1e9094c2-9a1f-46e5-b2fe-93f741031d0f ACICO Group
Masaken International

    Risk Management Committee


    The Risk Management Committee is a sub-committee of the Board of Directors. The committee oversee and review the risk management framework at Group Level. The committee will oversee & verify the implementation of the group´s policy in accordance with risk management framework and conducting risk management activities.

    Committee Member

    • Eng. Ghosson Ghassan Al-Khaled ( Chairman of the Committee )
    • Mr. Hussam Abu-Lughod 
    • Mr. Hussam Abu-Lughod ( Chairman of the Committee )

    Committees Responsibilities

    The purpose of the Committee is to assist the Board by providing risk management oversight in the following matters (but not limited to):

    • Preparing and reviewing the strategies and policies of risk management before it´s approved by the Board of Directors and ensuring the execution of these strategies and policies and the same is consistent with the nature and size of the group´s activity. 
    • Evaluate the Risk Management System for identifying and monitoring various risks that the group may be exposed to, in order to determine the weaknesses in this regard. 
    • Assist the Board of Directors in identifying and assessing the acceptable level of the risks, to ensure that the group does not breach this level of the risk after approval from the Board of Directors. 
    • Reviewing the organization structure of the risk management department and submitting its recommendations in this regard, prior to its approval from the Board of Directors. 
    • Preparing periodic reports regarding the nature of the risks that the group may be exposed to and submitting the same to the Board of Directors. 


    The risk management committee should convene its meetings on periodical basis, at least four times annually and when needed, the minutes of the meetings should be recorded.

    Audit Committee :


    The Audit Committee is responsible for assisting the Board of Directors in the oversight of:

    • The integrity of the financial statements of the Company,
    • The adequacy and the effectiveness of the internal control systems implemented,
    • The performance of the Company’s internal audit function,

    The company's commitment to legal requirements, policies, regulations and instructions that related to company.

    Committee Member
    • Eng. Ghosson Ghassan Al-Khaled
    • Mr. Ali Al Ghanim
    • Mr. Hussam Abu-Lughod ( Chairman of the Committee )

    Committees Responsibilities

    The roles and responsibilities of the audit committee include but are not limited to the following: 

    • Review the financial statements periodically before submitting to the Board of Director, and submitting its opinions and recommendations in this regard to the Board of Directors and that´s to ensure transparency and fairness in the financial reports. 
    • The audit committee shall submit its recommendations to the board regarding appointment and reappointment of external auditor, as well as determining and changing their fees. Taking into account when recommending, that independence is ensured and reviewing their engagement letter.
    • Monitoring the external auditor´s performance, to ensure that they are not providing services to group except for services required by the audit profession. 
    • Studying the external auditor´s observations regarding the financial statements and following-up on its status. 
    • Evaluate the adequacy of the internal control systems in the group and prepares a report including the opinion and recommendation of the committee in this regard. 
    • Recommend the recruitment, shifting and termination the chief internal auditor, and evaluate his performance and the performance of the internal audit department. 
    • Reviewing the results of internal audit reports, and ensures that the corrective procedures have been taken regarding the observations which are contained in the report.
    • Reviewing the proposed deals and transactions the group performs with related parties and provide the proper recommendations to the board. 

    Nomination and Remuneration Committee:


    The Nomination and Remuneration Committee is a specialized committee formed by the Board of Directors whose key role will be the preparation of recommendations to the Board regarding all proposed nominations. The Nomination and Remuneration Committee establishes a comprehensive and transparent corporate framework for appointment of Directors and senior management of the Company in an effective manner.

    Committee Member

    • Mr. Adel Al Mekazem
    • Mr. Hussam Abu-Lughod
    • Mr. Abdulaziz Al Humaidhi ( Chairman of the Committee )
    • Mr. Ali Al Ghanim

    Committees Responsibilities

    The Nomination and Remuneration Committee is responsible for the lay down the remuneration policy review of the company’s remuneration framework and specify the Executive Management remunerations. The Committee also initiates and oversees the evaluation process of the Board and Committees. The Committee shall oversee remuneration related disclosures required in annual statutory reporting and provide advice to the Board on those disclosures.

    Further, the Committee is responsible for recommending for nomination and re-nomination for the BOD membership, BOD committees, and senior management.

    If you have any inquiries, please contact Masaken International Investor Relation Unit on:

    Mr. Abdul Nasser Mahmoud “ Financial Manager “
    Tel: +965 1888811 Ext: 1141
    Email : nasser@acico.com.kw

    Mr. Waleed Kamel “ MIS Manager “
    Tel: +965 1888811 Ext : 1888
    Email: waleed.kamel@acico.com.kw

    Mr. Mutaz Al Jazar “ Risk & Compliance Manager”
    Tel: +9651888811 Ext : 8822
    Email: mutaz@acico.com.kw
    CSR is a concept that stems from the principles of any organization where its existence is based on being an added value to shareholders, employees and community.

    We believe that the very existence of any organization relies on the human element which creates the operational chain of board-executive-manager-worker.  The well being of each employee at all levels of the hierarchy is a responsibility of the organization that leads to maximum efficiency performance which in turn fulfills the responsibility to shareholders, consumers, and the environment. The continuation of this cycle requires maintenance of the human element which spreads into society creating the satisfied communities we live in.  From an environmental perspective, it is the responsibility of every organization to have a waste management policy that would preserve the environment to be an ideal citizen in the community we operate and live in.It is in the best interest of all profit organizations to adapt a cohesive CSR policy as it is a core concept that contributes directly to the performance and profitability of the organization.

    ACICO Industries is proud to be a proactive member of the communities where it operates where CSR agendas are prepared on a year by year basis.

    Our latest contributions:
    • ACICO Industries Company donates 1,000,000 AED to Dubai Cares.

    Dubai Cares is a philanthropic establishment that aims to reach out to children in developing countries to provide them with primary education as a weapon against poverty. This establishment was set up by His Highness Sheikh Mohammed Bin Rashid Al-Maktoum in 2007. Dubai Cares is a partner of Bill and Melinda Gates Foundation, Care international, Medecins Sans Frontiers, Microsoft, Oxfam, UNICEF, UNRWA, Room to Read and Save the Children.

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