ADNOC Distribution has a Relationship Agreement with ADNOC to support ADNOC Distribution’s status as an independent company. ADNOC Distribution enters into transactions with ADNOC only with the approval of a majority of the Board of Directors, including a majority of our independent directors.
Our Board is responsible for the implementation and oversight of our corporate governance framework. Our Board complies with the corporate governance requirements applicable to public joint stock companies listed on the Abu Dhabi Securities Exchange, as set out in the Chairman of Authority’s Board of Directors’ Decision No.(3 R.M) of 2020 Concerning the Standards of Institutional Discipline and Governance of Public Joint Stock Companies (the Corporate Governance Rules).
The Corporate Governance Rules require that the majority of the Board must comprise non-executive independent directors, in accordance with the criteria set out in the Corporate Governance Rules.