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Source: https://cdn.ymaws.com/gccbdi.site-ym.com/resource/rss/news.rss

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<title>News & Press</title>
<link>https://gccbdi.site-ym.com/news/</link>
<description><![CDATA[ Read about recent events, essential information and the latest community news. ]]></description>
<lastBuildDate>Mon, 4 Mar 2024 09:34:51 GMT</lastBuildDate>
<pubDate>Wed, 2 Nov 2022 11:01:00 GMT</pubDate>
<copyright>Copyright © 2022 GCC Board Directors Institute</copyright>
<atom:link href="http://gccbdi.org/resource/rss/news.rss" rel="self" type="application/rss+xml"></atom:link>
<item>
<title>GCC BDI signs MoU with National Center for Family Business</title>
<link>https://gccbdi.site-ym.com/news/621924/</link>
<guid>https://gccbdi.site-ym.com/news/621924/</guid>
<description><![CDATA[• MoU to focus on developing long-term strategic relationship between entities<div style="box-sizing: border-box; background-color: #ffffff;"> </div><span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">Riyadh, Saudi Arabia, 2 November, 2022:  The GCC Board Directors Institute (GCC BDI), a not-for-profit organisation that guides board directors of organisations in acquiring the know-how and tools to reach and sustain effective corporate governance, announced the signing of a Memorandum of Understanding [MoU] with the National Center for Family Business [NCFB], an organisation committed to strengthening the role of family business in the Kingdom of Saudi Arabia and ensuring their sustainability. The MoU focuses on the development of a long-term strategic relationship between GCC BDI and NCFB as well as strengthening their cooperation to explore collaborative opportunities and enhance standards of corporate and family governance in Saudi Arabia. The MoU also aims to reinforce the role of family businesses in furthering the Saudi economy and increase their contribution to KSA’s GDP and Vision 2030.  The MoU was signed in Riyadh on November 1 by Jane Valls, Executive Director of GCC BDI, and Dr Ayth Al Mubarak, Chief Executive Officer of NCFB during a Family Business Governance Forum being run by GCC BDI in collaboration with NCFB. Commenting on the MoU, Jane Valls, Executive Director of GCC BDI, said: “At GCC BDI, we aim to create a positive impact on the economies and societies in the region through promoting professional directorship and raising the level of board effectiveness. Family Businesses are a key component of this mandate, and this is where our MoU with the National Center for Family Business in Saudi Arabia will help us enhance the standards of corporate and family governance in the Kingdom. By joining forces with NCFB, we seek not only to empower family businesses in the Kingdom but also to ensure their long-term competitiveness in the changing business landscape.” In his comments, Dr Ayth Al Mubarak, Chief Executive Officer of NCFB, said: “Family businesses represent 63% of the private sector entities in Saudi Arabia, and account for 32% of the national gross domestic product (GDP). Family businesses are key to the growth of the country’s GDP, and this MoU with GCC BDI will go a long way in raising awareness about effective governance in line with Saudi Vision 2030. We aim to work collaboratively with GCC BDI to extend a wide array of programmes and certifications to empower family businesses in the Kingdom.”   The MoU stipulates close collaboration between GCC BDI and NCFB on raising awareness and providing professional development and education through workshops and forums, such as the GCC BDI Family Business Governance Workshop. This involves, among other aspects, running a Certification in Board Directorship for Family Businesses. GCC BDI and NCFB will also work together on relevant research and case studies, as well as other topics of mutual interest, including partnering on forums and workshops.  Given the significance of family businesses on the national level, the NCFB was opened by a royal decree in 2014, directing the Ministry of Commerce to support and organise the center. The NCFB works towards its mission by providing services and the effective communication with family businesses, public agencies, advisory and management consultation firms, and the general community.  Over the past one-and-a-half decades, GCC BDI has grown to over 2600 members and has helped over 2,600 board directors across the Gulf region in developing their professional capabilities. Founded in 2007 as a not-for-profit entity, GCC BDI’s mission is to promote the highest professional standards of corporate governance and directorship through capacity building, advocacy, and sound governance practices.  About GCC Board of Directors Institute GCC Board Directors Institute (GCC BDI) is a not-for-profit organisation which guides board directors of organisations, from family-owned businesses to listed companies, to acquire the know-how and the tools to reach and sustain effective governance. Launched in 2007, we are very proud to be celebrating our 15th anniversary of operating across the GCC. We are supported by eight leading regional corporations and professional services firms who serve as our strategic partners.Our mission is to enhance board member capabilities, create a strong and influential regional network of board members, and disseminate high-quality corporate governance knowledge, leading the regional debate on emerging best governance practices. We aim to accomplish these goals through a combination of effective practice and experience sharing, access to global knowledge and interaction with regional and international counterparts.GCC BDI has grown to become the leading organisation in the region for board directors. We have delivered over 400 programmes and forums to top-tier companies in the Gulf and now comprise over 2600 members, each with extensive knowledge and experience in operating at the most senior levels of business in the GCC.For more information, please visit https://gccbdi.org/ For media enquiries, please contact: Mehwish Sarwar GCC Board of Directors Institute mehwish.sarwar@gccbdi.org ]]></description>
<category>2022</category>
<pubDate>Wed, 2 Nov 2022 11:01:00 GMT</pubDate>
</item>
<item>
<title>GCC BDI Chairman Summit sheds light on the significance of sustainable investment and development</title>
<link>https://gccbdi.site-ym.com/news/619990/</link>
<guid>https://gccbdi.site-ym.com/news/619990/</guid>
<description><![CDATA[<ul style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; background-color: #ffffff;"><li style="box-sizing: border-box;">H.E. Khalid Al Falih, Saudi Arabia Minister of Investment, highlights growing emphasis on sustainable investment in the Kingdom </li><li style="box-sizing: border-box;">H.E. Dr Fahad Al Toonsi, Adviser to the Royal Court in Saudi Arabia, focuses on unlocking long-term value with sustainability</li><li style="box-sizing: border-box;">Sustainability as a philosophy is gaining ground in changing business landscape, reiterates summit in Riyadh</li><li style="box-sizing: border-box;">Panel discussions focus on building future of business with sustainable development, trends of sustainable investment, and navigating ESG</li><li style="box-sizing: border-box;">H.E. Khalid Al Falih and H.E. Dr Fahad Toonsi were awarded Honorary Fellowships by GCC BDI at the Summit. <div style="box-sizing: border-box;"> </div></li></ul><div style="box-sizing: border-box; background-color: #ffffff;"> </div><span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">Riyadh, 16 October – His Excellency Khalid Al Falih, Minister of Investment of the Kingdom of Saudi Arabia, has reinforced the growing emphasis on sustainable investment in the Kingdom and the need for a strong commitment from the corporate sector to long-term value creation through impact investments and focus on sustainable projects. H.E. Al Falih was delivering his keynote address to mark the opening of the 8th Chairman Summit of the GCC Board Directors Institute [GCC BDI], a not-for-profit organisation that promotes board effectiveness and good corporate governance, supporting GCC boards and board directors, in Riyadh on Thursday last week.October 6. Guest speakers at the GCC BDI Chairman Summit included H.E. Dr Fahad Toonsi, Adviser to the Saudi Royal Court, HE Abdullatif Al Othman, Founding Chairman of GCC BDI,Mohammed Asiri, CEO, Saudi Red Sea Authority, and John Pagano, CEO of The Red Sea Development Company & AMAALA. GCC BDI, celebrating its 15th anniversary this year, brought together influential chairpersons, board members and C-Suite executives from across the GCC region and beyond to explore the ever-evolving role of boards and the implementation of best practices in corporate governance for the annual flagship event. The summit, held under the theme of ‘Sustainable Development and Investment’, also explored ways to develop the economy and set new standards in sustainable development in the region and globally. It also examined the latest trends in sustainable investment, as well as in environmental and social governance. In his address, H.E. Dr. Fahad Toonsi, Adviser to the Saudi Royal Court, focused on the governance of sustainability, emphasizing that by seizing the opportunities and working together on the sustainability and Environmental, Social, and Governance [ESG] priorities, the private and government sectors can not only create a more sustainable future but also unlock significant long-term value for the businesses and society. This year, the Summit was run in partnership with The Red Sea Development Company, the developer behind The Red Sea and AMAALA. A total of 200 participants attended the Summit, which was a blend of physical and virtual modes this year. H.E. Eng. Abdullatif Al Othman, Governor and Founding Chairman of GCC BDI, and Jane Valls, Executive Director, GCC BDI, delivered the welcome address at the Summit, while John Pagano, Chief Executive Officer of The Red Sea Development Company, shed light on the development company’s master plan and its commitment to going beyond sustainability to deliver a regenerative approach to tourism development. H.E. Khalid Al Falih and H.E. Dr Fahad Toonsi were also awarded Honorary Fellowships by GCC BDI at the Summit. Honorary Fellowship is an honour bestowed by GCC BDI and is awarded for life to an individual who has rendered long and distinguished service in raising the standards of corporate governance.