Since 2004, when Nahdi was converted from a sole proprietorship into a limited liability company, several important initiatives have been undertaken to develop and strengthen the company’s governance structure. A professional team of highly-experienced senior executives was appointed to run Nahdi, and to support their efforts a comprehensive corporate governance structure with policies and procedures was enacted. Central to this structure is an Internal Audit Department that reports directly to the Board of Directors and to three independent committees, collectively allowing for the effective monitoring and oversight of Nahdi’s executive team. The committees and membership are:
Nomination & Compensation Committee
The Compensation & Nomination Committee focuses on a few strategic areas, as per the mission assigned to it by the Board of Directors:
- Makes regular reviews of the Board of Directors (BoD) membership, aiming to have the right skills and diversity.
- Defines compensation policies for the BoD, and for the other Committees (CNC and Audit)
- Monitors the overall Company’s compensation and benefits policies and schemes, aiming to keep NMC competitive with the market. This should enable - NMC to attract and retain the best talents.
- Monitors Succession plans, to ensure sustainability of the operations, and people readiness for future strategic assignments.
Nidal Jamjoom is an Industrial Engineering graduate from King Abdulaziz University, Jeddah, and has 21 years’ experience in general management, strategy development and deployment, brand development, and marketing in industry-leading FMCG businesses and the real estate sector. He played a leading role in the start up and IPO of Emaar, The Economic City, the developer of King Abdullah Economic City – the single largest private investment in the region. Mr. Jamjoom is CEO of Kinan, a leading real estate developer in Saudi Arabia, which he has transformed from being a mall developer and operator into a major residential developer as well. Today the company is developing three large scale-residential projects in Jeddah and Riyadh with investments exceeding $1.5 billion and a development area of 5,000,000 m². The malls operated attract 56 million shoppers a year. Previously, he was Country Manager-Saudi Arabia of Procter & Gamble and in his 14+ years there successfully led the launch and re-launch of many top-selling brands marketing initiatives, and strategies, delivering record top and bottom line growth.
Abdulhadi A. Shayif
Abdulhadi A. Shayif worked with National Commercial Bank from 1975-2005, occupying various positions in all areas until 1999 when he became the General Manager of NCB and Member of the Board of Directors, Member of the Executive Committee, Member of the Risk Committee and Member of the Credit Committee. Currently he sits on a number of other Boards including Saudi Hollandi Bank where he is also Member of the Executive Committee and Chairman of the Nomination & Compensation Committee. He is also a Member of the Board and Chairman of Audit Committee of Arab Cement Co, BUPA Arabia Ltd, Deutsche Securities Saudi Arabia, Al Obeikan Group, Byblos Bank, Beirut; Qatarana Cement Co, Amman; Al Majdouie Group of Companies, Attieh Steel Co Ltd, and Namma Cargo. He is also Chairman of FWU International Advisory Board, Munich. Mr. Shayif graduated in Economics from the American University of Beirut.
Tareq Hussein Ragaban
Tareq Hussein Ragaban is a full time consultant dedicated to HR and executive coaching. Previously, he was Vice-President, Human Resources and Public Affairs at SEDCO Jeddah from 1998-2011; Head of Personnel Management and Deputy Director of the Human Resources Management Department at Islamic Development Bank (IDB) Jeddah from 1993-1998; Manager of Career and Organisation Development, International Airports Projects, Ministry of Defence & Aviation, Jeddah, from 1985-1993; and Recruitment Officer, Technical Studies Institute, Royal Saudi Air Force, Dhahran from 1979-1985. He has a BSc degree in Industrial Psychology from Bolton Institute of Technology, UK, and an MA in Manpower Studies (Manpower Development) from the Central London Polytechnic.
The committee’s secretary
Mohamed Loughzail’s responsibilities cover Human Resources, Real Estate, and Regulatory Affairs. He holds a Master’s Degree in Computer Science from the University of Montreal and an Engineering Degree in Applied Mathematics & IT from INSEA, Morocco. His 22 years’ experience includes two years at Nahdi, five years as Head of Human Resources at the Savola group, and 15 years with P&G (CEEMEA and China).
Audit CommitteeAudit Committee's roles & responsibilities are to assist Nahdi’s board of directors in fulfilling its oversight responsibilities for the integrity of the company’s financial statements, company’s compliance with legal and regulatory requirements and the performance of the company’s internal audit function and independent auditors.
Mohammed Noor Jameel Joukhdar
Audit Committee Chairman and member of the BOD
Mohammed Noor Jameel Joukhdar is Group General Advisor for the Attieh Group, having previously spent eight years as Senior Vice- President and member of the Executive Committee of SEDCO, and before that was Group President of Saudi Cable Company for 13 years. Earlier appointments include General Manager of Saudi Mechanical and Electrical Contractors and various positions in Saudi Aramco where he began his business career. He holds a Master’s degree in Applied Chemical Engineering, a Bachelor’s degree in Chemical Engineering, and is a graduate of the Senior Executive Program at Stanford University, California, USA.
Mohamed Al Madi
Member of the Committee on Internal Control
Mohammed H. Al-Madi is the Director of Internal Audit at NMC and the secretary of the Audit Committee. He holds a bachelor with first honor degree in Accounting from Imam Mohammed Bin Saud Islamic University. His professional qualifications includes CIA (Certified Internal Auditor), CRMA (Certificate in Risk Management Assurance), ACPA (Arab Certified Public Accountant) and CFC (Certified Financial Consultant). Mohammed joined NMC in 2011 with over 10 years of experience in external and internal auditing. He was previously the Head of Internal Audit at Attieh Steel Company where he spent six years and built the internal audit department jointly with two of the biggest audit firms; Ernst & Young (EY) and Price Waterhouse Coopers (PwC). Through his work with the leading Arab audit firm Talal Abu Ghazaleh & Co for four years, his rich clients portfolio allowed him to work on a variety of business types that include trading, contracting, education, manufacturing and fabricating.
Abdulraouf S. Banaja
Member of the Committee on Internal Control
Abdulraouf S. Banaja is also Senior Executive, Vice-President, and Head of CFD at Alawwai Financial Services; a member of the Board and the Chairman of the Audit Committee of Zuhair Fayez Partners; a member of the Board of Alahli Funds and Chairman of the Risk and Audit Subcommittee; and a member of the Board of Alahli Takaful. Previously, he was Senior Vice-President and member of the Executive Committee of SEDCO, following a term as Regional Manager of SEDCO Egypt. Earlier appointments include senior positions with National Commercial Bank, Jeddah; Saudi British Bank, Riyadh; and Gulf International Bank, Bahrain. He also served as consultant to the Vice-Governor of the Saudi Arabian Monetary Agency and was Senior Economic Consultant to the Ministry of Finance. Mr. Banaja earned his PhD in Economics from the University of California, Santa Barbara, in 1981 and from 1981-1983 was Assistant Professor of Economics and Head of the Department of Quantitative Methods at King Saud University, Riyadh.