.

Responsibilities in relation to Remuneration

• Prepare a clear policy for the Remunerations of the Board members and its committees and the Executive Management, and present such policy to the Board in preparation for approval by the General Assembly, provided that such policy follows standards that linked to performance, and disclose and ensure the implementation of such policy.
• Clarify the relation between the paid Remunerations and the adopted Remuneration Policy and highlight any material deviation from that Remuneration Policy.
• Review on a periodic basis the Remuneration Policy and assess its effectiveness in achieving its objectives.
• Provide recommendations to the Board in respect of the Remunerations of its members, the members of the Board Committees and Executive Management, in accordance with the approved policy.
• Without prejudice to the provisions of the Companies Law and the Capital Market Law and their implementing regulations, the Committee shall see that the Remuneration Policy is in line with the following principles and provisions:
  • Ensure consistency with the Company’s approved long‑term strategy, objectives and risk appetite.
  • Provide remuneration packages with the aim of encouraging Executive Management to achieve the success of the Company and its long‑term development, by, for example, making the variable component of the remuneration linked to sustained long‑term performance.
  • Determine remuneration based on job level, duties and responsibilities, educational and professional qualifications and competencies, practical experience, skills and level of performance.
  • Be consistent and proportionate with the magnitude, nature and level of risks faced by the Company.
  • Benchmark against practices of other similar companies in respect of the determination of remunerations but avoid the disadvantages of such comparisons in leading to unjustifiable increases in remunerations and compensations.
  • Attract, retain and promote talented professionals and incentivise them to drive for materially positive business outcomes, aligned with the Company’s approved strategy, objectives and risk appetite.
  • Without prejudice to the provisions set forth in employment contracts, and/or appointment letters, and applicable law (i.e., the Labour Law), take into consideration situations where Remuneration, except the Fixed Remuneration, should be suspended or reclaimed if it is determined that such Remuneration has been set based on inaccurate information provided by a member of the Board, Board Committee, or the Executive Management, or where a Board, Committee member and/or Executive Management failed to act in accordance with the Company’s policies and/or Codes or violated applicable laws and regulations, in order to prevent abuse of power to obtain unmerited remunerations; and
  • Regulate the grant of the Company’s shares to the Board members and the Executive Management, whether newly issued or purchased by the Company.

Responsibilities in relation to Corporate Governance

• The Committee shall propose, for the Board’s review and approval, a Code of Corporate Governance for the Company in accordance with the provisions set forth in the Corporate Governance Regulations.
• The Committee shall monitor the implementation of the Code, verify its effectiveness and propose amendments, if and where required, for the Board’s review and approval. To this end, the Committee shall:
  • Verify that the Company is in compliance with the Code of Corporate Governance.
  • Propose updates to the Code pursuant to statutory requirements and best practices.
  • Review and propose the development of codes of professional conduct representing the Company's values, and other internal policies and procedures in accordance with applicable best practices.
  • Regularly inform the Board members of the developments in corporate governance and best practices.

The Chairman of the Nomination and Remuneration Committee presents quarterly updates to the Board of Directors on the committee’s discussions and recommendations/endorsements.

Profiles of Members of the Nomination and Remuneration Committee in 2024 who are not Board Directors

Mr Tariq Al‑Amoudi

Position	Age	Nationality
Member of the Nomination and Remuneration Committee	41 years	Saudi

Academic and Professional Qualification

• MBA, Strategy & HRM from Griffith University, Australia, in 2007G.
• BBA, Marketing from Griffith University, Australia, in 2005G

Current Key Positions

• Chief Human Rescores Officer, Bupa Arabia.
• Member of the Board and Member of the Audit and Governance Committee Member of Kaffa Efficiency Excellence.
• Member of the Board and Member of the Nomination and Remuneration Committee, Health Holding Company (Western Region Cluster).
• Member of the Board and Chairman of the Nomination and Remuneration Committee, Education Infrastructure Holding Company.
• Member of the Board and Chairman of Nominations and Remuneration Committee, SVC.
• Member of the Nomination and Remuneration Committee, Diriyah Company.
• Board NRC member, SAL Saudi Logistics.

Past Key Professional Experience

• Member of the Nomination and Remuneration Committee, Uptown Jeddah Company.
• Member of the Nomination and Remuneration Committee, Milling Company.
• Member of the Nomination and Remuneration Committee, Endeavor.
• Member of the Human Resources Committee, Saudi Arabian Monetary Agency (SAMA) Advisory Council.
• Director of Human Resources, Procter & Gamble.
• Global Director of Human Resources, Procter & Gamble.
• Head of Human Resources, Procter & Gamble.