<span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;"> Talking about the success of the 8th Chairman Summit, Jane Valls, Executive Director, GCC BDI, said: “Sustainability and ESG considerations have been top-of-mind for several years. These have increased in importance recently – partly due to the pandemic, the increasing impacts of climate change, and increased awareness of social inequalities. As a business philosophy, sustainability is gaining ground and will only increase in significance in the future. To mark our 15th Anniversary, GCC BDI made sustainable development and sustainable investment a key focus area to deliberate upon at our flagship Chairman Summit. The interesting viewpoints and valuable insights shared at the Summit will go a long way in shaping the regional agenda, corporate processes and business value chains.” Jane added: “We are thankful to His Excellency Khalid Al Falih, Minister of Investment, H.E. Dr Fahad Toonsi, Adviser to the Saudi Royal Court, and to John Pagano and the team at the Red Sea Development Company and AMAALA and all our participants for attending the summit and airing their views on this important topic which will help raise awareness and enhance sustainability governance practices in the region.” In his comments on the Chairman’s Summit, John Pagano, Group Chief Executive Officer of The Red Sea Development Company, said: “The GCC BDI Chairman’s Summit was a great platform for us at The Red Sea Development Company to reinforce our commitment to sustainable development and investments in the Kingdom. This was an opportunity to showcase our ambition to not only preserve but actively enhance the natural environment and deliver on our commitment to develop the world’s most ambitious regenerative tourism projects.” He added: “The deliberations during the Summit were extremely educational, presenting the key opportunities in sustainability, ESG best practices, and corporate governance. At The Red Sea Development Company, we saw this Summit as a great opportunity to understand the emerging trends in the sustainability and ESG domain and share our experiences with the wider community.” The day long summit also comprised panel discussions on ‘Building the Future of Business – Sustainable Development’, ‘Emerging Trends in Sustainable Investment’, and ‘Navigating ESG’. Participants included Dr Lama Al-Sulaiman, Independent Board Director and a board member of Rolaco Holdings; Mohammed Alrumaih, Chief Executive Officer, Saudi Exchange; Rajiv Shukla, Senior Managing Director & Advisor to the Regional CEO, HSBC Saudi Arabia; Stephane Lapiquonne, Head of Sustainable Investing, EMEA for Blackrock; Karina Litvack, Chair of the Governing Board, Climate Governance Initiative; Dr Maryam Ficociello, Group Chief Governance Officer of The Red Sea Development Company; Pradeep Rana, Group Chief Risk Officer, First Abu Dhabi Bank; Richard Barker, ISSB Board Member International Financial Reporting Standards (IFRS) Foundation; John Defterios, Senior Advisor, APCO Worldwide; Gregory Djerejian, Group Head of Legal, The Red Sea Development Company; David Grover, Group Chief Executive Officer, ROSHN; Jean-Christophe Durand, CEO, National Bank of Bahrain; Manish Manchandya, Senior Vice President Finance & Group CFO, Saudi Electricity Company; Tarek El Sayed, Senior Partner, McKinsey & Company; Becky Anderson, Managing Editor, CNN Abu Dhabi & Anchor; and Akash Soomro, Partner, McKinsey & Company. The panel discussions covered, among other topics, incentives to companies to prioritize sustainable development, policies and regulations, greenhouse gas emissions, ESG in real estate, financing sustainable development, green bonds, impact investing, incorporating ESG considerations in investment decisions, embracing theories of stakeholder capitalism to drive long-term value creation and sustainable growth, ESG reporting, and tangible steps to make ESG successful. The GCC BDI Chairman Summit is an annual leadership event, by invitation only, that has attracted more than 1,500 high level participations since its inception in 2013. The event was governed by Chatham House rules.]]></description>
<category>2022</category>
<pubDate>Fri, 21 Oct 2022 13:57:00 GMT</pubDate>
</item>
<item>
<title>GCC BDI to Convene 8th Chairman Summit in Riyadh</title>
<link>https://gccbdi.site-ym.com/news/617959/</link>
<guid>https://gccbdi.site-ym.com/news/617959/</guid>
<description><![CDATA[<ul style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; background-color: #ffffff;"><li style="box-sizing: border-box;">Summit to explore ways to develop the economy and set new standards in sustainable development in the region and globally</li><li style="box-sizing: border-box;">6 October event will be a blend of physical and virtual modes  </li></ul><div style="box-sizing: border-box; background-color: #ffffff;"> </div><span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">Riyadh, 29 September – The GCC Board Directors Institute (GCC BDI), a not-for-profit organization that promotes board effectiveness and good corporate governance, supporting GCC boards and board directors, celebrating its 15th Anniversary this year, has announced that it will convene the 8th edition of its flagship event, The Chairman Summit, in Riyadh on 6 October. The annual flagship event will bring together influential chairpersons, board members and C-Suite executives from across the GCC region and beyond to explore the ever-evolving role of boards and the implementation of best practices in corporate governance. <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">To be held under the theme of “Sustainable Development and Investment”, the Summit will explore ways to develop the economy and set new standards in sustainable development in the region and globally. It will also examine the latest trends in sustainable investment, as well as in environmental and social governance. The Summit is being run this year in partnership with The Red Sea Development Company, the developer behind The Red Sea and AMAALA. <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">The Summit will be opened by His Excellency Khalid Al Falih, Saudi Arabia’s Minister of Investment; while the welcome address will be delivered by H.E. Eng. Abdullatif A. Al-Othman, Governor, GCC BDI; and Jane Valls, Executive Director, GCC BDI. Guest speakers will include H.E. Dr Fahad Toonsi, Adviser to the Royal Court, H.H Princess Haifa Al Saud, Saudi Vice Minister of Tourism, Kingdom of Saudi Arabia and John Pagano, Group Chief Executive Officer, The Red Sea Development Company. <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">The daylong gathering will comprise panel discussions on topics such as “Emerging Trends in Sustainable Investment”, “Building the Future of Business – Sustainable Development” and “Navigating ESG”. Participants include H.E. Mohammed A. El-Kuwaiz, Chairman, Capital Market Authority, KSA; Dr. Lama Al-Sulaiman, Independent Board Director and former board member of the General Entertainment Authority; Mohammed Alrumaih, Chief Executive Officer, Saudi Exchange; Rajiv Shukla, Chief Executive Officer, HSBC Bank, KSA; Ahmed Ismail, CEO, Majid Al Futtaim Properties; Stephane Lapiquonne, Head of Sustainable Investing, EMEA for Blackrock; Karina Litvack, Chair of the Governing Board, Climate Governance Initiative; Dr Maryam Ficociello, Group Chief Governance Officer of The Red Sea Development Company; Pradeep Rana, Chief Risk Officer, First Abu Dhabi Bank; John Defterios, Senior Advisor, APCO Worldwide; and Gregory Djerejian, Group Head of Legal, The Red Sea Development Company. <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">This year’s summit will be a blend of physical and virtual modes, which will allow the flexibility for more participants to attend. The physical places will be limited as per the prevailing Covid-19 regulations and bookings for the same will be allocated on a first come first served basis. In case of any new restrictions on hosting the event physically, it will be held online. <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">Jane Valls, Executive Director of GCC BDI, said: “Global events, coupled with technological developments, have been relentlessly shifting and reshaping criteria, patterns and models of business. The Chairman Summit not only offers insights into the latest and emerging trends in the business world, but it provides a platform for board directors and senior business leaders to network and share experiences with peers and discuss the latest key governance and board issues that help raise awareness and enhance governance practices in the region.” She stressed that the theme of sustainability