Corporate Governance Policy

Independence of the Board of Directors from the Management

The Company has separated the roles and responsibilities between the Board of Directors and the Management. The Board of Directors is responsible for determining the policies and supervising the operations of the management while the management is responsible for managing various tasks in accordance with the specified policy and preparing reports that are not normal operations of the Company which will be considered by the Board of Directors, which at least one-third of the Boards are independent directors. Independent directors are independent of the management and major shareholders of the Company who is a person that does not have a business relationship with the Company in such a way as to limit the freedom of expression of opinion and to meet the definition of an independent director as mentioned in the topic “Nomination of Independent Directors.”