Page 127 - Inegrated Annual Report 2020-Eng

5.3. Technical Committee

Mr. Dagher Darwish Al Marar, Technical Committee Chairman, acknowledges his responsibility for the
Committee system in the Company, review of its work mechanism and ensuring its effectiveness.

The duties and responsibilities of the Technical Committee according to its approved Charter are
consistent with the governance rules set forth in the Corporate Governance Guide. In particular, the
Technical Committee has the following key duties and responsibilities:

• Evaluate and endorse recommendations submitted by the executive management and refer them
to the Board for final approval, in regards to the following:

• Acquisition of fleet and related purchase agreements, including new dredgers building.
• Disposal of fleet and related disposal agreements..

• Provide oversight on management of fleet owned by the Company.

• Any other matters determined by the Board.

The Technical Committee did not meet during 2020.

5.4. Strategy Committee

Mr. Mohamed Ahmed Al Qamzi, Strategy Committee Chairman, acknowledges his responsibility for
the Committee system in the Company, review of its work mechanism and ensuring its effectiveness.

The duties and responsibilities of the Strategy Committee according to its approved Charter are
consistent with the governance rules set forth in the Corporate Governance Guide. In particular, the
Strategy Committee has the following key duties and responsibilities:

• Review and evaluate the recommendations submitted by the executive management with regard to
business strategy, budgets and annual plan.

• Work with the executive management to make recommendations to the Board on the business
strategy and long term strategic objectives of the Company, including all subsidiaries and associates.

• Review and evaluate large scale capital investments and operational expenditure.

• Review and evaluate the Company’s operational plans in support of the Company’s strategic plan
and refer them to the Board for final approval, including:
• Expansion Strategy, including opening of new subsidiaries, branches and joint ventures

• Acquisition Strategy

• Opportunities for potential acquisitions
• Review and evaluate major unbudgeted expenditure, including those relating to contractual
arrangements with consultants and advisors.

• Review and assess responses to external developments and factors, such as changes in the
economy, industry trends, competition and technology, which may impact the Company’s strategic
plan.

2020 Integrated Annual Report 127