would add a new dimension to the Summit this year, thanks largely to the pandemic and climate change which has necessitated businesses around the world to focus more sharply than ever on this subject. <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">John Pagano, Group Chief Executive Officer of The Red Sea Development Company, who is a keynote speaker, said: “The GCC BDI Chairman Summit is a great opportunity to explore some of the key challenges and opportunities in the field of sustainability and corporate governance, with all speakers and participants offering insights into new trends and enhancing knowledge and understanding.” “For us at The Red Sea Development Company, it is a chance to share our successes in this field in the hope that our experience will also benefit the wider business community in the Kingdom and wider region.” <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">The GCC BDI Chairman Summit is an annual leadership event that has attracted more than 1,500 participations since its inception in 2013. The event is governed by Chatham House rules. About GCC Board of Directors Institute GCC Board Directors Institute (GCC BDI) is a not-for-profit organisation which guides board directors of organisations, from family-owned businesses to listed companies, to acquire the know-how and the tools to reach and sustain effective governance. Launched in 2007, we are very proud to be celebrating our 15th anniversary of operating across the GCC. We are supported by eight leading regional corporations and professional services firms who serve as our strategic partners.Our mission is to enhance board member capabilities, create a strong and influential regional network of board members, and disseminate high-quality corporate governance knowledge, leading the regional debate on emerging best governance practices. We aim to accomplish these goals through a combination of effective practice and experience sharing, access to global knowledge and interaction with regional and international counterparts.GCC BDI has grown to become the leading organisation in the region for board directors. We have delivered over 400 programmes and forums to top-tier companies in the Gulf and now comprise over 2600 members, each with extensive knowledge and experience in operating at the most senior levels of business in the GCC.For more information, please visit https://gccbdi.org/ For media enquiries, please contact: Mehwish Sarwar GCC Board of Directors Institute mehwish.sarwar@gccbdi.org<span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"> About The Red Sea Development Company The Red Sea Development Company (TRSDC - www.theredsea.sa) is a closed joint-stock company wholly owned by the Public Investment Fund (PIF) of Saudi Arabia. TRSDC was established to drive the development of The Red Sea Project, a luxury, regenerative tourism destination that will set new standards in sustainable development and position Saudi Arabia on the global tourism map. The project is being developed over 28,000 km2 of pristine lands and waters along Saudi Arabia’s west coast and includes a vast archipelago of more than 90 pristine islands. The destination also features sweeping desert dunes, mountain canyons, dormant volcanoes, and ancient cultural and heritage sites. It is designed to include hotels, residential properties, leisure, commercial and entertainment amenities, as well as supporting infrastructure that emphasizes renewable energy and water conservation and re-use, as well as a circular waste management system to achieve zero waste to landfill. Activity for the first phase of development is well underway and is on track to be completed by the end of 2023. The project has surpassed significant milestones, with over 1000 contracts signed to date, worth in excess SAR 25 bn ($6.6bn). The 100-hectare Landscape Nursery, which will provide more than 25 million plants for The Red Sea Project and AMAALA, is now fully operational. There are more than 20,000 workers currently on-site and 90km of new roads are now complete. The Construction Village and the Waste Management Centre are both fully operational and development is progressing well at the Coastal Village, which will be home to around 14,000 people who will eventually work at the destination. Contact details: For more information please contact: Rebecca Cousins: Director – PR & Communications Rebecca.Cousins@theredsea.sa]]></description>
<category>2022</category>
<pubDate>Thu, 29 Sep 2022 14:16:00 GMT</pubDate>
</item>
<item>
<title>New research from APCO-GCC Board Directors Institute pinpoints trends defining ESG in Gulf region</title>
<link>https://gccbdi.site-ym.com/news/616683/</link>
<guid>https://gccbdi.site-ym.com/news/616683/</guid>
<description><![CDATA[<ul style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; background-color: #ffffff;"><li style="box-sizing: border-box;">In the Gulf Region, 55% of surveyed GCC companies are reporting on their ESG goals.</li><li style="box-sizing: border-box;">The CEO has ultimate accountability for reaching ESG goals and targets, according to 58.8% of GCC organizations surveyed. </li></ul><div style="box-sizing: border-box; background-color: #ffffff;"> </div><span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">September 13, 2022: APCO Worldwide and GCC Board Directors Institute (GCC BDI) released the results of a joint study seeking to better understand where companies in the region are on their ESG journey, their priority issues and barriers to ESG implementation, Liam D. Clarke, senior director and head of APCO’s MENA Climate Practice, announced today. <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">“Now more than ever before, there is a heightened focus on ESG from regulators, investors, employees and even the general public,” Jane Valls, executive director of GCC BDI, said. “It is critical that boards take a proactive approach in centering ESG in corporate strategy discussions. This guide highlights the growing consensus around why ESG belongs in the boardroom—and why it’s here to stay.” <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">The joint survey found that companies are beginning to take action on ESG, but that a lack of transparency and standardised metrics remain major points of friction. ESG programs in the regions have emerged largely as a reactive response to investor and stakeholder pressure. However, GCC-based public and private companies are just starting their ESG journeys, and there’s room for growth and development to understand and better utilize their data, the report found. <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">“This 2022 report showcases how mindsets surrounding ESG are rapidly shifting within the GCC region, underpinned by emergent risks and the need for strategic planning,” Clarke said. “APCO sees ESG as a catalyst for cross-sectoral collaboration around urgent social and environmental problems within the GCC region. We stand ready to support organizations of all sizes as they work to strategically build their ESG capabilities and emerge as global leaders in sustainability." <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">Some of the key findings of the report include: • ESG is mostly seen positively—largely due to the importance that GCC companies place on ESG’s impact on their reputation, risk and value creation. • As government policies around ESG are rapidly evolving, GCC-based companies are still at the “start-up” phase of their ESG journey and grappling to understand, analyse and act upon their data. • Most private companies are not reporting on their ESG goals, but more than half of listed companies that were surveyed are doing so. • Reporting from both public and private companies primarily takes the form of an annual ESG report separate from financial reporting, or an integrated annual sustainability report. <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">ESG strategies and programs can enhance cross-sectoral collaboration to tackle urgent social and environmental challenges within the GCC region. As ESG strategies are implemented by the public and private sectors, they benefit from a deepening commitment to sustainability through opportunities to capitalise on ESG opportunities and an acceleration of the region’s net-zero goals. <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">Click <a href="https://gccbdi.org/resource/resmgr/surveys/APCO-GCC-BDI-ESG_Report_2022.pdf" style="box-sizing: border-box; background-color: transparent; text-decoration-line: none;">here</a> to download a copy of ESG in the GCC Region: Accelerating Integration. About GCC Board of Directors Institute GCC Board Directors Institute (GCC BDI) is a not-for-profit organisation which guides board directors of organisations, from family-owned businesses to listed companies, to acquire the know-how and the tools to reach and sustain effective governance. Launched in 2007, we are very proud to be celebrating our 15th anniversary of operating across the GCC. We are supported by eight leading regional corporations and professional services firms who serve as our strategic partners. Our mission is to enhance board member capabilities, create a strong and influential regional network of board members, and disseminate high-quality corporate governance knowledge, leading the regional debate on emerging best governance practices. We aim to accomplish these goals through a combination of effective practice and experience sharing, access to global knowledge and interaction with regional and international counterparts. GCC BDI has grown to become the leading organisation in the region for board directors. We have delivered over 400 programmes and forums to top-tier companies in the Gulf and now comprise over 2600 members, each with extensive knowledge and experience in operating at the most senior levels of business in the GCC. For more information, please visit https://gccbdi.org/ About APCO Worldwide APCO Worldwide is an advisory and advocacy communications consultancy helping leading public and private sector organizations be catalysts for progress by navigating the challenges of today, acting with agility, anticipating social risk and building organizational reputations, relationships and solutions to succeed. APCO is an independent and majority women-owned business. For more information, please visit www.apcoworldwide.com. <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">Media Contact GLOBAL Jimmy Koo Media Relations Manager jkoo@apcoworldwide.com +1.202.446.1289 MENA Tasnim Hijazi Media Relations Manager thijazi@apcoworldwide.com +971.52.160.7687]]></description>
