Avalon Pharma is committed to applying the highest standards and best professional practices in governance, adopting, and disseminating a culture of commitment to the highest levels of integrity and honesty in all its professional practices. The Company is also working to integrate the concepts of disclosure and transparency into all its events and activities in various main streams of work.
The Company emphasizes its compliance with all laws, regulations and instructions issued by the competent authorities related to its business, a matter that preserves its reputation and credibility, and enhances the confidence of shareholders and partners in its successful approach in accordance with the standards of efficiency, quality, and mastery.
Governance practices framework
Avalon Pharma endeavors to implement the principle of governance within an integrated professional framework, in accordance with the best practices followed by listed companies and based on a general framework for comprehensive governance as follows:
Protecting the rights of the Company’s shareholders in a way that ensures their and the Company’s best interests.
Protecting the rights of stakeholders and providing stability and functional sustainability through the Company’s good financial performance.
Providing accurate and comprehensive timely disclosures to the Company’s shareholders, related parties, and relevant regulatory authorities.
Identifying, reporting, disclosing, and dealing with cases of conflict of interest that may arise between the Company and its stakeholders, which may negatively affect the interests of the Company and its shareholders.
Enabling employees to report any concerns or incorrect behavior observed within the Company by providing an objective, confidential and independent reporting and investigation mechanism until appropriate corrective action is taken.
Regulating transactions with related parties, whether between the Company and its employees, or between the Company and members of its Board of Directors, executive management, subsidiaries, or other related parties.
Aligning the Company’s values and strategy with social and economic needs, by ensuring that responsible and ethical practices are applied in all company activities while continuing to provide the necessary support to the community.
Establishing reliable communication channels with investors to enhance the Company’s position in the market and attract shareholders and investments.
Pillars of governance implementation
Transparency
The Board of Directors must explain to shareholders the reasons for making key decisions
Responsibility
Each member of the Board of Directors is responsible for carrying out his duties with the highest professionalism.
Accountability
Board members must be accountable to shareholders for mistakes committed (if any).
Justice
All shareholders are equal before members of the Board of Directors and senior management.
Implemented and non-implemented provisions of these Regulations, and justifications therefor;
The company also applies all the provisions of the Corporate Governance Regulations issued by the Capital Market Authority, with the exception of the provisions set out below.