• 34 GW

    of power

    power

  • 5.3 million M3 day

    of desalinated water

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Our corporate governance philosophy is based on a legacy of ethical & transparent practices

Governance and Management

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ACWA Power's corporate governance structure consists of a Board of Directors and a further five functional Board Committees, responsible for reviewing the Company's operations within their particular areas of expertise and who then present their findings and suggestions to the Board of Directors.

Those functional Board Committees are

  • BOARD EXECUTIVE COMMITTEE

    BOARD EXECUTIVE COMMITTEE

  • BOARD AUDIT COMMITTEE

    BOARD AUDIT COMMITTEE

  • BOARD RISK & COMPLIANCE COMMITTEE

    BOARD RISK & COMPLIANCE COMMITTEE

  • CONFLICT OF INTEREST & RELATED PARTY TRANSACTION COMMITTEE

    CONFLICT OF INTEREST & RELATED PARTY TRANSACTION COMMITTEE

  • THE NOMINATION AND REMUNERATION COMMITTEE

    THE NOMINATION AND REMUNERATION COMMITTEE

The Company Board, its advisors, its functional committees, Company management and employees, shareholders and direct stakeholders are guided by the Company's Corporate Governance Guidelines and Procedures and Code of Ethics.

LEADERSHIP OF THE COMPANY

The Board of Directors has 10 members, comprising representatives from our shareholders in addition to a selection of experienced independent members who are experts in the industry. The Directors and the Board Committees provide disciplined oversight and guidance, and the management team leads, supervises and controls the Company with uncompromising integrity. The Directors bring deep and wide-ranging experience of corporate governance, operations and maintenance, finance, business development and institution building. The management team's leadership skills are complemented by their academic and professional qualifications in the fields of administration, management, finance and engineering.

The Management Committee, (which is different from the Board Executive Committee) consists of the Chief Executive Officer, Chief Investment Officer, Chief Portfolio Management Officer, Chief Financial Officer, Chief Technical Officer and Chief of People - Culture and Communications.

  • BOARD EXECUTIVE COMMITTEE

    BOARD EXECUTIVE COMMITTEE

    The Board Executive Committee (BEC) is a standing committee of the Board deriving its powers under full delegation of responsibility from the Board of Directors. The Board Executive Committee consists of six members as of the end of December 2017 who are appointed by the Board and all of whom are members of the Board of Directors. The Board Executive Committee held eight meetings during 2017.

    The primary purpose of the BEC is to review and recommend for approval to the Board of Directors the five-year business plans, operating plans, the capital expenditure programmes and other studies or plans that will have a significant impact upon the operations of the Company.

    Company management regularly engages with the BEC to share its insights and analysis on potential new investments and seek its sanction to progress. The BEC in turn has full authority to: approve investments and acquisitions; approve the submittal of binding bids in relation to any project; sanction further changes or revisions in the Company’s investments or bids submitted; and to conclude all agreements and contracts.

    The principal purpose of the Board Executive Committee is to give its directions, guidelines and approvals relating to investments in projects, strategic business plans and related decisions. The Committee also reviews the Company budget, oversees the development of projects, in line with the powers delegated to the Committee.

  • BOARD AUDIT COMMITTEE

    BOARD AUDIT COMMITTEE

    The members of the Board Audit Committee (BAC) have the required knowledge and experience of accounting standards, risk management and commercial laws that enable them to perform their functions.

    During the year, the Committee reviewed key internal audit findings covering operational, risks, financial and compliance. The Internal Audit function also presented its report and findings on internal control systems. The Committee ensures that the financial statements are prepared in accordance with International Financial Reporting Standards as adopted by Saudi Arabia, by early adopting the same in preparation of the Company’s 2017 financial statements. The Committee, through self-assessment, annually evaluates its performance, reviews the status on compliance of its obligations under the Charter and confirms that it fulfils its duties and responsibilities.

    Note: The committee’s Chairman Mr. Khalid Al Solai resigned on 3 November 2017, therefore the Board has approved Mr. Harold Manasa as the new BAC Chairman as per Board resolution dated 16 December 2017.

    The Committee is chaired by an independent member of the Committee.

  • BOARD RISK & COMPLIANCE COMMITTEE

    BOARD RISK & COMPLIANCE COMMITTEE

    The Risk & Compliance Committee (BRCC) is to assist the Board in executing its fiduciary responsibility for overseeing and reviewing: (i) management’s identification and evaluation of the Company’s principal strategic, financial, operational, business and compliance risks, including the Company’s risk management framework and the policies, procedures and practices employed to manage risks; and (ii) the Company’s compliance programme.

    This Committee supports the Board to monitor the risk environment for the Company and provides direction for the activities to mitigate the risks that may adversely affect the Company’s ability to achieve its goals.

