Rule 6: Brief On The Mechanisms Of Promoting And Enhancing The Culture Of Code Of Conduct And Ethical Values

7. Brief On The Mechanisms Of Promoting And Enhancing The Culture Of Code Of Conduct And Ethical Values

Reinforcing the culture set out in the Code of Conduct and ethical values within the Group is a primary pillar for the Group’s business implementation. For this reason, the Group pays particular attention to the necessity of ensuring the adherence of all employees whether BOD members, Executive Management members, or other personnel to the internal policies and regulations and the legal and regulatory requirements. Consistent compliance is ensured through reviewing the Code of Conducts charter, in addition to the mechanisms that avoid conflict of interests. The Group is confident that such actions will lead to the accomplishment of the stakeholders’ best interests, specifically GIG’s shareholders, due to an improved extent of transparency.

7.1 Brief On The Business Charter Includes Determinants Of Code Of Conduct And Ethical Values

The Group reviews and updates the approved Code of Conduct periodically to ensure it covers all determinants that define the Group’s ethical values and standards. Additionally, GIG assures its compliance with regulatory requirements, with all members of the Board and Executive Management having signed the annual 2023 acknowledgment regarding adherence to the Code of Conduct.

7.2 Brief On The Policies And Mechanisms To Reduce The Conflict Of Interest Cases

The Group has a clearly defined policy that limits the conflict of interest cases, approved by the Board during 2023, all Board members and Executive Management members signed the annual conflict of interest acknowledgment.

It’s worth mentioning that the Group signed a credit facilities contract with a related party – Burgan Bank, with a value that is more than 5% of the Group's total assets, and it was reviewed by an independent investment advisor, and this contract was also disclosed with its details on 29 October 2023, as on the below link: