Board & Management – Separation of Duties
Dubai World’s approach as a holding company is to empower Business Units to conduct their business under the direction of a CEO and assisted by competent Manager and Officers. The Oversight of the Board will be restricted to ensuring long term value enhancement for all stakeholders.
Dubai World’s philosophy is to have a prudent mix of Shareholder nominees, Business Unit CEOs and independent Directors on the board. The numbers of independent directors are expected to be 1 in 5.
Duties of the Board
The Board duties shall focus in general; but not limited to:
- Reviewing and approving Strategy and major corporate action
- Addressing major financial and reputation risk
- Approving action resulting in large and significant operational impact
- Approving large financial commitments
- Approving Board members, subcommittee, CEO, Top Management appointment, granting Authorities and defining limits to Authority
- Approving Governance processes
- Addressing compliance requirements
- Dividend policy
- Equitable treatment of shareholders
- Integrity and ethical behavior