There are three Committees of the Board, to view the Board & Management Committees structure, click here.
Audit and Risk Committee
The Audit and Risk Committee assists the Board in discharging its responsibilities relating to corporate governance, compliance, the enterprise and fraud risk management framework, financial reporting and the internal control and audit framework. The Committee comprises two independent Non-Executive Directors and an Executive Director and is also attended by the Chief of Group Audit and Risk of Dubai Holding. The Committee meets at least quarterly. The external auditors are PricewaterhouseCoopers.
Investment and Allocation Committee
The Investment and Allocation Committee assists the Board in discharging its responsibilities and acts as the main adviser to the Board, in all aspects of the Company’s investment profile and philosophy 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 Group Chief Financial Officer. The Committee meets at least quarterly
Remuneration and Nominations Committees
The Remuneration and Nominations Committee assists the Board in discharging its responsibilities relating to the performance assessment of the Board and the recruitment, retention, selection and remuneration of 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 comprises the three independent Non-Executive Directors and is also attended by the Chief Human Capital Officer of Dubai Holding. The Committee meets at least quarterly.
The Board has delegated certain authority to an Executive Committee which is supported by and has delegated authority to three Management Committees: Asset Management, Development and Operations.
The Management Committees, each chaired by a Group Chief Officer, comprise the operationa lmanagement of each part of the Group and they action Board decisions, coordinate day-to-day actions and support the Group Chief Officers in decision making. In addition, a number of working groups have been established which report to the Executive Committee and carry out detailed work and analysis in relation to key areas of the business, comprising Fraud and Ethics, Risk Management, and Medical Services, which was established in 2013. Accountability for National Development strategy and implementation has transferred to the Group Chief Human Capital Officer.
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 and business plan for approval by the Board and the management of finance and operations. In addition, the Committee oversees key aspects of governance and risk and the performance and development of senior employees in accordance with its terms of reference. The members of the Executive Committee are the President and Group Chief Executive Officer and the Group Chief Officers. The Committee meets formally at least eight times a year.
Asset Management Committee
The Asset Management Committee provides operational management oversight of the Group’s owned assets and ensures that the value of the owned assets is maintained. Members of the Committee include the Chief Executive Officer, Real Estate and Asset Management and Group Chief Financial Officer. It meets at least once 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 Group Chief Development Officer and a number of other Chief Officers of the Company. It meets once a month.
The Operations Committee is responsible for overseeing the performance and management of the Group as it relates to the operating units. Members of the Committee include the Chief Executive Officer, Group Operations and Chief Officers and senior members of the business. It meets once a month.