    The Committee is chaired by an independent member of the Committee.

  • CONFLICT OF INTEREST & RELATED PARTY TRANSACTION COMMITTEE

    CONFLICT OF INTEREST & RELATED PARTY TRANSACTION COMMITTEE

    The Conflict of Interest & Related Party Transaction Committee’s primary purpose is to review and approve any related party transaction and conflict of interest situation as provided for under the Companies bylaw and the Corporate Governance Regulations issued by the Capital Market Authority, and as set out in the ‘Related Party Transactions and Conflicts of Interest Policy’ (the RPTCI Policy) approved by the Board.

    It is constituted by the Board and performs its functions, drawn up in a charter, which complies with the Code of Corporate Governance approved by the Board. The Committee supports the Board to review and approve matters and transactions that involve related party transactions with its direct shareholders and potential conflicts of interest within the Company. This includes the review of disclosures in the Annual Report or financial statements of the Company on materially significant related party transactions. Any approval or rejection given by the Conflict Of Interest & Related Party Transaction Committee is considered as having been given by the Board themselves.

    The Conflict Of Interest & Related Party Transaction Committee met four times in 2017. The Committee consists of three members, with the Chairman being an independent member of the Committee.

  • THE NOMINATION AND REMUNERATION COMMITTEE

    THE NOMINATION AND REMUNERATION COMMITTEE

    The Nomination and Remuneration Committee (NRC) performs its functions, drawn up in a charter, which complies with the Code of Corporate Governance approved by the Board. The Nomination and Remuneration Committee formed to assist the Board of Directors in performing their duties and responsibilities related to policies and standards of the appointment of members of the Board, policies and allowances of the Board members and senior executives.

    The Committee consists of four members.

" 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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    BOARD EXECUTIVE COMMITTEE
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    BOARD AUDIT COMMITTEE
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    BOARD RISK & COMPLIANCE COMMITTEE
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    CONFLICT OF INTEREST & RELATED PARTY TRANSACTION COMMITTEE
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    THE NOMINATION AND REMUNERATION COMMITTEE
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    Mohammad A. Abunayyan, Chairman of the Board of Directors

    • MEMBERSHIP STATUS : Non-Executive
    • APPOINTED SINCE: 22 June 2008

    With more than 37 years of experience in the commercial and industrial sectors, Mr. Abunayyan serves as Chairman of ACWA POWER, Vision Invest, Dussur and numerous local and regional companies.  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 since his inception of the Company.


    EXTERNAL APPOINTMENTS:
    Mr. Abunayyan chairs and is a member of the Board of Directors 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

    COMMITTEE
    • BOARD EXECUTIVE COMMITTEE
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    Sulaiman Al Muhaidib, Member of the Board of Directors

    • MEMBERSHIP STATUS : Non-Executive
    • APPOINTED SINCE: 22 June 2008

    Mr. Al Muhaidib is the Chairman of Al Muhaidib Group and a number of companies including Savola Group and RAFAL Real Estate Development.


    EXTERNAL APPOINTMENTS:
    Mr. Al Muhaidib sits on the Board of Directors of Saudi British Bank (SABB), Almarai Company, Vision Invest, Prince Salman Centre for Disability Research and Prince Fahad Bin Salman Charity Association for Renal Failure Patients Care.
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    Vincent De Rivaz, Member of the Board of Directors

    • MEMBERSHIP STATUS: Non-Executive
    • APPOINTED SINCE: 05 December 2019

    With more than 40 years of experience in the power utilities sector, Mr Vincent de Rivaz has held a wide range of responsibilities within EDF group. He has been member of EDF group Executive Committee from 2010 to 2017.  He  was the longest serving Chief Executive Officer within the United Kingdom energy companies,  as the CEO , from the beginning of 2002 till the end of 2017, of EDF Energy,  the largest low carbon generator in UK, as well as the largest  supplier of electricity and gas to millions of domestic, industrial and commercial customers. From 1999 to 2002, he has been the deputy CFO / Treasurer of EDF group, responsible for Financial Strategy and Operations of the EDF Group. He was notably responsible for the finding of the Group. 

    From 1995 to 1999, he has been deputy Executive VP of International Division of EDF, responsible for large investment project abroad, including a series of pioneering IPPs in a wide range of countries. From 1995 to 1998, he has been the MD of the Hydro Power Department of EDF Engineering and Construction Division. From 1985 to 1991, he has been Far East Region Director, developing EDF group relationship with China. He started his career in EDF in 1977 as an hydropower graduate engineer. 


    EXTERNAL APPOINTMENTS:
    Mr. Vincent De Rivaz is a member of the Board of Marafiq (Saudia), and of the Clean Energy Advisory Group of Temasek (Singapore).

