The Corporate Governance Code (CGC) serves as the foundation for the development of an evolving corporate governance system that continually adapts to the changing economic, social, and business environment of the company. It ensures adherence to the principles of transparency, professional ethics, and prudent management of all company resources at every level of its administration.

The Board of Directors is the custodian and responsible for implementing these principles in the company’s operations and represents its administrative philosophy. The members of the Board are elected based on the following criteria: contribution to developmental prospects, administrative capability and effectiveness, reliability and integrity of character, deep knowledge of corporate affairs, harmonious cooperation with the company’s executive staff and employees, and a strong sense of corporate loyalty. These criteria and the ratio between executive and non-executive members ensure coherence, uninterrupted continuity, and smooth succession at the top of the company, contributing to maintaining its effectiveness at a high level.

The adherence to corporate governance principles, the effectiveness of the company’s operations, and the protection of the rights of all its Shareholders are monitored by the Board of Directors, which evaluates the information it receives regularly from the internal control system and mechanisms, as well as from the company’s executive staff, regarding internal and external factors that may jeopardize the company’s operations and achievement of its goals.

Additionally, in the context of transparency and effective management of business risks, the company facilitates the daily access of relevant executive staff to and from the senior management, allowing them to gain immediate awareness of risks and to make timely and proactive decisions and corrective actions. The company continues to rely on these principles and practices in its ongoing operations