DP World Limited (the “Company”) is incorporated in the Dubai International Financial Centre (“DIFC”) and was admitted in 2007 to the official list of securities on Nasdaq Dubai. During the Financial Year the Company was subject solely to the regulatory obligations of the DIFC Markets Law and the various rules made by the Dubai Financial Services Authority thereunder (together with DIFC Markets Law, the “Nasdaq Dubai Rules”). The Board reviewed and monitored the policies and procedures that were in place during the year to ensure compliance with the Corporate Governance principles of the Nasdaq Dubai Rules.
For the year ended 31 December 2017, the Company complied with the provisions of the Nasdaq Dubai Rules other than:
- Paragraph 16 of App 4 to the Nasdaq Dubai Rules (“App 4”) – the roles of Chairman and of Chief Executive Officer were held by the same individual. The appointment of the Chairman, Sultan Ahmed Bin Sulayem, as Chief Executive Officer was approved by the shareholders at the Company’s Annual General Meeting in April 2016. Furthermore, in accordance with paragraph 17 of App 4, the Board has established measures to ensure that it can properly discharge its function of providing effective oversight of the management of the Company:
The Board is comprised of a majority of Independent Non-Executive Directors;
The Executive Directors and senior managers have objectives and their performance against these objectives are reviewed by the Remuneration Committee, which is entirely comprised of Independent Non-Executive Directors.
The Board of Directors manages the Company’s business and its primary responsibility is to foster the long-term success of the Company.
In 2016, the Board evaluation was facilitated internally by the Company Secretary.