Corporate governance was deliberately adopted by Mines and Metals Development Investment Company (MMDIC) and its affiliated and subsidiary entities via introducing rules, instructions, and code of conducts as well as strategies to enhance transparency, responsibility, and accountability of the group for all stakeholders. In this regard, board of directors is functionally considered responsible for introducing, monitoring and overseeing the administrative rules and procedures, as well as mission achievement. Therefore, different committees are being gradually founded in the group including internal surveillance and audit committee, risk management committee, as well as compensation committee to support board of directors for monitoring and improving productivity and financial achievement, resolving conflicts of interest, and enhancing information transparency. Corporate governance is systematically expected to augment the efficiency of human and financial resources in accordance with the group main vision and goals due to the considerable forward and backward linkages between mining and other economic sectors. In this context, corporate governance is also recognized as a stimulator of capital formation and financial mobilization throughout the group upcoming projects. Additionally, the other main steps which have been taken in the context of corporate governance are specifically included:

  • Reviewing the structure and chart of the holding company.
  • Introducing jobs, duties, and functions in compliance with the new structure.
  • Writing the rules and guidelines of steering council.
  • Codification the rules of budget and evaluation committee.
  • Providing and writing the rules of internal managers' council.
  • Rearranging and reassigning human capital regulation and rules in compliance with the new structure.
  • Writing and providing the rules and instruction of risk management committee and risk assessment procedures to monitor, evaluate and reduce the impact of contingent risks including market, operational, liquidity, credit, and compliance.
  • Augmenting the instruction of general assemblies for group entities.
  • Providing and writing the staff disciplinary rules.
  • Codification the short term fund and financing rules.
  • Reviewing the rules of staff saving fund.
  • Providing and writing the transaction and purchasing rules.
  • Reviewing the rules of healthcare and medical bonus.
  • Reviewing the staff mission rules.
  • Providing and writing the assignment and evaluation rules for directors of affiliated and subsidiary entities.
  • Writing and announcing the rules and functions of internal audit committee to enhance both financial and operational oversight activities.
  • Reviewing and augmenting the functions of audit committee in compliance with the 10th article of internal control instruction which is announce by the TSE.
  • Codification and writing the functions and duties of board of directors.
  • Writing and announcing the rules and requirements of equities transactions.

Establishment the internal audit committee at the affiliated and subsidiary entities