<category>2022</category>
<pubDate>Thu, 15 Sep 2022 10:23:00 GMT</pubDate>
</item>
<item>
<title>GCC BDI celebrates 15 years of excellence in promoting corporate governance and board effectiveness </title>
<link>https://gccbdi.site-ym.com/news/616682/</link>
<guid>https://gccbdi.site-ym.com/news/616682/</guid>
<description><![CDATA[<ul style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; background-color: #ffffff;"><li style="box-sizing: border-box;">The Institute has supported over 2,600 board directors in the Gulf to develop their professional capabilities</li><li style="box-sizing: border-box;">With over 2600 members, GCC BDI runs 50 workshops yearly to help board directors, board secretaries and C Suite executives</li><li style="box-sizing: border-box;">GCC BDI is committed to reinforcing corporate governance, board diversity, leadership in the Gulf </li></ul><div style="box-sizing: border-box; background-color: #ffffff;"> </div><span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">Dubai, United Arab Emirates, September 15, 2022: GCC Board Directors Institute (GCC BDI), a not-for-profit organisation that guides board directors of organisations in acquiring the know-how and tools to reach and sustain effective corporate governance, is celebrating its 15th anniversary of excellence in promoting professional board directorship and raising the level of board effectiveness across the Gulf. Over the past one-and-a-half decades, GCC BDI has grown to over 2600 members and has helped over 2,600 board directors across the Gulf region in developing their professional capabilities. The Institute currently conducts over 50 workshops and seminars annually covering vital board leadership education, including the areas of corporate governance, board evaluation, board diversity, and corporate leadership. GCC BDI has delivered over 400 programmes and forums to top-tier organisations in the Gulf in these 15 years. Founded in 2007 as a not-for-profit entity, GCC BDI’s mission is to promote the highest professional standards of corporate governance and directorship through capacity building, advocacy, and sound governance practices. As the only director institute from the GCC to be admitted to the Global Network of Director Institutes (GNDI), GCC BDI brings together its members to explore the evolving role and value of boards as well as appropriate corporate governance standards, regionally and globally. In his comments on the 15th anniversary, Mohammad Al-Shroogi, Chairman of GCC BDI, said: “The 15th anniversary of GCC BDI is a significant milestone in our journey in the Gulf. As the business and economic landscape evolves, the role of GCC boards has shifted considerably over the past 15 years from largely collegial bodies aimed at approving company strategy to a key governance organ meant to challenge and inspire strategy. At GCC BDI, we are proud of what we have achieved in these 15 years – with a rich track record of local experience and understanding, strong corporate governance knowledge, practical director expertise and tried and tested programmes that have helped thousands of board directors and shaped businesses across the region.” Commenting on the milestone, Jane Valls, Executive Director of GCC BDI, said: “GCC BDI has come a long way since its inception. We are a homegrown Institute founded to help board directors in the Gulf  – we have a huge accumulated knowledge of the local legal and regulatory environment, as well as the cultural understanding of the Gulf and its boards. This aspect is particularly important as we celebrate 15 years of GCC BDI. GCC BDI has been working tirelessly to raise the profile of good corporate governance and strong investor relations in the Gulf. Good governance is a key factor as the Gulf counties have positioned themselves on the global economic map. GCC BDI’s 15th Anniversary is also the anniversary of good governance in the Gulf – one that we should all be proud of and a key contribution to FDI in the region, as investors seek assurance in high standards of corporate governance. “ Over the years, GCC BDI has launched key programmes and certifications to equip board directors and board secretaries in the Gulf, boosting overall board effectiveness. This includes the Certified Board Secretary programme [2018], Director Certification, [2019], Diploma in Board Directorship [2020], & ‘Chartered Director’, the flagship qualification and the international gold standard for professional director development [2021].  GCC BDI has also won some prestigious accolades over the past 15 years. The Institute was named as one of MEA Market’s winners, receiving the Leading Experts in Board Director Development 2022 – GCC award; Best Professional Business Organisation – Dubai [2021]; and Outstanding Contribution to Corporate Governance GCC Award by Capital Finance International [2017 and 2018], among others. Every year, the Institute holds a Chairman Summit, its flagship event, and this year the 8th GCC BDI Chairman Summit will take place in Riyadh on 6 September with HE Khalid Al Falih, Minister of Investment for Saudi Arabia, as the keynote speaker. And every two years, GCC BDI undertakes a survey of Board Effectiveness in the region. Last year, the Institute published its 7th edition of the report which provided insights for board members, investors, advisers, and governments into the changes and improvements made in corporate governance practices in the GCC, as well as forming an ongoing process to track corporate governance and board effectiveness in the region. The Institute is supported by eight key strategic partners – First Abu Dhabi Bank, National Bank of Bahrain, Saudi Aramco, SABIC, Allen & Overy, Heidrick & Struggles, McKinsey & Company, and PwC, and actively partners with all the regional regulatory authorities. About GCC Board Directors Institute GCC Board Directors Institute (GCC BDI) is a not-for-profit organisation which guides board directors of organisations, from family-owned businesses to listed companies, to acquire the know-how and the tools to reach and sustain effective governance. Launched in 2007, we are very proud to be celebrating our 15th anniversary of operating across the GCC. We are supported by eight leading regional corporations and professional services firms who serve as our strategic partners. <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">Our mission is to enhance board member capabilities, create a strong and influential regional network of board members, and disseminate high-quality corporate governance knowledge, leading the regional debate on emerging best governance practices. We aim to accomplish these goals through a combination of effective practice and experience sharing, access to global knowledge and interaction with regional and international counterparts. <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">GCC BDI has grown to become the leading organisation in the region for board directors. We have delivered over 400 programmes and forums to top-tier companies in the Gulf and now comprise over 2600 members, each with extensive knowledge and experience in operating at the most senior levels of business in the GCC.<div><span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;"> </div>]]></description>
<category>2022</category>
<pubDate>Thu, 15 Sep 2022 10:22:00 GMT</pubDate>
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<title>GCC BDI and The Financial Academy awards graduation certificates</title>
<link>https://gccbdi.site-ym.com/news/609036/</link>
<guid>https://gccbdi.site-ym.com/news/609036/</guid>
