Page 11 - Annual Report 2024 EN

/ 11 T ABLE OF C ONTENT S

Governance Framework

Governance composition

Board composition Committees of the Board Audit and Risk Committee

The Board has significant expertise in the regulation The Board is empowered to establish committees to Dr Jeffrey Carmichael serves as Chairman The ARC approved the yearly internal audit

of financial services. The Board reports annually undertake and advise on certain areas of responsibility. of the Audit and Risk Committee (ARC) and programme and followed its implementation

to the Council of Ministers on the discharge by The Governance Resolution of the Board provides for Daniel Glaser as a member of the ARC. through regular communication with the
the Board of the QFCRA’s functions; the extent to the establishment of an Audit and Risk Committee Head of Internal Audit. In 2024, the ARC met
The principal focus of the ARC is to monitor and oversee:
which, in its opinion, the QFCRA objectives have as well as a Nominations and Remuneration with the external auditors of the QFCRA and

been met; and other matters required by law. Committee and sets out the nature and membership oversaw the completion of the external audit
• the effectiveness of the QFCRA’s policies,
of these committees. The committees review concerning the QFCRA’s financial statements.
procedures and internal controls including
matters under their Terms of Reference and make
Board meetings recommendations and provide reports to the Board. those for financial reporting; All matters of significant discussion were

• compliance with legal and other requirements; reported to the Board, which also received
The Board met four times in 2024. • the performance of the internal audit function and the minutes of all ARC meetings.

Nominations and the external audit firm appointed by the QFCRA;
Remuneration Committee • the effectiveness of the internal controls It is the ARC’s view that the QFCRA continues
Board activity to apply appropriate policies and controls to
framework; including managing significant risks
Mohammed Saif Al-Sowaidi serves as Chairman of the to the QFCRA’s objectives and activities and its various business areas and operations.
The Board reviewed and approved several new rules
Nominations and Remuneration Committee (NRC) and ensuring appropriate resources are applied to The internal audit function and internal
and rule amendments in 2024, considered various
Dr Jeffrey Carmichael as a member of the NRC. monitor, control, and mitigate these risks; and controls framework are working as intended
regulatory policies and enforcement matters, and
and provide assurance that improvement
reviewed a number of standing items. The new rules and • business continuity and disaster recovery plans.
The principal areas of focus for the NRC include opportunities are identified and addressed.
rule amendments decided by the Board in 2024 were:
considering and delivering recommendations to the Board

regarding remuneration policy. The NRC also considers
• Islamic Banking Business Prudential Rules (IBANK) The ARC met four times in 2024, supplemented by
strategic human resources matters such as progress
Amendment and Banking Business Prudential Rules exchanges of information between meetings. The
on the recruitment and training of Qatari employees.
(BANK) Consequential Amendments Rules 2024 Chief Financial Officer and Chief Operating Officer, the

• Investment Token Rules 2024 Managing Director of Strategy and Risk, the Head of
The NRC met three times in 2024, at each meeting
• Investment Token (Miscellaneous Internal Audit, and the Director and Deputy Director
the NRC received a general update on human
Amendments) Rules 2024 of Information Technology attended ARC meetings by
resource matters including nationalisation efforts,
• Operational Resilience and Miscellaneous invitation. The ARC reviewed updates on the status of the
organisational development, headcount, turnover,
Amendments Rules 2024 QFCRA’s risk register that forms part of the Enterprise
contract renewals of senior management, succession
Risk Management framework. The ARC was also kept
planning, promotions, internships and secondments.
informed of developments in relation to the QFCRA’s

All matters of significant discussion were reported to the business continuity and disaster recovery plans.

Board, which also received the minutes of all NRC meetings.