stc is committed to implement the best practices and standards of Corporate Governance which is necessary to gain confidence of its shareholders, customers, employees and stakeholders. stc is committed to honesty, fairness and integrity and transparency in protecting the transactions of its stakeholders through stc's governance framework.
stc has seven members on the board, and they are responsible for attaining the objectives of shareholders. The board is also responsible for following up and overseeing performance of the Executive Management.
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stc adopts and applies an effective internal-control program. This program comprises of policies, regulations, charters and authority matrix approved by Board of Directors to cover all aspects of stc's operations. Also, both stc Internal Audit and Compliance Departments oversee the company's activities.
stc has an independent Internal Audit Department reporting directly to Board Audit Committee. Internal Audit Department, as an added-value to the company, provides consultancy and control services to assist in attaining stc’s objectives. This department implements and applies the international standards issued by The Institute of Internal Auditors in all aspects.
stc has an independent Risk Management Department reporting directly to the Board Risk Management Committee. This department is responsible for monitoring, reviewing and evaluating risks.
stc has Compliance Department reporting directly to the Board Audit Committee. This department is responsible for ensuring the company's compliance, in all aspects, with all control procedures, requirements and rules issued by Capital Markets Authority, Ministry of Commerce and Industry and Kuwait Stock Exchange. Also, this department reviews stc’s disclosures to the regulators.
Audit Committee will make recommendation for Board of Directors to appoint/re-appoint an External Auditor and ensure the independency of the External Auditor. Also, the committee will make sure that the External Auditor doesn't practice any additional work that may affect his independency.
The External Auditor is appointed by the General Assembly( Mr. Waleed A. Al Osaimi, Ernst & Young Al Aiban, Al Osaimi & Partners).. has been appointed as external auditor.
The company is committed to implement accurate transparency practices and standards. stc Board of Directors has approved disclosure policy and procedures that guarantee providing accurate, timely and consistent information to the shareholders and its stakeholders. Also, stc has central unit for Disclosure and Corporate Governance.
This unit is affiliated to Compliance Department and responsible for coordinating with the other departments and parent company to ensure timely accurate disclosure of information.
The company's disclosures are submitted to Capital Markets Authority and Kuwait Stock Exchange, and available on stc’s official website.
For reviewing stc disclosures, kindly visit: www.stc.com.kw/sites/stc/en/ir-disclosures
stc is committed to protect the rights of its shareholders and stakeholders. So the Board of Directors has approved new policies to guarantee the shareholders all their rights including those stipulated by the Companies Law and the instructions of the Capital Markets Authority as follows:
1) Register ownership in the company's records.
2) Dispose the shares including registering and/or transferring the shares.
3) Receive shares of dividends allocated for distribution.
4)Receive shares of assets in case of liquidation.
5) On a regular basis and in an accessible manner, obtain information about the company's activities.
6) Participate in meetings and vote on General Assembly resolutions.
7) Elect Board of Directors.
8) Oversee the company's performance in general and activities of the Board of Directors in particular.
9) Hold the Board of Directors and the Executive Management accountable in case they fail to execute the duties assigned to them.
For more information regarding the shareholders’ and stakeholders’ rights policy, please Click here
stc Investor Relations Department contacts all the investors on a regular basis and convenes periodical meetings with the analysts and shareholders as per the investor-relations program applicable in stc.
This department receives all inquiries and questions of the shareholders and publishes the company's financial statements, annual reports and other information.
For more information, kindly visit the Investor Relations webpage: https://www.stc.com.kw/sites/stc/en/investor-relations
stc is committed to achieving sustainable development for the society in general and its employees in particular.
stc implements Corporate Social Responsibility which is approved by the Board of Directors to ensure being part of the efforts towards sustainable economic and social development.
For more information, kindly visit Corporate Social Responsibility webpage: https://www.stc.com.kw/sites/stc/en/CSR
The Board of Directors has a high regard for the best practices of Code of Conduct. So, the company has set up the related supporting policies and procedures including the following:
The Board of Directors has approved the Code of Conduct and Ethics to be complied with by all the board members, employees and related parties to ensure implementation of honesty, integrity and acceptable behavior inside and outside the company.
For more information regarding the Code of Conduct & Ethics policy, please click here
The Board of Directors has approved the Related Party Transactions policy. This policy identifies the valid rules to contemplate these transactions and its mechanism of approval and disclosure in line with the international standards, Company's memorandum of association and articles of association and regulations issued by the regulatory bodies.
The Board of Directors has approved Conflict of Interests policy and its mechanism, and report any breaches immediately in line with legal requirements and regulatory bodies' regulations. This procedure aims to ensure that the company's resources and delegated authority is not being misused for personal matters. Also, the policy identifies control responsibility to implement Conflicts of Interests procedures through Internal Audit Department, Risk Management Department and Compliance Department along with the Audit and Risk Management committees.
The Board of Directors, the Executive Management and the employees are committed to keep confidentiality of information related to the company's activities and stakeholders including customers’, suppliers’ and employees’ data in accordance with stipulations and provisions of the related laws and rules issued by the control authorities. In the same regard, the company applies effective information security policies and procedures.
The company is committed to keeping honesty, integrity, moral values and laws in all transactions and activities with its employees and stakeholders. So, the company has approved the Whistle Blowing policy that ensures that each and every one has the right to report any violation or irregularity through direct communication channels with the chairman. These procedures ensure adequate protection for the whistle blower until the completion of the investigation related to these reports.
Irregularities Reporting Policy and Procedures could be reviewed by contacting: phone number: 5567 0000, email: firstname.lastname@example.org address: Salmiya, Arabian Gulf St., Olympia Complex, stc Tower, 20th floor.
Extraordinary General Assembly, held in June 2014 and March 2016, has approved the company's Memorandum of Association and Articles of Association in accordance with requirements of Companies Law, Ministry of Commerce and Industry and instructions issued by Capital Markets Authority. For more information regarding the Memorandum and Articles of Association, please click here