QatarEnergy supports the State of Qatar’s National Vision 2030 of balancing the accomplishments that achieve economic growth with the human and resource needs of the people of Qatar. Our vision is to become one of the best national energy companies in the world, with roots in Qatar and a strong international presence.
The Values adopted by QatarEnergy reflect what we stand for and our Code of Conduct guides the decisions made and the actions taken in every aspect of our business affairs. QatarEnergy aligns its system of corporate governance with these values and the principles outlined in its CoC, as well as the relevant laws and regulations in which we operate.
The QatarEnergy governance framework guides the Board of Directors and management in oversight of the organization. The foundation for this framework are the laws and by-laws of the State of Qatar with ultimate accountability residing with the Supreme Council for Economic Affairs & Investment. This framework has led to the adoption of a system of governance practices and accountabilities that reflect international, best-in-class standards for good governance. At the same time, these practices comply with the applicable regulatory and legal obligations of the State of Qatar, and the locations in which we operate. Likewise, QatarEnergy’s governance practices ensure that adequate control, oversight and risk management mechanisms are in place across the organization, including in our subsidiaries and JV partnerships.
Structure
A Decree Law established QatarEnergy in 1974. The QatarEnergy Board is responsible for the direction and oversight of QatarEnergy and is accountable to the Supreme Council for Economic Affairs and Investment.
Mr. Saad Sherida Al Kaabi was appointed as the President & CEO of QatarEnergy in 2014. The President & CEO is responsible for QatarEnergy’s overall business managing its operational and business development activities. In 2018, Mr. Saad Sherida Al Kaabi was appointed Minister of State for Energy Affairs and Vice Chairman of QatarEnergy Board, in addition to his role as the President and CEO.
The QatarEnergy Executive Leadership Team operates under the direction of the President & CEO, supporting the implementation of QatarEnergy’s strategy and supervising management levels in QatarEnergy.
The Board of Directors and management of QatarEnergy have long recognized the importance of corporate governance practices that help ensure an environment of effective oversight and accountability. Our governance structure clarifies the set of relationships that constitute QatarEnergy’s governance environment. This comprises the relationships between the Board of QatarEnergy, its management, subsidiaries, JV partners and wider stakeholders.
Role
| Responsibilities |
|---|
Supreme Council
| The highest decision making body which acts on behalf of the State of Qatar and stewards the nation’s petroleum resources
|
Board of Directors
| Responsible for the setting of the strategic direction of the QatarEnergy organization and are accountable to the Supreme Council for Economic Affairs & Investment |
Board Audit Committee
| Assist the Board of Directors in their oversight of the financial statements, internal controls, risk management and ethics and compliance program |
| CEO | Responsible for QatarEnergy’s overall business managing its operations, financial results, business development activities and the execution of its strategy |
| Executive Leadership Team | Operate under the direction of the CEO in support of the implementation of the QatarEnergy strategy, including the supervision of QatarEnergy management
|
| External Auditors | Responsible for the audit of the organization’s financial statements and provide reasonable assurance that they reflect a true and accurate representation of QatarEnergy’s financial position
|
Role
| Responsibilities |
Supreme Council
| The highest decision making body which acts on behalf of the State of Qatar and stewards the nation’s petroleum resources
|
Board of Directors
| Responsible for the setting of the strategic direction of the QP organization and are accountable to the Supreme Council for Economic Affairs & Investment |
Board Audit Committee
| Assist the Board of Directors in their oversight of the financial statements, internal controls, risk management and ethics and compliance program |
| CEO | Responsible for QP’s overall business managing its operations, financial results, business development activities and the execution of its strategy |
| Executive Leadership Team | Operate under the direction of the CEO in support of the implementation of the QP strategy, including the supervision of QP management
|
| External Auditors | Responsible for the audit of the organization’s financial statements and provide reasonable assurance that they reflect a true and accurate representation of QP’s financial position
|
Board of Directors
Our Board of Directors appointed by H.H. the Emir of the State of Qatar, oversee the overall success of the organization’s business, including its financial strength. It serves as the ultimate decision-making body of the organization, except for those matters reserved with the State (via the Supreme Council for Economic Affairs and Investment). The Board fulfills its duties, including risk oversight, with the assistance of various appointed Board and Management Committees.
Executive Leadership
The Executive Leadership Team assists the President & CEO in the implementation of the organization’s strategy and oversight of operational management. The Executive Leadership Team is chaired by the CEO and comprises other senior leaders. They meet regularly to address matters concerning the entire organization.
