Saudi mobile telecommunications company Zain Saudi Arabia announced that its board of directors has appointed two new members to its audit committee, a strategic move aimed at strengthening the company's governance and internal control structures. According to an official statement published on the Saudi Stock Exchange (Tadawul) website, Mr. Ziad Al-Hazmi and Mr. Kamil Hilali have been approved as members of the committee.
This decision comes as part of the company's ongoing commitment to implementing best practices in corporate governance, which is a cornerstone of ensuring transparency, protecting shareholder rights, and enhancing investor confidence. The Audit Committee plays a pivotal role in overseeing the integrity of the company's financial reporting, reviewing internal control and risk management systems, and evaluating the performance of internal and external auditors, thereby ensuring the soundness and stability of financial and operational processes.
With these new appointments, the final composition of the audit committee at Zain Saudi Arabia is as follows:
- Omar Al-Mahmoud: Independent Member
- Osama Matta: Non-Executive Member
- Ziyad Al-Hazmi: Independent Member
- Kamil Hilali: Non-Executive Member
Zain Saudi Arabia was established in 2008 as the Kingdom’s third mobile operator and has since played a vital role in the development of the Saudi telecommunications sector. The company is a key component of the Zain Group, one of the leading telecommunications companies in the Middle East and Africa. The Saudi telecommunications sector is highly competitive and experiencing rapid growth, driven by the goals of Vision 2030, which focuses on digital transformation and the development of technological infrastructure. This places a significant responsibility on major companies like Zain to maintain the highest standards of performance and transparency.
Strengthening the Audit Committee with experienced members, both independent and non-executive, reflects Zain Saudi Arabia’s commitment to complying with the regulatory requirements of the Capital Market Authority and other regulatory bodies. This decision also sends a positive message to the local and international markets, demonstrating that the company prioritizes sound governance to ensure sustainable growth and deliver long-term value to both its shareholders and customers, amidst the challenges and opportunities presented by the burgeoning digital economy.
