A) BOARD OF GOVERNORS
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3.1 AL-IKHWAN will be governed by the Board of Governors (BOG). The Board of Governors oversee operations by steering its course of direction through:

• Clear statement of AL-IKHWAN mission.
• Outlining overall objectives.
• Policy formulation
• Guiding strategy formulation and market placement.
• Monitoring competitive position and operations performance.
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3.2 In order to concentrate on strategic issues, the BOG delegates its operational powers to the Executive Committee, and further down to the Management Committee.

Functions of the Board of Governors
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3.3 The main functions, which the Board of Governors (BOG) performs in connection with the operations of AL-IKHWAN are summarized below:
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• Ensure that the AL-IKHWAN mission is clearly communicated to the executive management in writing.
• Review and approve long-range plans, annual capital and revenue budgets, operating plans and monitor actual performance.
• Review corporate objectives and policies from time to time in the light of change in the competitive environment
• Review formal policy statements to reflect corporate philosophy, and to provide operational guidance to the executive management.
• Review and approve competitive strategy prepared by the executive management.
• Provide guidance to the executive management in the development of infrastructure facilities.
• Appoint external auditors and fix their term and remuneration.
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• Approve long-term borrowing agreements and ensure compliance of agreed covenants.
• Approve capital expenditure or disposal of fixed assets of AL-IKHWAN.
• Ensure that regulatory requirements specified by regulating agencies are fulfilled, either directly by them or through delegation of authority down the line.
• Appoint the Chief Executive Officer of AL-IKHWAN and specify his responsibilities and authorities.
• Approve annual, half yearly or other periodical accounts and circulate as required to the members.
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B) EXECUTIVE COMMITTEE

3.4 Executive Committee exist to look after the operational matters of AL-IKHWAN. The Executive Committee consists of six members namely:

Chief Executive Officer Chairman
Member BOG Member
Member BOG Member

3.5 While overall direction is provided by the Board of Governors, Executive Committee shall:
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• Provide direction for day to day operational matters within overall framework laid down by the Board of Governors;
• Recommend policies for approval of Board of Governors;
• Provide constant and effective leadership and direction to management; and
• Review of periodical performance of AL-IKHWAN and take remedial actions, whenever necessary.
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3.6 The Executive Committee provides assistance to the Chief Executive Officer in formulation of policy guidelines for approval of the Board of Governors. It is envisaged that the Executive Committee will also provide a balanced mix of technical skills and operational expertise for efficient and effective decision-making and control of the affairs of AL-IKHWAN.

3.7 The Executive Committee will meet at least once on quarterly basis or as and when required.
 
Functions of the Executive Committee
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3.8 The main functions of the Executive Committee have been summarized below:

• Formulate proposals relating to business strategy and present the same to the Board of Governors for guidance and approval.
• Provide guidance and direction to departmental heads in the development of an annual operating plan.
• Formulate policy recommendation for the development of infrastructure, facilities and services expansion/diversification and present the same to the Board of Governors for guidance and approval.
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• Review the annual capital and revenue budgets and present the same to the Board of Governors for review and approval.
• Develop Quarterly Operations Review Reports highlight variances and take remedial action.
• Provide functional guidance to departmental heads in day-to-day operations, as required.
• Ensure that the requirements of law as applicable to AL-IKHWAN are complied within time and consistent manner.
• Translate Board of Governors’ policy guidelines into procedures.
• Ensure that AL-IKHWAN operations are managed in a professional manner.
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• Formulate proposals for changes in departmental organization structures and manning levels and obtain approval of the Board of Governors.
• Formulate proposals for amendments to the delegation of authorities and obtain approval of the Board of Governors.
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