<description><![CDATA[<h2 style="box-sizing: border-box; line-height: 1.1; background-color: #ffffff; text-align: justify;">GCC BDI and The Financial Academy awards graduation certificates to 135 Board Directors & Board Secretaries </h2><div style="box-sizing: border-box; background-color: #ffffff;"> </div>• Second cohort of graduates receive certificates at gala ceremony in Riyadh • GCC BDI & Financial Academy celebrate ‘100 Certified Board Directors’ mark • GCC BDI wins Leading Experts in Board Director Development – GCC award <div style="box-sizing: border-box; background-color: #ffffff;"> </div><span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">Riyadh, Kingdom of Saudi Arabia, June 19, 2022: GCC Board Directors Institute [GCC BDI], a not-for-profit organisation that guides board directors of organisations in acquiring the know-how and tools to reach and sustain effective corporate governance, in collaboration with The Financial Academy in Saudi Arabia, today awarded certificates to 135 graduates on successful completion of the GCC BDI Certificate and Diploma in Board Directorship and Board Secretary Certification Programmes. <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">This is the second cohort of graduates in the board directorship and board secretary certificate programmes and the first in-person graduation ceremony since the programmes got under way in 2019. The Financial Academy is the awarding body for all GCC BDI certification programmes.  <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">Of the 135 graduates, there were 100 Certified Board Directors, 24 Certified Board Secretaries, and 11 Directors who received the Diploma award. With this, GCC BDI and The Financial Academy celebrated the ‘100 Certified Board Directors’ milestone. <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">The graduates were honoured at a graduation ceremony held at the Crowne Plaza in Riyadh. His Excellency Mohammed El-Kuwaiz, Chairman of the Capital Market Authority, KSA, delivered the keynote address. Other speakers included Mana Alkhamsan, Director General of The Financial Academy, Jane Valls, Executive Director, GCC BDI, Dr Chris Pierce and Allison Kibirige – Senior External Associates at GCC BDI, and Mutlaq Al Morished, GCC BDI Governor and CEO of Tasnee. <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">Commenting on the graduation ceremony and the milestone event, Jane Valls, Executive Director at GCC BDI, said: “The evolving business landscape, especially in the aftermath of the global pandemic, has put increased emphasis on professional development – particularly in leadership roles such as Board Directors and Board Secretaries. The changing landscape requires increased agility and the need to upskill and keep current has become extremely critical. We congratulate and commend all our graduates in board directorship and board secretary certification programmes here in Riyadh today. Each successful graduate has been assessed in accordance with the requirements of their respective programmes and to international standards.”  <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">“The pivotal role played by board members in the direction and strategic planning of the organisation has never been more important, and we are happy to be collaborating with The Financial Academy in Saudi Arabia in developing a generation of professional board directors and board secretaries who are fast tracking their professional careers and, at the same time, leading the way by demonstrating their commitment to the highest standards of corporate governance.” <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">Mana Alkhamsan, Director General, The Financial Academy, said: “As part of our mandate to upskill professionals and fostering corporate governance in the region, The Financial Academy is proud of its partnership with GCC BDI. The graduation ceremony today is an endorsement of the demand for the board directorship and board secretary certification programmes. These certification programmes are a step forward in supporting the development and advancement of good governance and economic development underpinning Vision 2030. Congratulations to all graduates.” <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">All the graduates completing their Diploma in Board Directorship have decided to continue with their professional development beyond Certification and have all demonstrated an internationally accepted level of knowledge and skills required to make a valuable contribution to any board. <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">Samer S. Al-Solh, a graduate who passed the Diploma in Board Directorship programme, said: “The programme offered by GCC BDI, in partnership with The Financial Academy, is very effective and customised to the needs of today’s business environment. It offers pertinent tools and strategies, which has helped me understand corporate governance and acquire knowledge of the best board practices, as well as enhance the understanding of the roles and responsibilities of the board director in corporate governance.” <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">Monirah AlSwaydani, another graduate who received her Board Secretary Certification at the ceremony, stated: “This programme was a practical treasure trove of the role of a Board Secretary – delving more into the corporate governance practices in an organisation rather than the technical skills and experience. The course offered intricate knowledge, skills, and practical tips for carrying out the duties of a Board Secretary.” <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">The Certified Board Secretary programme is a foundation course for board secretaries, aimed at enabling them to act as mediators to inform, communicate, advise, and liaise between the board and management teams, as well as between organisations and their shareholders and stakeholders. <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">In a related milestone, GCC BDI has won the Leading Experts in Board Director Development 2022 – GCC award by the UAE Business Awards [MEA Markets]. The award symbolises the hard work and outstanding efforts achieved by GCC BDI in the space. GCC BDI won the ‘Best Professional Business Organisation – Dubai’ award by MEA Markets last year. <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">“We are very proud to be celebrating our 15th anniversary this year and this award to GCC BDI by UAE Business Awards is a significant endorsement of our work in board director development.  We thank the jury for this honour which will motivate us to help more board directors and board secretaries and more boards improve their corporate governance and board effectiveness in line with our Mission.” added Jane Valls. <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">Founded in 2007, GCC BDI’s mission is to promote the highest professional standards of corporate governance and directorship through capacity building, advocacy, and the adoption of sound governance practices. As the only director institute from the GCC region to be admitted to the Global Network of Director Institutes (GNDI), GCC BDI brings together over 2400 members to explore the evolving role and value of boards as well as appropriate corporate governance standards. About GCC Board Directors Institute Launched in 2007, the GCC Board Directors Institute (GCC BDI) is an independent not-for-profit organisation that helps board directors of entities, from family-owned businesses to listed companies, to acquire the know-how and tools to achieve and sustain effective governance. <span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">GCC BDI is supported by seven leading regional corporations and professional services firms who serve as our strategic partners: First Abu Dhabi Bank, National Bank of Bahrain, SABIC, Saudi Aramco; Allen & Overy; Heidrick & Struggles; McKinsey & Company; and PwC. In addition, we are also supported by a number of corporate affiliates including Elm, The Saudi British Bank, SIPCHEM, Saudi Telecom Company, The Saudi Investment Bank and Tasnee as well as the regional regulatory authorities. For more information, please visit www.gccbdi.org.]]></description>
<category>2022</category>
<pubDate>Sun, 19 Jun 2022 13:01:00 GMT</pubDate>
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<item>
<title>GCC BDI Signs Two-Year Agreement with Digital Innovator, Elm</title>
<link>https://gccbdi.site-ym.com/news/599346/</link>
<guid>https://gccbdi.site-ym.com/news/599346/</guid>
<description><![CDATA[GCC Board Directors Institute Signs Two-Year Agreement with Digital Innovator, Elm Partnership will work together to improve corporate governance and promote best practices 8 March 2022, Riyadh - The GCC Board Directors Institute (GCC BDI), a not-for-profit organization that helps board directors of organizations acquire the expertise and tools for effective governance, has signed a two-year agreement with smart solutions digital innovator, Elm. GCC BDI and Elm will work together to raise the standards of corporate governance and promote best practices to improve the effectiveness of boards and contribute positively to the development of the GCC economies. As a previous sponsor of the GCC BDI Chairman’s Summit in 2018, an annual leadership event that brings together influential chairmen across the GCC region and beyond, Elm helps cultivate innovative solutions to current technology and entrepreneurship challenges. Elm works to develop new services and improve current procedures with to contribute to advancing the level of services and localizing information technology. Dr. Abdulrahman Aljadhai, CEO, Elm, said: “At Elm, our journey is to explore unbound opportunities and innovative ideas fueled by technology. Our partnership with GCC BDI is part of our strategy to support Vision 2030 and support boards to better understand new technology and the solutions it can offer, as well as encouraging greater transparency and the adoption of best corporate governance practices.” Jane Valls, Executive Director, GCC BDI, said: “GCC BDI is always looking for corporate affiliates to support the work we do in the Kingdom and the region. The partnership with Elm will allow us to further develop the products and services we offer boards and board directors including the advocacy of sound governance practices.” She added: “Elm has more than 30 years of experience fused with successful