Mr Ahmed Al‑Ghamdi

Position	Age	Nationality
Member of the Nomination and Remuneration Committee	45 years	Saudi

Academic and Professional Qualification

• Master’s degree in MB, HULL university, in 2009G.
• Bachelor’s degree in Industrial Engineering, KFUPM, in 2004G

Current Key Positions

• Chief Human Resources Officer, Saudi Telecom Company (STC).
• Independent Director and Member of the Nomination and Remuneration Committee, General Organization for Social Insurance (GOSI).
• Independent Director and Member of the Nomination and Remuneration Committee, Economic Cities Authority (ECZA).
• Independent Director and Member of the Nomination and Remuneration Committee, First Milling Company.
• Independent Director and Member of the Nomination and Remuneration Committee, SPIMACO Addwaeih.
• Independent Director and Member of the Nomination and Remuneration Committee, Saudi Arabian Military Industries Company (SAMI).

Past Key Professional Experience

• General Manager, Saudi Telecom Company (STC).
• Human Capital Senior Associate, Mercer.
• Human Resources Head, National Unified Procurement Company for Medical Supplies (NUPCO).
• Head of Human Resources, LAZURDE Group.
• Recruitment and Acting HR Manager, Al Safi Danone.
• Human Resources Specialist, National Air Services (NAS).
• Section Manager, Hyper Panda – Savola.

Ms. Aseel Al‑Barqawi

Position	Age	Nationality
Member of the Nomination and Remuneration Committee	47 years	Saudi

Academic and Professional Qualification

• Higher Diploma in Administrative and Constitutional Law The Institute of Public Administration 2023 G.
• LLM from Northwestern University, in 2014 G.
• MBA from the University of Leicester, in 2008 G.
• Bachelor's degree in Legal Translation King Saudi University, in 2002 G

Current Key Positions

• Senior Legal Counsel, The Bureau of Experts at the Saudi Council of Ministers.
• Independent Committee Member with the Governance Committee at Reale state Development Fund.
• Independent Board Member, Saudi Fransi Financing Company.
• Chair, NRC committee, Saudi Fransi Financing Company.
• Member, The Investment and Securities Committee, Chambers of Commerce.
• WomenSpark volunteer board member.
• Founding Partner, Alef‑baa consulting.

Past Key Professional Experience

• Counsel, Latham & Watkins.
• Chief Legal Officer Saudi Stock Exchange (Tadawul).
• Vice President, legal and Compline and Corporate Secretary, Credit Suisse SA.
• Head, Legal and Compliance, Standard Charted SA.
• Compliance & Governance Manager, HSBC, Manager.
• Senior investment operations supervisor Banque Saudi Fransi.

Nomination and Remuneration Committee meetings and attendance in 2024

In 2024 there were eleven (11) official Nomination and Remuneration Committee meetings. These meetings were planned, and the Chairman did not receive any request by two or more of the Nomination and Remuneration Committee members to hold an emergency meeting during the year. The record of the members’ attendance is provided below.

Risk Management Committee

In line with guiding article (67) of the Corporate Governance Regulations issued by the CMA and article (29) of the Company’s Bylaws, the Company has an established the Risk Management Committee (RMC). The Risk Management Committee consists of one (1) Independent Director and (1) Non‑executive Director, three (3) non‑Board members, one of which is the Chairman of the committee, serving for a period not exceeding the term of the Board membership. The Risk Management Committee assists the Board in fulfilling its fiduciary responsibilities by providing independent advice, guidance, and oversight with respect to:

1. The adequacy of the Company’s risk management system in identifying, monitoring, and mitigating risks and exposures.
2. The policies related to risk management, including the Risk Appetite, and monitoring the implementation and adherence thereof.
3. The independence and adequacy of the Risk Management department.

