Accountability and ethics are embedded into Qatar Steel at all levels, from senior management to intermediate staff. Annual and sustainability reports publicly demonstrate the company’s commitment to this priority. Additionally, there are processes in place within each department to further ensure that these principles of accountability and ethics are upheld.
Qatar Steel’s Governance Charter and Procurement Policies enforce best practices in governance and supply chain management, facilitating fruitful collaboration, both within the company and with external stakeholders.
Essential to Qatar Steel’s corporate governance strategies are its management systems. Continuously working to improve business practices that comply and even exceed international best practices, Qatar Steel holds ISO 14001 certification for its Environmental Management System (EMS) and ISO 9001 for its Quality Management System (QMS).
The Internal Audit team continues to play a prominent role in the company’s governance and management systems. Its vigilance provides assurance that satisfactory systems, policies, and procedures are in place and being followed to ensure that the company’s assets are safeguarded, and the company objectives are being met. It ensures financial systems and procedures are in place and being followed to ensure timely and accurate financial reporting to the directors, management, and stakeholders that help ensure the company’s financial objectives are being met. Additionally, it assures that the policies and practices are in place to communicate and monitor the company’s compliance with appropriate laws and regulations.
The Board Audit Committee also continues to support the Board in its oversight responsibilities, particularly those relating to:
The integrity of the company’s financial statements and financial reporting process
The effectiveness of the company’s internal accounting and financial controls systems
The internal audit process for monitoring compliance with laws and regulations.