• 22+ GW

    of power

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  • 2.5 million M3 day

    of desalinated water

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Governance and Management

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ACWA Power’s corporate governance philosophy is based on a rich legacy of fair, ethical and transparent governance practices, many of which were in place even before they were mandated by adopting the highest standards of professionalism, honesty, integrity and ethical behavior.

The corporate governance practices ACWA Power and its subsidiaries follow are compatible with both local and international standards and best practices. 

Code of Conduct

ACWA Power has established a code of conduct and business ethics to ensure compliance with the company’s values, ethics and business ‎principles, and to serve as guidance for the company, its directors, and its employees. The ‎code includes the company’s anti-bribery and anti-corruption policy.

 

Corporate governance framework:

Currently, ACWA Power’s corporate governance framework includes:

  • An Advisory Board to mentor and supplement the expertise of the Board of Directors
  • Five functional Board committees responsible for reviewing the company’s operations within their particular areas of expertise and presenting their findings and suggestions to the Board of Directors, namely:

"We believe a sound corporate governance framework is critical to our business success. Therefore, we continuously strive to attain higher levels of accountability, transparency, responsibility, and fairness in all aspects of our operations."
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    Mohammad A. Abunayyan, Chairman of the Board

    With more than 30 years of experience in water desalination and power generation, Mr. Abunayyan serves as Chairman of ACWA Power and Abunayyan Holding, where he is widely recognized as one of the most respected leaders in the water and energy sectors.

    Under his leadership, ACWA Power has grown into a leading private sector energy and water provider, achieving significant milestones in the 11 years since he founded the company. Mr. Abunayyan also serves as Chairman and Board Member of several world-leading organisations, in addition to holding a number of prestigious honorary and leadership positions focused on transforming and diversifying the economy of Saudi Arabia.

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    Sulaiman A.K. Al Muhaidib

    Mr. Al Muhaidib is the Chairman of Al Muhaidib Group and a number of companies that include Savola Group, Al Oula Development Company, Middle East Paper Company, Amwal Al Khaleej Commercial Investment Company, RAFAL Real Estate Development Company, Al Shamiyah Urban Development Company and Swicorp Joussour. In addition, Al Muhaidib sits on the Board of Directors of Saudi Arabian British Bank (SABB), Almarai Company, National Industrialization Company (TASNEE), Prince Salman Center for Disability Research, Prince Fahad Bin Salman Charity Association for Renal Failure Patients Care and The Centennial Fund.

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    Ahmad Sulaiman Al Rajhi

    Mr. Al Rajhi is the Vice Chairman of Al Rajhi Holding Company. He also serves as the Vice Chairman of Industrial Committee of the Chamber of Commerce & Industry, Central Province - Saudi Arabia, In addition, he sits on the Board of Directors of the Saudi Industrial Property Authority (MODON), the National Industrial Committee, Saudi Arabia and of various companies including Al Rajhi Insurance Company, Injaz Real Estate Company, Farabi Petrochemicals Company, Hail Cement Company, Trio Mada International Plastic Company, and Chairman of Gulf Packaging Industries Ltd.

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    Ibrahim M. Al Romaih

    Mr. Ibrahim AlRomaih is currently the Chief Executive Officer of Saudi Arabian Investments Company “Sanabil Investments” and he was appointed by “Sanabil Investments” to join the ACWA Power Board of Directors. He was first appointed to the ACWA Power Board of Directors in 2013.

    Prior to joining Sanabil Investments in 2009, Mr. AlRomaih was appointed in 2004 by royal decree as the Vice Chairman of the Capital Market Authority (CMA). He has served prior to that from 1985 until 2004 as Assistant Secretary General of the Public Investment Fund (PIF).

    Mr. AlRomaih is a member of the Board of Directors of National Commercial Bank, Saudi Arabia and he served as a Board Member and/or Chairman in several local and international companies.

     

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    His Excellency Mr. Mohamed T. Al Nahas

    Mr. Al Nahas is the Governor of the Public Pension Agency in Saudi Arabia. He is also a member of ACWA Power’s board of directors, with more than 32 years of experience in banking, business development and management.

    Mr. AlNahas has served as the general manager of the Alinma Bank’s Retail Banking Group, where he was a founding member of the first bank branch, and is currently tasked with boosting the financial growth of Alinma. Mr. AlNahas continues to hold a number of leadership positions at Alinma Bank, and is also a member of the Audit and Risk Committee in Public Pension Agency.

    Prior to joining Alinma Bank, Mr. AlNahas ascended up the ranks of SAMBA Financial Group from 1984 to 2008, where he last served as Regional Manager of branches in the Middle East. 

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    Tariq M. Al Mutlaq

    Mr. Al Mutlaq is the Managing Partner and sits on the Board of Al Mutlaq Group. He also serves as the Chairman Daikin Saudi Arabia, United Feed Manufacturing Company and Al Mutlaq Real Estate Investment Company besides sitting on the Board of Directors of various companies including Al Mutlaq Group Company, Sahara Petrochemical Company, Saudi Oryx Leasing Company and Riyadh Cables Group of Companies.