The Risk Management Committee role and responsibility, as outlined below, is in accordance with the legal and regulatory requirements, and the Risk Management Committee Charter:

• Developing a strategy and comprehensive policies for risk management that are consistent with the nature and volume of the Company’s activities, monitoring their implementation, and reviewing and updating them based on the Company’s internal and external changing factors.
• Determining and maintaining an acceptable level of risk that may be faced by the Company and ensuring that the Company does not go beyond such level.
• Ensuring the feasibility of the Company continuation, the successful continuity of its activities and determining the risks that threaten its existence during the following twelve (12) months.
• Overseeing the Company’s risk management system and assessing the effectiveness of the systems and mechanisms for determining and monitoring the risks that threaten the Company in order to determine areas of inadequacy therein.
• Regularly reassessing the Company’s ability to take risks and be exposed to such risks (through ‘stress tests’ as an example).
• Preparing detailed reports on the exposure to risks and the recommended measures to manage such risks and presenting them to the Board.
• Providing recommendations to the Board on matters related to risk management.
• Ensuring the availability of adequate resources and systems for risk management.
• Reviewing the organisational structure for risk management and providing recommendations regarding the same before approval by the Board.
• Verifying the independence of the risk management employees from activities that may expose the Company to risk.
• Ensuring that the risk management employees understand the risks threatening the Company and seeking to raise awareness through a better culture of risk.
• Reviewing any issues raised by the Board Audit Committee that may affect the Company’s risk management.
• Ensure the Chief Risk Officer, within the scope and authority of his/her risk responsibilities, shall be given the right of unfettered direct access to the Chairman of the Board and to the Board Risk Management Committee.

Profiles of Risk Management Committee Members in 2024 who are not Board Directors

Mr Guy Richelle

Position	Age	Nationality
Member of the Risk Management Committee	69 years	Belgian

Academic and Professional Qualification

• Master’s degree in Nuclear Engineering, University de Liege Belgium, in 1978G.
• Master’s degree in Climate Change and Environment, King’s College of London, in 2000G

Current Key Positions

• Independent Board member and Executive Committee, Vision invest international.

Past Key Professional Experience

• Non‑executive Vice‑Chairman of the Board and Chairman of the Executive Committee, NOMAC.
• Head of Business Development Oversight and Acting Chief Executive Officer, ENGIE SA.
• Operational Projects Director, ENGIE SA.
• Executive Director and Chief Operations Officer, the International Power Company.
• Chief Executive Officer, GDF SUEZ International Energy MENA.
• Engineering Manager, Westinghouse Nuclear.

Mr John Walker

Position	Age	Nationality
Member of the Risk Management Committee	69 years	Australian

Academic and Professional Qualification

• Honours degree in Politics from the University of New England in Australia in 1982G

Current Key Positions

• Chairman, Eastpoint Partners Limited (Hong Kong).
• Chairman, Glenfarne Infrastructure Holdings, LLC (New York).
• Chairman, Korea Renewable Energy Development & Operation (Korea).
• Deputy Chairman, Australia Korea Business Council.
• Chairman, Camarata Music Company (Korea).
• Chairman, Integra Communications (Korea).
• Advisory Member of the Board, BlackRock Infrastructure Solutions.
• Advisory Member of the Board, BrightNight Power (USA).
• Advisory Member of the Board, Nextwave Partners (Singapore).
• Investment Committee Member, British International Investments (UK).
• Member of the Board, Akaysha Energy Pty Ltd (Australia).

Past Key Professional Experience

• Chairman, Macquarie Capital Asia.
• Chairman, Macquarie Group‑ Korea.
• Chairman, Eastpoint Partners Limited.
• Head of Government Business, Asset and Infrastructure Group, Macquarie Group.
• Head of Government Business, Bankers Trust Australia.
• Chief Executive Officer, Chief Ministers Department, Australian Capital Territory.
• Chief Executive Officer, New South Wales Department of Transport.

Mr Ayman El Ariss

Position	Age	Nationality
Member of the Risk Management Committee	46 years	French

Academic and Professional Qualification

• Bachelor’s degree in Engineering, Computer Engineering, The American University of Beirut, in 2001G.
• Master of Science, Electrical Engineering, University of California, in 2003G.
• MBA, INSEAD, in 2009G.

Current Key Positions

• Director, Public Investment Fund (Riyadh, KSA).

Past Key Professional Experience

• Senior Manager, Masdar (part of Mubadala Investment Company).
• Manager, The Monitor Group, a global strategy consulting firm.
• Software Engineer, Mobiclip (today Nintendo European R&D).
• Lead Software Engineer, LG Electronics.

Risk Management Committee Meetings and Attendance in 2024

In 2024 there were four (4) official Risk Management Committee meetings. These meetings were planned, and the Chairman did not receive any request by two or more of the Risk Management Committee members to hold an emergency meeting during the year. The record of the members' attendance is provided here.