strategic partnerships and expertise in digital solutions and innovation. All boards need a greater understanding of digitalization and the new technology that is reshaping the way we do business. We are delighted to welcome Elm as a partner in better understanding these challenges, trends, and best practices.” Elm works to cultivate innovative solutions to technology and entrepreneurship challenges, to develop new services, and improve current procedures. The aim is to devise new innovative e-services and integrate technological solutions to spark a shift in public and private sector performance. Since its inception in 2007, GCC BDI has become the pre-eminent network for board directors and senior executives in the GCC region. The not-for-profit organization works with more than 2,300 board directors from over 4,000 blue-chip companies across the region to raise the standards of corporate governance and improve board effectiveness. About the GCC Board Directors Institute Launched in 2007, the GCC Board Directors Institute (GCC BDI) is an independent not-for-profit organisation that helps board directors of entities, from family-owned businesses to listed companies, to acquire the know-how and tools to achieve and sustain effective governance. GCC BDI is supported by seven leading regional corporations and professional services firms who serve as our strategic partners: First Abu Dhabi Bank, SABIC, Saudi Aramco; Allen & Overy; Heidrick & Struggles; McKinsey & Company; and PwC. In addition, we are also supported by a number of corporate affiliates including Elm, The Saudi British Bank, National Bank of Bahrain, SIPCHEM, Saudi Telecom Company, The Saudi Investment Bank and Tasnee as well as the regional regulatory authorities. For more information, please visit www.gccbdi.org. For more information, please contact: Mehwish Sarwar GCC Board of Directors Institute mehwish.sarwar@gccbdi.org ]]></description>
<category>2022</category>
<pubDate>Tue, 8 Mar 2022 14:35:00 GMT</pubDate>
</item>
<item>
<title>GCC boards need to focus on diversity, transparency and independence</title>
<link>https://gccbdi.site-ym.com/news/593934/</link>
<guid>https://gccbdi.site-ym.com/news/593934/</guid>
<description><![CDATA[In the GCC, countries are under increasing pressure to align their companies’ governance practices with what are considered best practices in other regions Dubai-UAE, 18 January 2022 – In the GCC, countries are under increasing pressure to align their companies’ governance practices with what are considered best practices in other regions. A new report from board and leadership advisory firm Heidrick & Struggles found that change is likely to be accelerated in the next few years, driven by ambitious government privatisation agendas, energy transition, and increasing foreign direct investment. Company boards govern firms, set benchmarks and goals for a company, and set the overall tone for an entire organisation. Boards must be cohesive to run operations smoothly and need to be prepared for whatever comes their way. The report surveyed 113 board directors and c-suite executives from Bahrain, Kuwait, Oman, Saudi Arabia, and UAE on corporate governance and board effectiveness trends. Arabian Business spoke with Markus Wiesner, regional managing partner, Heidrick Consulting for Asia Pacific, Middle East, and Emerging Markets, at Heidrick & Struggles and Jane Valls, executive director, GCC BDI about what boards need to do to align with global standards, the importance of board independence and diversity, and why having the right people in place is integral. How can GCC boards align with global standards? Wiesner: In recent years boards in the GCC have made significant progress towards aligning with global governance and board effectiveness standards. Our recent GCC Board Survey found the areas where things have progressed the most are in better awareness of board roles and responsibilities, increased presence of independent directors and separation of chairman and CEO roles. There are also a number of external factors that are positively impacting board effectiveness in the region including changes in listing rules and securities law, company law, international regulatory trends and investor interest. The GCC is actually ahead of some regions in new workforce practices. For example, the UAE government announcing a 4.5-day work week for government entities and public schools is an excellent example of government practices that aim to create a modern solution for their workforce. GCC-based boards need to do more is in facilitating even greater overall diversity. For example, 6 percent of companies globally have a female CEO, and the GCC is slightly behind at 5 percent. According to the Board Effectiveness Review 2021, 43 percent of GCC boards still have no female directors, and only 28 percent have one. In Europe by contrast, women filled 48 percent of new director seats last year. Overall, GCC boards have made significant progress and are in many ways already aligned with global standards, but in order to maximise effectiveness in the region, GCC businesses must not just take global best practices at face value, but adapt them to the needs of the region. Governance practices from other regions must be tailored to local needs in order for them to take root. With global best practices as a guide, GCC boards can determine how growing investor demands for greater transparency and independence can be met on their boards with local cultural practices and nuances in mind. How can governance be improved? Valls: Good governance is the foundation for a company’s long-term sustainability and resilience. The quickest path to improved governance is ensuring adherence to global best practices and keeping policies and procedures up-to-date. However, in today’s fast-moving dynamic environment, with multiple risks and uncertainties for companies to manage, it is vital to focus on strategic direction and risk management, stakeholder communications, and strong ESG practices. Most importantly, the role of the board in setting the tone at the top, in providing dynamic and proactive leadership, is essential. How does the board of executives generally view how their firm(s) navigated through the pandemic? Valls: The majority of our respondents (61 percent) believed their boards had the right processes and skills in place to manage working through the pandemic. Twenty-two percent of the respondent pool bravely acknowledged that their boards did not manage the pandemic well, but have learned lessons in the process and have put new procedures in place. The top challenge faced by respondents’ boards included recalibrating strategies to the new markets and environments; ensuring that virtual board meetings were just as effective as in-person meetings, and responding to the changing government policies and guidelines. Most respondents reported their belief that their organisations’ executive leadership, staff commitment, and organisational resilience are the strengths that help their companies as they operate through the pandemic. They also believe that succession planning, risk management, and ensuring employee health and safety are the key governance areas facing challenges given the impacts of the pandemic. Why is having a lead independent director on boards important? Wiesner: It’s increasingly more common to separate the roles of CEO and chairman, a trend that we see happening globally. By having a separate CEO and board, the board is able to act independently and impartially, and is generally seen as more effective. However, in the GCC, the opposition against splitting the CEO from the board has previously been higher than global standards and only started to change in recent years. Since the last two surveys, opposition has dropped 15 percent, and now only 5 percent say they are not ready for this practice. Director capabilities seems to be a big issue. What are the main competencies board directors are lacking? Wiesner: In this case, many of the competencies lacking in boards are also the competencies that are most sought after. Almost half our respondents (47 percent) said that a diffuse board structure combined with a lack of protocols and processes negatively affects the director and works as a barrier. This goes hand in hand with 44 percent of the respondents saying that the lack of a formal board evaluation and renewal process is a hurdle. The lack of structure in boards could directly result from not having a proper board evaluation and a system of continuity with internal reviews. The pandemic along with ongoing shifts in the global economy have created a fresh outlook on what skills and experience a newly appointed director should hold. However, it can be hard to find the suitable people since the talent pool remains small. To attract the right candidates, boards can position themselves better by adopting more progressive practices. What advice would you have for putting together an effective board team? Wiesner: Thinking in terms of diversity is key to building an effective board team. This does not mean appointing a token female director. Balanced gender representation is essential, but so is diversity of race, ethnicity, age and experience. We are seeing improved understanding of this need in most areas. However, it is concerning that just 4 percent of directors surveyed said they thought appointing female and international board members would improve the composition of their board. Globally, there exists a talent shortage, and the same is true for GCC boards as well. Having progressive governance practices makes the board a more exciting prospect to lure talent. One of the biggest challenges that many boards face is not allocating enough time for strategy. Eighteen percent of our respondents said that boards do not do this as much as they should, especially on essential topics like sustainability, talent and CEO succession. Source: https://www.arabianbusiness.com/politics-economics/gcc-boards-need-to-focus-on-diversity-transparency-and-independence ]]></description>
