Luberef’s approach to corporate governance is built on integrity, transparency, and accountability, ensuring the company operates in the best interests of all stakeholders. The Company’s governance framework is designed to clearly define roles, responsibilities, and decision-making processes, aligning with both regulatory requirements and the specific needs of the business.
In 2025, the Board approved the implementation of Saudi Aramco’s Controller’s Group Governance Framework (CGGF) which establishes a leading and consistent standard of governance and controls over financial reporting for major processes across the business. The CGGF is designed in alignment with the globally recognized principles detailed in the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control – Integrated Framework (ICIF), 2013.
Oversight
Effective oversight is at the core of Luberef’s governance structure. The Board is responsible for setting Luberef’s strategic direction, evaluating risks and internal controls, and ensuring compliance with all applicable laws and regulations. To support these responsibilities, the Board is assisted by two key committees that enhance oversight and governance effectiveness.
Luberef also maintains open and ongoing dialogue with its shareholders, incorporating their feedback to strengthen governance practices and ensure long-term value creation. Through this commitment, Luberef continues to uphold the highest standards of corporate responsibility, ensuring the company remains a trusted, transparent, and well-governed organization.
Board Committees
The Board Audit Committee (BAC) plays a central role in safeguarding the integrity of Luberef’s financial management. It oversees financial reporting processes, internal controls, and risk management frameworks to ensure the accuracy and reliability of disclosures. The BAC also monitors compliance with regulatory requirements and internal policies, reinforcing transparency and accountability across the organization. As part of this mandate, Luberef successfully implemented the Internal Control over Financial Reporting (ICFR) program, further strengthening the robustness, reliability, and integrity of its financial reporting processes.
The Remuneration and Nomination Committee (RNC) is responsible for ensuring that Luberef’s leadership and governance structures remain robust and forward-looking. The RNC oversees Board and Board committee composition, succession planning, and senior executive selection and remuneration policies, ensuring alignment with the Company’s strategic objectives and performance culture. Through these efforts, the Committee helps attract, retain, and develop the leadership talent required to sustain long-term growth and value creation.
This year, the Board also approved the establishment of a third committee and its governing charter – the Sustainability and HSE Committee. The formation of the committee is now in its final administrative phase, which includes the appointment of its members.