34
35
Responsibility Statement of the Directors
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable
law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors
have elected to prepare the financial statements in accordance with International Financial Reporting Standards (‘IFRSs’)
as issued by the International Accounting Standards Board. The financial statements are required by law to be properly
prepared in accordance with the Companies (Jersey) Law 1991. Under company law the directors must not approve the
financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and of
the profit or loss of the Group for that period. In preparing these financial statements, International Accounting Standard
1 requires that directors:
• properly select and apply accounting policies;
• present information, including accounting policies, in a manner that provides relevant, reliable, comparable and
understandable information;
• provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users
to understand the impact of particular transactions, other events and conditions on the entity's financial position and
financial performance; and
• make an assessment of the Group's ability to continue as a going concern.
The directors are responsible for keeping proper accounting records that are sufficient to show and explain the Group’s
transactions and disclose with reasonable accuracy at any time the financial position of the Group and enable them
to ensure that the financial statements comply with the Companies (Jersey) Law 1991. They are also responsible for
the system of internal control, for safeguarding the assets of the Group and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
For and on behalf of the Board of Directors
Manssour Aboukhamseen
Yousef Al Awadi
Executive Chairman
Director and Chairman – Audit Committee
Remuneration Disclosures – Board and
Executive Management
Board Directors’ Remuneration:
In 2011, the KEC Directors were paid the following remuneration for their services:
Manssour Aboukhamseen
US$3,600
Sara Akbar
US$3,600
Jason Selch
US$3,600
Tareq Al Wazzan
US$3,600
Mohammad Algharaballi
US$3,600
Ashour Habeeb
US$3,600
Walter Brandhuber
US$3,600
Rabih Soukarieh
US$3,600
Assuming 1KD = US$3.60
The KEC Directors were entitled to receive reimbursement for reasonable expenses that were incurred by them and that
were necessary for the performance of their duties.
Expenses may be reimbursed on presentation of an invoice or voucher indicating the amount of the expense, the nature
of the expense and the business purposes involved. The expenses anticipated include (i) transportation costs, including
one round-trip business class airline ticket, between the Director’s home town and the location of any meeting of the
board of directors, shareholders or committee that the Director is required to attend, (ii) lodging at a five-star hotel.
Each director who attends Board meetings is paid a meeting fee of US$1,500 per meeting.
Executive Directors Annual Remuneration *
2011 in USD
2010 in USD
% Change
Manssour Aboukhamseen
376,250
376,250
Nil
Sara Akbar
336,350
336,350
Nil
* includes fixed salary, housing and transport allowances
Other benefits: Health Insurance for self, annual air tickets allowance of USD (6,848)
