Without prejudice to the provisions of Article (4) of this Law, the Council is responsible for all matters that would achieve the objectives of the institution, and it is the authority responsible for managing its affairs and making all necessary decisions to achieve its purposes. In particular, it has the following powers:
1. Approving the policies related to the institution's activities and strategies, as well as the necessary plans and programs for their implementation.
2. Supervising the operations of the institution, monitoring its growth and development, supporting it, and maintaining its independence and distinction.
3. Establishing monitoring and evaluation mechanisms to ensure the development of the institution's performance and the achievement of its objectives.
4. Approving the procedures and standards related to the institution's work.
5. Approving the organizational structure of the institution.
6. Proposing the internal regulations of the institution related to its administrative and financial affairs and all internal matters of the institution and its amendments (including those related to its contracts and securing its purchases); and other internal regulations necessary for managing its affairs, and supervising their implementation after being approved by the Ministry.
7. Proposing a disclosure and conflict of interest policy, and a membership benefits regulation for the institution, and submitting them to the Ministry for approval.
8. Nominating members to represent the institution on the Board of Directors of a company in accordance with the provisions of its Articles of Association.
9. Appointing the Chief Executive Officer.
10. Establishing controls and policies governing the approval of financial support requests for the institution and the mechanism for incentivizing them, and accepting gifts, grants, donations, bequests, endowments, and other contributions from within or outside the Kingdom, while considering the relevant laws and decisions, and submitting them to the Ministry for approval.
11. Approving the accounting standards and policies for preparing the institution's financial statements and reviewing them; in accordance with the established standards and policies in force in the Kingdom.
12. Determining the beginning and end of the financial year for the institution in accordance with the beginning and end of the financial year for the company.
13. Establishing controls for nominating representatives of the institution and appointing them to the Board of Directors of the company, and determining who represents the institution in the company's general assembly, as well as defining their rights and obligations towards the institution, and submitting them to the Ministry for approval.
14. Approving the procedures and systems for risk management and compliance for the institution.
15. Approving the rules and procedures governing the work of the Council.
16. Appointing an internal financial auditor.
17. Approving the institution's final accounts, its annual report, the external auditor's report, and the institution's financial statements, and submitting them to the Ministry for approval.
The Council may, as it deems appropriate, form permanent or temporary committees from among its members or others, assigning them tasks it sees fit, and naming in the decision to form each committee its chair and members, specifying their tasks. Each committee may seek assistance from whomever it deems necessary to perform the tasks assigned to it. The Council may delegate some of its powers to its President, Vice President, any of its members, or the Chief Executive Officer, or to whomever the Council sees fit according to the needs of the institution's operations.