<category>2022</category>
<pubDate>Sun, 16 Jan 2022 13:53:28 GMT</pubDate>
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<item>
<title>GCC BDI announce First Abu Dhabi Bank as Strategic Partner</title>
<link>https://gccbdi.site-ym.com/news/591118/</link>
<guid>https://gccbdi.site-ym.com/news/591118/</guid>
<description><![CDATA[- First Abu Dhabi Bank selected to be a strategic partner of GCC Board Directors Institute  - Joins the ranks of Saudi Aramco, SABIC, Allen & Overy, Heidrick and Struggles, McKinsey & Company and PwC to uphold and employ best practices in corporate governance  <div style="box-sizing: border-box; background-color: #ffffff;"> </div><span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">Dubai-UAE, 29 December 2021 – <span style="box-sizing: border-box; text-align: justify; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt; font-family: Montserrat; color: #000000;">GCC Board Directors Institute (GCC BDI), the region’s leading not-for-profit organization for corporate governance and board effectiveness, announced a strategic partnership with First Abu Dhabi Bank (FAB) in support of upholding best practices in corporate governance and economic development in the region.<div style="box-sizing: border-box; background-color: #ffffff;"><p class="body" style="box-sizing: border-box; margin: 0px 0px 10px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-align: justify;"><span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">As a GCC BDI Strategic Partner, FAB has nominated Pradeep Rana, Group Chief Risk Officer, to participate in GCC BDI’s Board of Governors meetings and will be actively involved in shaping GCC BDI’s strategy and mission across the region to enhance board member capabilities, create an influential network of board members and disseminate high quality corporate governance knowledge. Commenting on the partnership, Jane Valls, Executive Director at GCC BDI, said: “We are proud to welcome First Abu Dhabi Bank, one of the UAE’s most established banks, to our prestigious network. This strategic partnership with First Abu Dhabi Bank aligns with GCC BDI’s objectives to strengthen corporate governance in the GCC region through capacity building, advocacy and promotion of sound governance practices. Focusing on these areas will help regional companies create long-term value and embed governance into their organizational structure and strategy.” <p class="body" style="box-sizing: border-box; margin: 0px 0px 10px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-align: justify;"><span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">Pradeep Rana, Group Chief Risk Officer at FAB, said, “As the UAE’s largest bank, we are honored to become a Strategic Partner of GCC BDI and to support its objectives to raise the region’s economic competitiveness by upholding sound corporate governance and ethical business practices. This partnership is a testament to FAB’s commitment to a corporate governance framework that combines strong leadership, accountability, transparency with a culture of integrity.” GCC BDI’s other strategic partners include leading regional corporations and professional services firms including Saudi Aramco, SABIC, Allen & Overy, Heidrick & Struggles, McKinsey & Company and PwC.</div>]]></description>
<category>2021</category>
<pubDate>Wed, 29 Dec 2021 09:29:26 GMT</pubDate>
</item>
<item>
<title>Growing pressure on Gulf boards to align with global standards, GCC BDI report finds</title>
<link>https://gccbdi.site-ym.com/news/590084/</link>
<guid>https://gccbdi.site-ym.com/news/590084/</guid>
<description><![CDATA[GCC BDI’s 7th Board Effectiveness Report suggests pressure is growing on Gulf businesses to align governance practices with global standards <div style="box-sizing: border-box; background-color: #ffffff;"><p class="body" style="box-sizing: border-box; margin: 0px 0px 10px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-align: justify;"><span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">United Arab Emirates, 13 December 2021 – The GCC Board Directors Institute (GCC BDI), a not-for-profit organisation that provides services to regional organisations and their boards for effective governance, has announced the launch of its 7th Board Effectiveness Report. The new report, which has been produced this year in collaboration with Heidrick & Struggles, surveyed board directors and C suite executives on corporate governance trends with a focus on the Covid effect, and the findings suggest that governance can be improved if boards align with global best practices and focus more on diversity, independence, strategy and risk management, as well as digital transformation. <p class="body" style="box-sizing: border-box; margin: 0px 0px 10px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-align: justify;">The survey polled 113 board members from Bahrain, Kuwait, Oman, Saudi Arabia and UAE to identify the latest trends in board effectiveness, any underlying gaps and recommendations to effectively address any shortcomings to make private and public sector companies more competitive. <p class="body" style="box-sizing: border-box; margin: 0px 0px 10px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-align: justify;">The findings indicate that family-owned firms and listed company boards need fresh perspectives. They need to bring in highly skilled people in strategy, digital technology, risk management and sustainability. The report also highlights the need to develop effective strategy, with 18 percent of respondents believing boards fail to devote enough time for strategic planning. Diversity, independence and a limited pool of suitable directors are also areas that lag behind other markets. <p class="body" style="box-sizing: border-box; margin: 0px 0px 10px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-align: justify;">Jane Valls, Executive Director at GCC BDI, said: “We continue to provide support to GCC boards as Gulf countries share a growing awareness of the need to implement best practices that promote greater transparency, independence, diversity and oversight. At GCC BDI, we aim to work hand-in-hand with all boards – whether family-owned businesses, large private companies, listed companies or government entities - to provide the knowledge, skills and tools to reach and sustain effective corporate governance. This report signifies our commitment to provide practical and pragmatic solutions for the future. We are confident that the coming years will bring about positive change as board directors adapt to a competitive, dynamic and ever-evolving business landscape with new opportunities.”<p class="body" style="box-sizing: border-box; margin: 0px 0px 10px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-align: justify;">The report also details lessons learned by boards which operated through the Covid pandemic: 61 percent of the survey’s respondents thought their board navigated the pandemic successfully, while 22 percent said they failed to manage it well but learned valuable lessons. Environmental and social issues will become a bigger priority moving forwards, with 88 percent agreeing that sustainability will help their board create long-term value. It comes after one in five respondents claimed environmental, social and corporate governance (ESG) is not usually discussed in board meetings. <p class="body" style="box-sizing: border-box; margin: 0px 0px 10px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-align: justify;">To help board directors build and sustain effective governance, GCC BDI has recommended several ways to improve standards: hire more diverse board members, make strategy a board priority, set up regular board and CEO evaluations, and remain agile when it comes to sustainability and ESG policies.  <p class="body" style="box-sizing: border-box; margin: 0px 0px 10px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-align: justify;">Richard Guest, Partner-in-Charge of Heidrick & Struggles’ Middle East & North Africa, said “As one of the founding organisations of GCC BDI, and as a premier provider of global board, leadership and organizational advisory insights, we are delighted to have partnered with GCC BDI on their 2021 Board Effectiveness Report. The region is going through an enormous amount of change and this is likely to accelerate. Boards therefore need to be ready and fit for purpose, and good corporate governance is the foundation stone.” <p class="body" style="box-sizing: border-box; margin: 0px 0px 10px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-align: justify;">“The GCC BDI report sheds insightful findings on the progress of boards in the region”, said Markus Wiesner, Regional Managing Partner, Heidrick Consulting for Asia Pacific, Middle East, and Emerging Markets, at Heidrick & Struggles. “Almost three-quarters of respondents shared that they do not have a formal succession planning process in place. Apart from grooming the incumbents, succession planning for boards will provide the opportunity to address diversity concerns, not just in terms of gender and ethnicity but in terms of experience as well. Bringing in new directors with different backgrounds will enhance board discussions and problem-solving by adding fresh perspectives, thereby improving their effectiveness”. </div>]]></description>
