Alba meeting highlights strategic developments

Strategic developments like the proposed Line 7 Project and progress on the Power Station 5 (PS5) Block 4 Project were among key topics discussed in the third quarterly board of directors’ meeting organised virtually by Alba yesterday.

The board also reviewed various initiatives under the ESG Roadmap in line with Alba’s five-year strategy as well as the company’s operational, financial and sales performance to-date.

Alba chairman Shaikh Daij bin Salman Al Khalifa said: “Delivering consistency amidst uncertain macroeconomic outlook is our top priority: as we head into the fourth quarter of this year, we remain focused on our operational excellence and lean cost structure to finish 2023 strong.”

Adding further, Shaikh Daij said: “On behalf of the board, I would like to thank chief financial officer Bryan Harris for serving the company for more than a decade and for playing a key role in driving a step-up in our financial performance. I also welcome Ahmed Abdul Qader as the acting CFO and wish him the very best in his new role.”

The board unanimously approved the appointment of Mr Abdulqader as the acting CFO with effect from October 2, 2023 as the current CFO Bryan Harris is stepping down on that day.

During the meeting, the directors discussed and approved the minutes of the previous meeting held on August 9 as well as reviewed reports of the executive and ESG committee, board audit committee and the nomination, remuneration and corporate governance committee. Individual directors’ complete declaration and an update on the independence of each Alba board director were also given during this meeting.

Including the chairman, Shaikh Daij, the Alba board comprises six directors appointed by Mumtalakat – Shaikh Isa bin Khalid Al Khalifa, Tim Murray, Roselyne Renel, Omar Syed and Bruce Cox; three directors appointed by SABIC Industrial Investments Company (SIIC) – Ahmed Alduriaan, AlWaleed AlSenani and Omar Al Amoudi and one elected director, Hala Mufeez.

 

Source: https://www.gdnonline.com/Details/1292100/Alba-meeting-highlights-strategic-developments

 

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