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      Internal Controls

      VIVA adopts and applies an effective internal control program. This program compromises of policies, regulations, charters and authority matrix approved by Board of Directors to cover all aspects of VIVA's operations. Also, both VIVA Internal Audit and Compliance Departments oversee the company's activities.



      Internal Audit Department


      VIVA has an independent Internal Audit Department reporting directly to Board Audit Committee. Internal Audit Department, as being added-value to the company, provides consultancy and control services to assist in attaining VIVA objectives. This department implements and applies the international standards issued by The Institute of Internal Auditors in all aspects.


       

       

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      Risk Management Department

      VIVA has an independent Risk Management Department reporting directly to Board Risk Management Committee. This department is responsible for monitoring, reviewing and evaluating risks.


      Compliance Department


      VIVA has Compliance Department reporting directly to Board Audit Committee. This department is responsible for ensuring the company's compliance, in all aspects, with all control procedures, requirements and rules issued by Capital Markets Authority, Ministry of Commerce and Industry and Kuwait Stock Exchange Market. Also, this department reviews VIVA disclosures to the regulators.

       

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      Audit Committee will make recommendation for Board of Directors to appoint/ re-appoint an External Auditor and ensure the independency of the External Auditor. Also, the committee will make sure that the External Auditor doesn't practice any additional work that may affect his independency.

      The External Auditor is appointed by the General Assembly. Mr. Waleed A. Al Osaimi, Ernst & Young Al Aiban, Al Osaimi & Partners.

       

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      The company is committed to implement accurate transparency practices and standards. VIVA Board of Directors has approved disclosure policy and procedures that guarantee providing accurate, timely and consistent information to the shareholders and its stakeholders. Also, VIVA has central unit for Disclosure and Corporate Governance.

      This unit is affiliated to Compliance Department and responsible for coordinating with the other department and parent company to ensure timely accurate disclosure of information.

      The company's disclosures are submitted to Capital Markets Authority and Kuwait Stock Exchange Market and available on VIVA official website.

      For reviewing VIVA disclosures, kindly visit: www.viva.com.kw/en/ir-disclosures-rss

       

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      VIVA is committed to protect rights of its shareholders and stakeholders. So, Board of Directors has approved new policies to guarantee protecting all rights of shareholders including practicing their rights stipulated by Companies Law and instructions of Capital Markets Authority as following:

      1) Register ownership in the company's records.
      2) Dispose the shares including registering, transferring and/ or transferring the shares.
      3) Receive shares of dividends allocated for distribution.
      4) Receive shares of assets in case of liquidation.
      5) On regular and basis and accessible manner, obtain information about the company's activities.
      6) Participate in meetings and vote on General Assembly resolutions
      7) Elect Board of Directors.
      8) Oversee the company's performance in general and board of directors' activities in particularly.
      9) Hold accountability of Board of Directors or Executive Management in case they fail to execute the duties assigned to them.

      For more information regarding the Shareholder & Stakeholders rights policy, please click here

       

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      VIVA Investor Relations Department contacts all investors on regular basis and convenes periodical meetings with the analysts and shareholders as per investor relations program applicable in VIVA.

      This department receives all inquiries and questions of the shareholders and publishes the company's financial statements, annual reports and the other information.

      For more information, kindly visit Investor Relations webpage: www.viva.com.kw/en/investor-relations

       

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      VIVA is committed to achieve sustainable development for society in general and its employees in particularly.

      VIVA implements Corporate Social Responsibility which is approved by Board of Directors to ensure taking part in achieving sustainable economic and social development.

      For more information, kindly visit Corporate Social Responsibility webpage- www.viva.com.kw/en/csr

       

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      Board of Directors pursues to apply the best practices of code of Conduct. So, the company has set up the related supporting policies and procedures including the following:

      • Code of Conduct and Ethics.
      • Related Party Transactions.
      • Conflict of Interests.
      • Confidentiality and Information Security.
      • Whistle Blowing.

      Code of Conduct and Ethics
      The Board of Directors has approved the Code of Conduct and Ethics to be complied with by all Board Members, employees and related parties while they are practices their transactions to ensure implementation of honesty, integrity and behaviours inside and outside the company.
      For more information regarding the Code of Conduct & Ethics policy, please click here

      Related Party Transactions
      Board of Directors has approved the related party transaction policy. This policy identifies the valid rules to contemplate these transactions and its mechanism of approval and disclosure in line with the international standards, Company's memorandum of association and articles of association and regulations issued by the regulatory bodies.

      Conflict of Interests
      Board of Directors has approved conflict of interests policy and its mechanism, and report any breaches immediately in line with legal requirements and regulatory Bodies' regulations. This procedure aims to ensure that the company's resources and delegated authority is not being misused for personal matters. Also, the policy identifies control responsibility to implement conflicts of interests procedures through Internal Audit Department, Risk Management Department and Compliance Department along with the Audit and Risk Management committees.

      Confidentiality and Information Security
      VIVA Board of Directors, Executive Management and the Employees are committed to keep confidentiality of information related to the company's activities and stakeholders including customers', suppliers and employees' data in accordance with stipulations and provisions of the related laws and rules issued by control authorities. In the same regard, the company applies effective information security policies and procedures.

      Whistle Blowing
      The company is committed to keep honesty, integrity, moral values and laws in all transactions and activities with its employees and stakeholders. So, the company has approved whistle blowing policy that ensure that each and every one has the right to report any violation or irregularity through direct communication channels with chairman. These procedures ensure adequate protection for the whistle-blower up to completing the investigation related to these reports.

      Irregularities reporting policy and procedures could be reviewed by contacting phone No. 5567 0000, email: chairman@viva.com.kw or address: Salmiya, Arabian Gulf St., Olympia Complex, VIVA Tower, 20th floor.

       

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      Extraordinary General assembly, held on June 2014 and March 2016, has approved the company's Memorandum of Association and Articles of Association in accordance with requirements of Companies Law, Ministry of Commerce and Industry and instructions issued by Capital Markets Authority.
      For more information regarding the Memorandum and Articles of Association, please click here