Foreword
Corporate governance has never been so important. Not just in the GCC, but
globally, the financial crisis has demonstrated that effective, transparent
and accountable governance is an essential ingredient contributing to the
success of a company.
Capital market regulators have been driving the corporate governance agenda
in the region since 2002 through the gradual introduction of legislation
for publicly traded companies and their efforts have been supported by
several not-for-profit organisations, including the GCC Board Directors
Institute (BDI).
Report Contents
Financial crisis highlights need for GCC Corporate Governance »
The way Mutlaq al-Morished sees it, corporate governance has to start at the very top if it is to stand a chance of success. The former chairman of the GCC Board Directors Institute (BDI) – and executive vice-president corporate finance at Saudi Basic Industries Corporation (Sabic) – contends that better boards translate into better governed companies.-
» GCC Board Directors Institute surveys create regional picture
Since 2009, the GCC Board Directors Institute (BDI) has been conducting surveys of regional board members and senior company executives to build a clear picture of the composition and structure of boards, as well as perceptions of efficiency. These surveys are a key tool to assess areas of strength and weakness in corporate government processes and make recommendations for improvement.
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» Interview: Mohammed al-Shroogi, President of Gulf business at Investcorp
Investcorp was one of the founding corporations of the GCC Board Directors Institute (BDI) in 2007, along with Saudi Aramco, Saudi Basic Industries Corporation (Sabic), and Emirates NBD. The Bahrain-based provider and manager of alternative investment products has played an active role in promoting corporate governance in the Gulf.
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» Interview: Rasheed Al-Maraj, the governor of the Central Bank of Bahrain
In 2010, the Central Bank of Bahrain (CBB) helped formulate a new corporate governance code for all public companies operating in Bahrain, reflecting the corporate governance principles developed by the Organisation for Economic Cooperation and Development.
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» Interview: Maryam al-Suwaidi, deputy CEO, licensing, supervision, enforcement affairs SCA
The Securities & Commodities Authority (SCA), as the regulator of listed companies in the UAE, has issued a corporate governance code to promote sound practice. Maryam al-Suwaidi, deputy chief executive officer (CEO) for licensing, supervision and enforcement affairs at the SCA, sees strong corporate governance as central to its mission of investor protection and more efficient and fair markets.
