5. Insider Trading Supervision Committee (ITSC)

Acknowledgment

Mark Tonkens, the Chairman of the Insider Trading Supervision Committee, acknowledges his responsibility for the ITSC’s role and mandate within the corporate governance structure of EMSTEEL Group and for review of efficiency of Committee’s operations.

Members of the committee tasked with monitoring and supervising transactions of stakeholders

During 2024, the Insider Trading Supervision Committee constitution has been changed following appointment of new members of the Committee. The Insider Trading Supervision Committee currently comprises the following four (4) members:

  1. Mark Tonkens (Group Chief Financial Officer) – Chairman
  2. Zhanara Bateson (Group General Counsel) – Member
  3. Kartikeyay Nath (Group Head of Internal Audit) – Member
  4. Gleb Diachkov‑Gertcev (Director Investor Relations) – Member

Meetings of the Insider Trading Supervision Committee

During 2024, the Insider Trading Supervision Committee convened 3 meetings as set out below:

Name 23 January 24 6 August 24 10 Dec 24 Attendance
Mark Tonkens ‑ ‑ ● 1/3
Kartikeyay Nath ‑ ‑ ● 1/3
Zhanara Bateson ‑ ● ● 2/3
Gleb Diachkov‑Gertcev ● ● ● 3/3
Stephen Pope ● ● ‑ 2/3
Vikas Puri ● ● ‑ 2/3
Walid El Helaly ● ‑ ‑ 1/3

Key Responsibilities

The ITSC is responsible for establishing, publishing and enforcing effective procedures applicable to the purchase and sale of EMSTEEL’s securities by insiders, designed not only to prevent improper trading, but also to avoid any question of the propriety of insider purchases or sales. The ITSC shall undertake the following roles and responsibilities:

  • Preserve the reputation and integrity of EMSTEEL Group as well as that of all persons affiliated with EMSTEEL Group.
  • Ensure no person with material, non‑public information about EMSTEEL Group can purchase or sell any of EMSTEEL’s securities.
  • Maintain and monitor the Insiders’ Register on a quarterly basis (i.e., an updated list of insiders/covered persons and their owned securities, investor numbers (if available), undertakings, pre‑clearance of trade) and inform the Board regarding any changes to the list of the Register.
  • Provide an updated list of insiders/covered persons to relevant authorities at the beginning of the fiscal year and whenever amendments are made.
  • Review changes to the applicable laws frequently and update the Insider Trading Policy accordingly.
  • Establish a pre‑clearance procedure of all trades by all officers, directors and certain employees to protect employees from insider trading liability.
  • Define trading blackout periods during which employees trading is prohibited (especially during announcements of financial results or transaction‑based events, such as a merger).
  • Communicate the requirements of Insider Trading Policy (if applicable) to all employees regularly and conduct routine trainings.
  • Define the non‑compliance consequences for violating Insider Trading Policy (i.e., disciplinary action up to termination of employment, relationship or lawsuit).

Related Parties Transactions

Statement of Related Party Nature of relationship Type of Transaction Value of Transaction (AED)
Intercompany Transactions
Abu Dhabi Distribution Company PJSC Sister Company Electricity and water expenses 596,455,479
Abu Dhabi Ports Company PJSC Sister Company Clearance and export charges 28,423,488
Abu Dhabi Marine Services Safeen LLC (ADPMS) Sister Company Trans‑shipment charges 93,581,948
Zones Corp Infrastructure Fund Sister Company Purchase ‑ natural gas and rent 54,001,466
Al Ain Foods & Beverages PJSC Sister Company Drinking water 1,184,103
Contango Management Consultancy LLC ICP Sister Company Consultancy fees 11,151,166
Transactions with related parties
Abu Dhabi National Oil Company Under common control Purchase ‑ natural gas 541,325,548
National Health Insurance Company PJSC (Daman) Under common control Medical insurance cost 26,422,773
Abu Dhabi Retirement and Pension Fund (UCC) Under common control Pension 26,431,086
Abu Dhabi National Exhibitions Company PJSC (ADNEC) Under common control Exhibitions 216,005

Related parties’ transactions that exceeded 5% of capital in 2024:

  1. Abu Dhabi Distribution Company PJSC – AED 596,455,479 (6.8% of capital)
  2. Abu Dhabi National Oil Company – AED 541,325,548 (6.2% of capital)