There are three Committees of the Board, each of which is comprised of a majority of Independent Non- Executive Directors. To view the Board & Management Committees structure, click here.
Audit and Risk Committee
The Audit and Risk Committee oversees corporate governance, compliance, the enterprise and fraud risk management framework, financial reporting and the internal control and audit framework. The Audit and Risk Committee is comprised of two Independent Non-Executive Directors and an Executive Director and is also attended by the Chief Internal Audit Officer of Dubai Holding. The external auditors are PricewaterhouseCoopers. The Committee meets quarterly.
Investment and Allocation Committee
The Investment and Allocation Committee oversees and acts as the main adviser to the Board in all aspects of the Company’s investment profile and desired risk profile. Responsible for recommending a portfolio strategy, business unit targets, capital allocation and strategic risk management, the Committee’s responsibilities also include reviewing and challenging investments and divestments for approval by the Board. The members of the Investment and Allocation Committee are the three Independent Non-Executive Directors, the President and Group Chief Executive Officer and the Chief Financial Officer. The Committee meets at least quarterly.
Remuneration and Nominations Committees
The Remuneration and Nominations Committee is responsible for the recruitment, retention, selection, remuneration and performance assessment of the Board and the Group’s senior management. It is also responsible for review of the structure, size and composition of the Board and to ensure that succession planning is in place for Directors and senior management. This Committee is comprised of the three Independent Non-Executive Directors and is also attended by the Chief Human Capital Officer of Dubai Holding. The Committee meets quarterly.
The Board has delegated certain authority to an Executive Committee which is supported by and has delegated authority to three Management Committees. In addition, three working groups carry out detailed work and analysis in relation to key areas of the business - Fraud and Ethics, National Development and Risk Management.
The Executive Committee is responsible and accountable to the Board for all aspects of the performance and management of the Group. It has responsibility for oversight of the business, the development of Group strategy for approval by the Board, and the management of the finance and operations. In addition, the Committee has the authority to approve hotel management agreements and other associated development projects, to oversee the performance and development of senior employees, and to make decisions relating to insurance and risk in accordance with its terms of reference. The members of the Executive Committee are the President and Group Chief Executive Officer and the Chief Officers of the Group. The Committee meets once a month.
Asset Management Committee
The Asset Management Committee provides operational management oversight of the Group’s asset management business. Members of the Committee include the Chief Financial Officer and the Chief Executive Officer, Hospitality Asset Management. It meets twice a month.
The Development Committee reviews the terms and, if appropriate, approves new hotel, residence and serviced apartment management agreements. The Committee also monitors the progress of development deal negotiations and oversees the Company’s technical services and design process. Members of the Committee include the Chief Legal and Development Officer and a number of other Chief Officers of the Company. It meets once a month.
The Operations Committee is responsible for oversight of the performance and management of the Group as it relates to the operating units. Members of the Committee include the Chief Operating Officer and Chief Officers and senior members of the business. It meets once a month.