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    H.E Mr. Mohamed T. Al Nahas, Member of the Board of Directors

    • MEMBERSHIP STATUS: Independent
    • APPOINTED SINCE: 16 June 2016

    His Excellency is the Governor of the Public Pension Agency, as per royal decree no. A/236 dated 16/11/1437H.  He has more than 32 years of experience in the banking sector where under his leadership, Alinma Bank saw significant growth and expansion as a leading financial institution.  Currently, H.E. chairs and/or is as a member of the Board of Directors on numerous esteemed organisations.  H.E received his BSc. in Accounting from King Saudi University in KSA and an Executive Program from Michigan Ross business school in the USA.


    EXTERNAL APPOINTMENTS:
    His Excellency is the Chairman of ASMA Capital, Al Raidah, Raza, SPIMACO ADDWAEIH and Taawuniyah Real Estate Investment.  In addition, he is a member of the Board of Directors and Committees of SABIC, STC, Riyad Bank, National Centre of Privatization and the General Organization for Social Insurance.
    COMMITTEE
    • BOARD RISK & COMPLIANCE COMMITTEE
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    Abdullah Al-Rowais, Member of the Board of Directors

    • MEMBERSHIP STATUS: Independent
    • APPOINTED SINCE: 14 July 2019

    Mr. Al-Rowais is the Chief Audit Executive of Etihad Etisalat Company (Mobily). He holds more than 25 years of experience in Corporate Governance, Finance & Accounting, Information Technology, Enterprise Risk Management and Internal Audit and Controls. Mr. Al-Rowais holds a Bachelors in Accounting and Master of Science in Computer and Information Systems from the United States and successfully completed a number of leadership and executive courses from internationally renowned schools such as IMD, INSEAD and London Business School. He is one of the founding members of the Institute of Internal Auditors of KSA.


    EXTERNAL APPOINTMENTS:
    Mr. Al-Rowais sits as a member of the Board of Directors and/or board committees of local and regional organizations, including Samba Financial Group, Bawan, Alinma Tokio Marine, and Saudi Arabian General Investment Authority and more.
    COMMITTEE
    • BOARD AUDIT COMMITTEE
    • CONFLICT OF INTEREST & RELATED PARTY TRANSACTION COMMITTEE
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    Mohsen A. Khalil, Member of the Board of Directors

    • MEMBERSHIP STATUS: Independent
    • APPOINTED SINCE: 23 February 2015

    Dr. Khalil is the Founder of MAKVEST, which provides financial advisory services to companies focusing on emerging markets. Previously, he held various executive positions with IFC and the World Bank, including Director of IFC's Central Asia, Middle East and North Africa and joint World Bank/IFC Director of the Global Information and Communication Technologies Department. Dr. Khalil also served as a Business Professor at the American University of Beirut, advisor to various governments and major corporations, in addition to working with McKinsey & Co.


    EXTERNAL APPOINTMENTS:
    Dr. Khalil is a member of the Board of Directors for many companies and funds at different stages of growth.
    COMMITTEE
    • CONFLICT OF INTEREST & RELATED PARTY TRANSACTION COMMITTEE
    • BOARD EXECUTIVE COMMITTEE
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    Rasheed A. Al Rasheed, Member of the Board of Directors

    • MEMBERSHIP STATUS: Non-Executive
    • APPOINTED SINCE: 22 June 2008

    With over 29 years of experience, Mr. Al Rasheed has a strong track record in management, information technology, accounting and finance. He is a member of the Board of Directors of Vision International Investment Company and is an active member of several reputable organisations in KSA and the GCC, including the Saudi Organization for Certified Public Accountants (SOCPA), Saudi Economy Association and the Family Business Council of the Gulf Cooperation Council. Currently, Mr. Al-Rasheed serves as Chairman, Managing Director and/or is a member of the Board of Directors of more than 8 regional companies.


    EXTERNAL APPOINTMENTS:
    Mr. Al Rasheed is a member of several organisations in KSA and GCC including Saudi Organization for Certified Public Accountants (SOCPA), Saudi Economy Association and the Family Business Council of the Gulf Cooperation Council.
    COMMITTEE
    • BOARD AUDIT COMMITTEE
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    Dr. Ibrahim Al Rajhi, Member of the Board of Directors

    • MEMBERSHIP STATUS: Non-Executive
    • APPOINTED SINCE: 18 June 2018

    Dr. Al Rajhi is the Chairman of Arabian Cement Company, a public joint stock company, and other reputable companies in Saudi Arabia. In addition, he sits on the Board of Directors of several local companies including Al Rajhi Holding Group, a closed joint stock company with diversified investments including, but not limited to, financial services, real estate, industrial, contracting and infrastructure. Dr. Al Rajhi received his Master of Science in Management from the United States and a Ph.D. from the United Kingdom.


