The following is a statement of the principles and values adhered to by the Company with explanation and clarification of each of them :
Honesty and Integrity :
Carrying out works is, according to criteria of honesty and integrity, the core of moral behavior. Thus, the company must comply with the following criteria :
- Carries out its business in accordance with the applicable rules, regulations, and resolutions in the Kingdom of Saudi Arabia and the related procedures to commit to the electricity tariff as announced by the Electricity & Cogeneration Regulatory Authority and the establishment of provisions with good intent and in accordance with the rules of fair dealing.
- Does not engage in any activity or conduct tainted with fraud, deception or any illegal transaction.
- Commits to the terms and conditions of contracts it signed with others.
- Prepares all financial statements in such a way that reflects the actual financial standing of the company and in accordance with the approved accounting standards.
Commitment to Sound Business Practices :
The Company commits to the following :
- Performance of its business according to sound business practices with guarantee that all shareholders receive their fundamental rights.
- Application of risk management, specified policies, and structures that are tailored for the company to ensure that the commercial investment in electrical power in the company is performed in accordance with international standards.
Avoidance of the following practices :
- Concealment and cover-up of information and facts :
Practices that lead to distortion of data related to the capacities of the generation plants which affect the prices, its operation and scheduled maintenance of generation plants, carrying out necessary maintenance jobs, issuance of announcements as regards to power interruptions as per systemic procedures and rules.
- Creating congestions or fake deficits :
The company is committed to avoid engaging in any transaction or scheduling of resources with the aim of creating fake state of deficit in order to influence prices.
Disclosure and Documentation :
Stock exchanges depend on information integrity and accuracy, transparency of transactions, as well as the confidentiality of critical commercial information that are in the possession of the companies. In order to achieve that; the Company commits to the following :
- Adherence to the financial market system, regulations, and instructions of the Capital Market Authority, and comply with the provisions of disclosure and transparency in the Listing Rules and the Rules of Corporate Governance issued by the Capital Market Authority.
- Providing regulators and controllers with the necessary information in accordance with the applicable regulations, procedures, and requirements in this regard.
- Adherence to generally accepted accounting principles when announcing the financial results of the Company in such a way that truly reflects the actual financial standing of the Company.
- Integrity confirmation of the information publicized in the news media including the market related periodicals, and publications related to indices and guides.
- Execution of internal work procedures that were designed for the assurance that all of the Company's processes were written and documented in due course and that no special information were concealed or distorted in any of the Company's processes.
- Documentation and maintenance of all Company's processes for a specified period as per the requirements of applicable laws and regulations.
Excellence in Performance :
The company seeks to achieve the highest degrees of excellence in the performance of all works it accomplishes in such a manner that ensures the provision of a safe and highly reliable electric service, and the optimal use of the available resources as well. In order to achieve this objective, the company adheres to the following :
- The Company operates according to the latest standards and recognized business system universally practiced, and assigns its technical jobs to highly qualified and specialized professionals.
- The Company uses high-efficiency machinery, equipment, tools, and materials.
- The Company conducts periodic maintenance, control, and inspection as per approved schedules.
- The Company commits to the application of technical specifications which adhere to international standards on safety, fire protection, and prevention requirements.
Employee Development :
The Company carries out training and development needs of its employees through various training programs, work assignments, and functional rotation, in addition to participation in seminars and world conferences that discuss scientific topics which bring benefit to the company and its business. Furthermore, the educational program "I-Learn" provides the employees the opportunity to receive training on a diversity of fields through the internet.
Team Spirit :
All Company employees must work single-handedly and shoulder to shoulder to achieve the Company's objectives.
Commitment to Safety Principles :
The Company seeks to upgrade the level of safety standards to ensure the application of highest standards in the fields of safety, security, and preservation of public health.
Preservation of the Environment :
The Company pursues work on the protection and preservation of the environment by adhering to regulations that have been issued in this regard i.e. the application of approved standards when establishing new power plants, the use of the environmentally friendly fuel, proper disposal of wastes, increasing the awareness level of customers with regard to rationalization of electricity consumption, educate the employees about environmental standards and to comply with them.
The Company is confident that its employees are able to take responsibility and perform the jobs assigned to them. Moreover, it always sought to gain the trust of its employees by raising their morale, promoting better human relations and effective communications among the administrative and technical levels.
Care about the Social Surroundings :
The Company executes several programs for local welfare needs and community upliftment. The most notable of these programs is the company's participation in the electricity industry, nationalization (localization) of jobs, prequalification and training of the national cadres. The Company also supports research and development (R&D) programs in cooperation with various universities, institutes, and specialized centers for researches dedicated to the electrical activities in addition to conducting local scientific seminars and forums, and the preparation of special programs for the rationalization of power consumption. Other programs such as risk awareness programs on the use of electricity, adherence to security and safety principles and requirements for the limitation of risks, interaction and communication with the local community with regard to all environment related issues, and its support to local charities and philanthropic institutions in general are also in place.
Commitment to Company's Document of Principles and Values :
The Company is committed to implement the principles and values and takes the following steps :
- Provision of necessary training for employees to identify the values of the document, clarification of its intentions, objectives, training on the implementation of technical know-how and their commitment to it.
- Development of the internal standards, policies, business procedures, and mechanisms for monitoring and control in compliance and adherence to the articles of this document and other rules and regulations, along with the provision of internal and external auditing and review of these standards, policies, procedures, and mechanisms for monitoring and control.
- Provision of a proper working environment that encourages the Company employees to participate in dialogues and openly discuss with their superiors and officials about any violations and acts that were contrary to this document.
- Determination of the clear level of responsibility including special conditions and limits of responsibility of managers, and clarification of control levels from executive management.
- Company employees in supervisory positions receive the reports and communications related to the violation of Company's rules on principles and values and take responsibility for the application of these rules within his limits of liability.