Corporate Governance

It is the policy of the Company to comply with current best practice in UK corporate governance wherever appropriate for a company of its nature and size.

DAMAC intends to be fully compliant in all material respects with the UK Corporate Governance Code in accordance with the listing rules with the exception of Hussain Sajwani retaining his dual role of Executive Chairman and Chief Executive Officer.

The UK Corporate Governance Code recommends that at least half the members of the board of directors (excluding the chairman) should be determined by the board of directors to be independent in character and judgement and free from relationships or circumstances which are likely to affect, or could appear to affect their judgement.

Currently, the Board is composed of six members, consisting of three Executive Directors and three Non-Executive Directors, all of whom are independent.

The UK Corporate Governance Code also recommends that the Board should appoint one of the independent non-executive directors as senior independent director and Professor John Wright has been appointed to fill this role.

As envisaged by the UK Corporate Governance Code, the Board has established Audit Nomination, and Remuneration Committees, with formally delegated duties and responsibilities.