    EXTERNAL APPOINTMENTS:
    Dr. Al Rajhi is the Chairman of Arabian Cement Company, Tibah Airports Development Co and Tibah Airports operation Co. In addition, he sits on the Board of Directors of Al Rajhi Holding Group.
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    Omar Mohammed Nabil AlMidani, Member of the Board of Directors

    • MEMBERSHIP STATUS: Non-Executive
    • APPOINTED SINCE: 18 June 2018

    Mr. AlMidani is the Chief Executive Officer of Vision Invest, a leading Saudi Development & Investment Holding Company with active investments in the Power & Water, Industrial Gases, District Cooling, Waste Water Treatment, Logistics and Environmental Solutions Sectors. 

    Mr. AlMidani has served in multiple roles within Vision Invest over the past 9 years, including as Chief Executive Officer of Beatona, a Vision Invest Subsidiary specialized in Environmental Treatment Infrastructure, Waste Management and Recycling. Mr. AlMidani is a member of the Young Presidents Organization and holds a Bachelors of Commerce Degree (Finance) with Honors from the John Molson School of Business in Montreal, Canada.


    External appointments:
    Mr. AlMidani sits on the Board of Directors of several Saudi Companies, including Saudi Tabreed, Qudra Energy, Miahona and Etihad International ESCO.

    COMMITTEE
    • BOARD EXECUTIVE COMMITTEE
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    Esmail Al Sallom, Member of the Board of Directors

    • MEMBERSHIP STATUS: Non-Executive
    • APPOINTED SINCE: 14 July 2019

    Esmail bin Mohamed Al Sallom is currently a member of the Board of Directors as well as a member of the Executive Committee at ACWA Power.

    With extensive experience in Industrial Engineering, Esmail sits on the board of a number of organizations, including: Head of Investments at Al Rajhi Holding Group; Managing Director of Mada Infrastructure Holding Company (LLC); Chairman of Injaz Development Company (closed joint-stock); Member of the Board at TIBAH Airports Development Co Ltd (closed joint-stock); Member of the Board at Havas Ground Handling Co; Member of the Board at Betta Foods (LLC); Member of the Board at i2 Duty Free (LLC); and Member of the Board at Al Madinah Airport Hotel (closed joint-stock).

    Esmail has a Bachelor’s in Industrial Engineering from King Saud University, as well as a Leadership Development certificate from Harvard University, United States.


    EXTERNAL APPOINTMENTS:
    Prior to joining ACWA Power, Esmail led executive roles in flagship organizations including the Head of Corporate Finance in the Structured Finance department at Banque Saudi Fransi.
    COMMITTEE
    • BOARD EXECUTIVE COMMITTEE
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    Raid Abdullah Ismail, Member of the Board of Directors

    • MEMBERSHIP STATUS: Non-Executive
    • APPOINTED SINCE: 09 July 2018

    Mr. Ismail is the Director of Direct Local Holdings within the Public Investment Fund. He has extensive experience in business development, operations and strategy, including but not limited to change management and organisational turnovers and transformations. Mr. Ismail has held various executive management positions, including General Manager of Mawarid Food Co., CEO of Saudi Tadawi Health Care Group and Founder/Managing Partner of House of Retail LLC. He received his BSc. in Finance from the USA and an MBA from the prestigious London Business School, United Kingdom.


    EXTERNAL APPOINTMENTS
    Mr. Ismail sits on the Board of Directors of several companies, including Credit Suisse of Saudi Arabia.
    COMMITTEE
    • BOARD EXECUTIVE COMMITTEE
    • CONFLICT OF INTEREST & RELATED PARTY TRANSACTION COMMITTEE
    • THE NOMINATION AND REMUNERATION COMMITTEE
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    BOARD EXECUTIVE COMMITTEE
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    BOARD AUDIT COMMITTEE
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    BOARD RISK & COMPLIANCE COMMITTEE
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    CONFLICT OF INTEREST & RELATED PARTY TRANSACTION COMMITTEE
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    THE NOMINATION AND REMUNERATION COMMITTEE
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    Paddy Padmanathan, Chief Executive Officer

    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, Vice Chairman

    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 across Asia, Middle East, Africa and Turkey. 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 and also serves as an independent Investment Committee member for an Infrastructure fund managed by INVESTEC Bank in South Africa.

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    Kashif Rana, Chief Financial Officer

    Mr. Rana has over 17 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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    Patxi Saez, Chief Technical Officer

    Mr. Saez has over 25 years of experience in the power and water sectors, with special focus on project engineering and execution across different continents. Before becoming Chief Technical Officer, Mr. Saez was President & C.E.O. of a large Saudi EPC contractor.

    Mr. Saez has a Bachelor’s degree in Engineering and completed his Master’s degrees in Power Engineering as well as Energy Business. Mr. Saez sits on the Board of several power and utility companies owned and operated by ACWA Power.

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