Watani Iron Steel unveils Audit Committee for upcoming board term
WATANI STEEL
9513 -0.48% 2.07 -0.01
Riyadh – Mubasher: Watani Iron Steel Company has formed its Audit Committee for the upcoming board of directors’ term that is scheduled to commence on 2 July 2026, according to a bourse filing.
Following a board resolution passed, the company has appointed three seasoned professionals to oversee its financial reporting, internal controls, and compliance frameworks.
The appointments, which align with the company’s governance requirements for the new term, include Faisal Mohammed Hammad Al Obaid, Mushari Abdulkarim Al Rajhi, and Omar Mohammed Abdul Rahman Al Tarif.
The formation of the committee is a critical step in the company’s preparations for its next administrative cycle.
The board of directors met on 2 July 2026 to finalize the selection of members who will lead the oversight functions of the organization.
Meanwhile, each appointee brings a specific set of financial, strategic, and industrial expertise to the committee.
Al Obaid has been appointed to the committee, bringing over 15 years of professional experience in finance, investment, risk management, and corporate governance. He holds a Bachelor’s degree in Accounting and a Master of Business Administration (MBA).
Al Obaid is also a fellow of the Saudi Organization for Chartered and Professional Accountants (SOCPA). His professional background includes various leadership roles in investment and financial management; he currently serves as the Vice President of Investment, Strategy, and Excellence at the Saudi Public Transport Company (SAPTCO).
Meanwhile, Al Rajhi offers a blend of banking and industrial leadership experience, as has served as a Senior Relationship Officer at Al Rajhi Bank since 2024 and has held the position of Vice Chairman of the Board of Directors at Abdulkarim Al Rajhi Steel Company since 2022.
He holds a Bachelor’s degree in Global Business Management from Regent’s University London, obtained in 2024, following his secondary education at Brillantmont International School in Lausanne, Switzerland.
The third member of the newly formed committee is Al Tarif, who has a career spanning more than 20 years in executive management and financial consultancy.
Al Tarif provides significant depth to the committee’s oversight capabilities. He holds a Bachelor’s degree in Accounting from King Faisal University and has completed numerous specialized training programs hosted by SOCPA. His extensive tenure in administrative and financial advisory roles is expected to support the committee’s mandate in ensuring the integrity of Watani Iron Steel’s financial statements.
Furthermore, the disclosure noted that no objections were raised by official authorities regarding these appointments, as the relevant regulatory non-objection clauses were listed as not applicable for this specific formation process.
By establishing this committee well in advance of the new term, Watani Iron Steel aims to ensure a seamless transition in its governance structures.
The Audit Committee remains a vital organ of the board, responsible for monitoring the company’s internal audit department, reviewing preliminary and annual financial results, and ensuring compliance with the rules and regulations governing listed companies in the Kingdom of Saudi Arabia.
Source: Mubasher Source: {{details.article.source}}