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The Charter requires the Committee to convene at least once per financial year. In 2015, it met three times to
consider the following key items:
• Review of Kuwait Energy’s Corporate Governance framework
• Review of Board composition
• Enhancement of Company Secretary function
• Board evaluation
Remuneration Committee
A summary of the key responsibilities and activities of the Remuneration Committee is detailed within the Statement
to Shareholders from the Chair of the Remuneration Committee section of this report.
DIRECTOR’S RESPONSIBILITY STATEMENT
The directors are responsible for preparing the Annual Report and the financial statements in accordance with
applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the
directors have elected to prepare the financial statements in accordance with International Financial Reporting
Standards (“IFRS”) as adopted by the European Union. The financial statements are required by law to be properly
prepared in accordance with the Companies (Jersey) Law 1991. Under company law the directors must not approve
the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the
Group and of the profit or loss of the Group for that period. In preparing these financial statements, International
Accounting Standard 1 requires that directors:
• Properly select and apply accounting policies.
• Present information, including accounting policies, in a manner that provides relevant, reliable, comparable and
understandable information.
• Provide additional disclosures when compliance with the specific requirements in IFRS are insufficient to enable
users to understand the impact of particular transactions, other events and conditions on the entity’s financial
position and financial performance.
• Make an assessment of the Group’s ability to continue as a going concern.
The directors are responsible for keeping proper accounting records that are sufficient to showand explain the Group’s
transactions and disclose with reasonable accuracy at any time the financial position of the Group and enable them
to ensure that the financial statements comply with the Companies (Jersey) Law 1991. They are also responsible for
the system of internal control, for safeguarding the assets of the Group and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
For and on behalf of the board
Dr Manssour Aboukhamseen
Dr Yousef Al Awadi
Executive Chairman
Director and Chairman Board Audit Committee
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