The Board of Directors of Al-Ghazi Tractors Limited ("AGTL") believes that sound corporate governance policies and practices provide an essential foundation to assist the Board in fulfilling its responsibilities. We also believe it is important that our investors and other stakeholders know our corporate governance policies and practices. Accordingly, we have set out our corporate governance practices in this portion of the Annual Report.
Responsibility for our management lies with our Board of Directors, which supervises the policies of AGTL and the general course of corporate affairs. The members of the Board are appointed at the meetings of shareholders and do not have fixed terms of office. Pursuant to the Articles of Association, appointments of directors are for three-year terms.
The Board today is comprised of two executive members who also have responsibility for day-to-day operations, and are referred to as executive directors (CEO and CFO), and six members not having such responsibility, referred to as non-executive directors. A majority of our directors are thus non-executive directors.