Corporate Governance Framework
A sound corporate governance is an important and mandatory element to create and preserve shareholder value, ensuring that the actions, attitudes and behaviors of our team are associated to ethical and legal principles and in constructive disclosure and transparency to concerned parties.
NOMW Capital’s Corporate Governance framework is based on a professional code of conduct and internal control framework that eliminates conflicts of interest and enforces compliance, a succession plan, operational policies and procedures, internal controls, risk management, internal and external audits, effective communications, and disclosure and transparency of the business.
NOMW Capital is committed to the adoption of regulations issued by the Saudi Capital Market Authority and Sharia Supervisory Board. The company also attaches great importance to the appropriation of its policies and procedures, transparency, accountability, observance of laws and regulatory requirements, and the principles of fairness and social responsibility.
The Corporate Governance is grounded on the following aspects:
- Management and supervision of operations
- Encouragement of ethical and responsible decision-making
- Disclosure in a balanced and timely manner
- Recognition of the legitimate rights of all concerned parties
- Identification and mitigation of risks
- Encouragement of better performance and fair and responsible incentives and compensation
NOMW Capital maintains professional code of conduct that defines the behavior of the members of its Board of Directors, the executive management and the company’s staff to ensure that all procedures and conduct are within the company’s principal corporate governance framework. The company does not enter into any contract that may include any substantial material interest of any of the members of its Board of Directors, the Managing Director and Chief Executive Officer, Chief Financial Officer, or any of its partners.
NOMW Capital adopts comprehensive policies and procedures to ensure full compliance with the corresponding rules of the Capital Market Authority in Saudi Arabia, and the laws and regulations issued by the regulatory authorities in all countries where the company operates.
The Compliance Committee is responsible for ensuring the compliance with all applicable laws and legal and administrative requirements.
Ethical Conduct, Integrity & Independence
All of NOMW Capital’s employees are responsible for informing the Compliance Department of any actual or expected breach of money laundering policies and regulations. NOMW Capital policy relies on allowing employees to submit confidential reports for any breach of the code of conduct. The objective of this policy is to encourage employees to report any malicious practices from their superiors or colleagues. This policy stress on the active role that employees play in the daily operations which helps raising the level of participation of staff, maintain a professional working environment, and measure employee awareness of laws and regulations.
Safeguards Against AML & CTF
The company implements “Know Your Customer” procedures issued by the Capital Market Authority as the basis to get to know its clients, check the sources of their money and ongoing monitoring of their investments, and to provide the required reports to the supervisory authorities. The company also conducts additional studies on its clients to make sure they meet all required standards.
Communications and Public Relations
The company is committed to a policy of providing complete and accurate reports on the company’s core activities, including organizational structure, performance and investment activities. The most efficient way to ensure the provision of this information anytime and on a large scale is through the company’s website, which is updated constantly, where you can get all of that information, including the financial performance reports and investment reports.
As a financial institution committed to the provisions of Islamic Sharia law and principles, we realize our ongoing commitment and our responsibility as citizens and contribute to the good of the community.
One of the main pillars of the policy of NOMW Capital’s social responsibility is to provide support for the development of the future generations, including the sponsorship of a number of educational initiatives, and the provision of support for educational institutions that sponsor outstanding students.
Preservation of Investor Rights
NOMW Capital seeks to educate investors about their rights in accordance with the rules, regulations and instructions issued by the Capital Market Authority in Saudi Arabia.
NOMW is always committed to:
- Provide the information requested by investors
- Keep investors informed about the terms and conditions of their investments and any substantial modifications thereof
- Distribute investment reports and financial statements and reports regularly to investors and upon request