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    Mohsen A. Khalil

    Mr. Mohsen A. Khalil is a veteran with extensive experience in emerging markets and particular expertise in telecoms, information technologies, infrastructure and Cleantech. He served a long executive career with the International Finance Corporation (IFC) and the World Bank. His latest appointment till end 2011 was as Global Head of the Climate Business Group of IFC with a mandate to mainstream and scale up its “green” investments and advisory activities across all industries and regions. Mr. Khalil has served as board director and advisor for many companies and investment funds at different stages of growth.

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    Rasheed Abdulrahman Al Rasheed

    Mr. Al Rasheed sits on the Board of Directors of ACWA Holding. In addition, Mr. Al Rasheed is a member of the Saudi Organization for Certified Public Accountants (SOCPA), The Saudi Economy Association and The Family Business Council of the Gulf Cooperation Council.

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    David Crane

    Mr. Crane is a member of the Board of Directors at ACWA Power, Director at ACWA Holding and ACWA Guc, ACWA Power’s Subsidiary in Turkey. Mr. Crane joined the board in 2016. Prior to joining ACWA Power, Mr. Crane was President and CEO at NRG Energy and NRG Yield, the largest non-utility power company in the United States. Under Mr. Crane’s leadership NRG was a key member of the U.S Climate Action Partnership. He was also CEO and Executive Director at International Power and senior vice President, Global Power at Lehman Brothers, where he was responsible of Lehman Brother’s Global Power business in emerging markets.

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    Federico Tauber

    Federico Tauber has a broad range of experience in business management, investment banking, financial services, real estate and corporate restructuring developed over a career of 20 years in Latin America and 9 years in the Middle East. In addition to leading Gemstone, he is a Board Member of AEP investment, Basil Trust and ACWA Power.

    Mr. Tauber was President of Tameer Holding Investment where he was responsible for the completion of 7 projects comprising more than 3000 residential units. Prior to joining Tameer he was Vice President of Business Development of Al Rajihi Holding, and Managing Director of Citigroup. 

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    Paddy Padmanathan, Chief Executive Officer and President

    Mr. Padmanathan is a professional civil engineer, with over 35 years of experience. He joined ACWA Power as CEO in 2006.

    Mr. Padmanathan began his career in Black & Veatch (previously John Burrow and Partners), a major global engineering and construction company, latterly serving as a Vice President and Corporate officer. He has worked in the UAE, Algeria, Botswana, Zambia and Swaziland, amongst others.

    Mr. Padmanathan holds a degree in engineering from the University of Manchester and serves on the board of several water and power companies.

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    Thamer Al Sharhan, Managing Director

    Mr. Al Sharhan is a professional engineer with over 30 years of experience.

    Before joining ACWA Power, as Managing Director,  Mr. Al Sharhan was President and Chief Executive Officer of Marafiq; the principal utility company serving the cities of Jubail and Yanbu.

    His career began at SABIC where he rose to become President of Saudi Petrochemical Company (SADAF), President of SABIC Terminal Services Co. (SabTank) and Senior Manager at Arabian Petrochemical Company (Petrokemya).

    He holds a degree in chemical engineering and serves on the board of several companies and charitable foundations. 

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    Rajit Nanda, Chief Investment Officer

    Mr. Nanda is responsible for ACWA Powers’ growth and remains functionally in charge of new business development, legal (projects), acquisitions & divestiture, and corporate and project finance. Mr. Nanda has also led the structuring and financing of Independent Water and Power Projects IPP / IWPPs in Oman, Saudi Arabia, Jordan, Bahrain, Abu Dhabi, Qatar, Thailand, Singapore, Morocco, Turkey and South Africa. He is currently overseeing ACWA Power’s expansion across MENA, Southern Africa and South East Asia.

    Before joining ACWA Power Mr. Nanda was the Regional CFO for Engie’s Middle East, Asia & Africa region. Mr. Nanda sits on the Board of several power and utility companies owned and operated by ACWA Power.

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    Kashif Rana, Chief Financial Officer

    Mr. Rana has over 10 years of power and water sector experience covering all areas of project development, structuring, project financing, security offering and other areas of operational finance and tax structuring. Before becoming CFO, Mr. Rana was Director of Accounting, Controls & Taxation at ACWA Power and CFO for AES Middle East Region.

    Mr. Rana is a Chartered Accountant who qualified in 2001 from the Institute of Chartered Accountants of Pakistan.

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    Lucas Hautvast, Chief Operating Officer- International, Assets Management

    Mr. Lucas Hautvast began his career with Nedlloyd Lines, a container shipping company, for which he worked in various countries in commercial roles across Europe (France / Portugal / UK and the Netherlands) and Asia (Hong Kong and South Korea). In 2001 he switched to the power industry when he joined ENGIE. With ENGIE he worked as Chief Commercial Officer in The Netherlands and the Philippines, as Head of Strategy and Sales in Bangkok for the Asia Pacific region and as regional CEO for the Middle East, South Asia and Africa region. Mr. Hautvast has extensive experience in Merchant power markets, PPA markets, Strategy, M&A and organizational management.

    Mr. Hautvast holds a MBA of the University of Groningen, The Netherlands and sits on the Board of several power and utility companies owned and operated by ACWA Power.