<category>2021</category>
<pubDate>Mon, 13 Dec 2021 12:04:42 GMT</pubDate>
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<title>GCC Board Directors Institute Launches Chartered Director Programme with The Financial Academy</title>
<link>https://gccbdi.site-ym.com/news/589737/</link>
<guid>https://gccbdi.site-ym.com/news/589737/</guid>
<description><![CDATA[<span style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 11pt;">United Arab Emirates, 9 December 2021 – The GCC Board Directors Institute (GCC BDI), a not-for-profit organisation that guides board directors of organisations in acquiring the know-how and tools to reach and sustain effective corporate governance, has launched its new Chartered Director Programme in partnership with The Financial Academy.This marks the final stage of the GCC BDI Director Development Programme, which was initially launched in 2019 with the Certificate in Board Directorship, then closely followed by the Diploma in Board Directorship in 2020.The GCC BDI Director Development Programme has been especially designed for GCC BDI by Dr Chris Pierce, CEO of Global Governance Services and former Director of Professional Standards at the Institute of Directors in the UK, and is tailored to the specific challenges faced by directors in the GCC region, as well as the regional regulatory frameworks. The Chartered Director Programme builds upon the knowledge and skills acquired from the Certificate and Diploma levels and encourages participants to develop and apply their competencies and fulfil their role as professional board directors.The Chartered Director Award is a professional designation conferred by the GCC BDI and the Financial Academy. The designation is awarded to individuals who have successfully demonstrated their abilities to a panel of experienced and distinguished directors and subject matter experts by leading a change activity within their organisation and making an individual project presentation to the panel.Obtaining the Charted Director Award means a director has demonstrated the appropriate senior leadership skills in order to execute change within their organisation. A director with an award of Chartered Director is equipped to make a valuable contribution to any board.Jane Valls, Executive Director of GCC BDI, said: “We are thrilled to launch the final stage of the GCC BDI Director Development Programme in partnership with The Financial Academy. The Chartered Director Programme focuses on the real-life application of the knowledge and skills acquired from the Certificate and Diploma in Board Directorship. The Chartered Director Award is internationally recognized as the flagship qualification for any board director and we are delighted to be able to deliver this programme, in partnership with the Financial Academy, to the best directors in the region.”Mana Alkhamsan, Managing Director, The Financial Academy, Saudi Arabia said: “The Financial Academy is delighted to again be partnering with GCC BDI in delivering this important programme for senior board directors. Chartered Directorship is internationally recognised as the highest professional qualification for a board director and we look forward to helping more directors from the region obtain this prestigious qualification.”]]></description>
<category>2021</category>
<pubDate>Thu, 9 Dec 2021 08:02:25 GMT</pubDate>
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<title>GCC BDI’s Global Webinar Series supports women in accessing board seats</title>
<link>https://gccbdi.site-ym.com/news/576770/</link>
<guid>https://gccbdi.site-ym.com/news/576770/</guid>
<description><![CDATA[<h2 style="box-sizing: border-box; line-height: 1.1; background-color: #ffffff; text-align: justify;">GCC BDI’s Global Webinar Series supports women in accessing board seats</h2>  <div style="box-sizing: border-box; background-color: #ffffff;">12 August 2021, Dubai - The GCC Board Directors Institute, together with the Caribbean Corporate Governance Institute, The Hong Kong Institute of Directors, Mauritius Institute of Directors, Institute of Directors New Zealand, and The Institute of Directors South Africa, have concluded a global webinar series which tackled key themes and issues surrounding women in governance positions. The online Women in Governance Series, which ran through July and August, attracted senior directors from around the world and discussed the crucial roles women play in governance positions, their value, and how society can support more women in leadership roles, especially with access to the boardroom. The series was divided up into three webinars including: Corporate Governance and Why Gender Matters, Women on Boards, and Corporate Governance Policies that Support Women. Key speakers included Robert Riley, retired chairman and CEO at BP, Helen Brand, chief executive, ACCA, and Ada Chung, Privacy Commissioner for Personal Data, Hong Kong. “Women aspire to leadership positions in various sectors of the economy, including government, public and private companies. However, they often face many challenges which prevent them from taking on leadership positions,” said Jane Valls, executive director at GCC BDI. “Our new series has helped to raise and explore the most pressing issues around women in governance and help steer the conversation in the right direction.” A number of key global director institutes attended the sessions and shared their insights during the conversations. Kamla Rampersad de Silva, CEO at Caribbean Corporate Governance Institute, said: “We all know the benefits of having more women directors. But still, though some progress has been made, many corporations are failing to act. And in some cases, women themselves are failing to take advantage of opportunities. Discussing exactly why these challenges continue to exist has helped us to explore some of the solutions to the problem.” Dr. Carlye Tsui, CEO at The Hong Kong Institute of Directors, noted: “The Women in Governance series is a great example of the kind of global conversations we need to be organising to ensure we see real change at board level. I hope to see other institutes follow suit in the future.” Sheila Ujoodha, CEO at Mauritius Institute of Directors, said: “Challenges to women aspiring to reach leadership roles are truly global. And they need a global response. By gathering thought leaders and experts in this field, GCC BDI’s series has demonstrated several universal trends. We now look forward to working with our international counterparts to solve some of the issues.” Kirsten Patterson, CEO at Institute of Directors New Zealand added: “We are grateful for the contributions from speakers and delegates and that all six director institutes could join together in this way. I hope that all attendees will take what they learned into their own organisations and help to drive change at every level.” Parmi Natesan, CEO at The Institute of Directors South Africa commented: “Our notion of good corporate culture has evolved significantly over the last decade. But many organisations are still falling short and failing to reach their true potential. We are thrilled to have been part of a conversation which has helped to educate bosses about the value women can bring to boards and the impact gender parity can have on bottom lines.” <div style="box-sizing: border-box; text-align: justify;"> </div>https://www.khaleejtimes.com/business/local/gcc-bdis-global-webinar-series-supports-women-in-accessing-board-seats</div>]]></description>
<category>2021</category>
<pubDate>Sun, 15 Aug 2021 13:52:27 GMT</pubDate>
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<title>HRDF recognizes GCC BDI’s board secretary program</title>
<link>https://gccbdi.site-ym.com/news/570521/</link>
<guid>https://gccbdi.site-ym.com/news/570521/</guid>
<description><![CDATA[<h2 style="box-sizing: border-box; line-height: 1.1; background-color: #ffffff;">Saudi Human Resources Development Fund Recognises GCC Board Directors Institute’s Board Secretary Certification Programme</h2> Riyadh-Saudi Arabia: 21 June, 2021 – The GCC Board Directors Institute (GCC BDI), a not-for-profit organisation that helps board directors acquire the know-how and tools to achieve and sustain effective governance, announced that its Board Secretary Certification Programme is now recognised by the Human Resources Development Fund (HRDF) in Saudi Arabia. HRDF is a Saudi government authority that was established by a royal decree in July 2000 under the Ministry of Human Resources and Social Development. The Fund provides financial support to organizations that train and qualify Saudis in the private sector. Saudi nationals who complete the full certification programme and become Certified Board Secretaries can apply for a partial refund from HRDF up to a value of SAR 5,400. Jane Valls, Executive Director of GCC BDI, said: “Board secretaries occupy a unique position in organisations. They are the key points of contact for the chairman, as well as central members of the senior management team. They bridge the gap between the boardroom and the executive due to their privileged access to both. However, the role and its value are frequently misunderstood and overlooked, which can result in board dysfunction and the failure of the board secretary to deliver effectively. GCC BDI’s Certified Board Secretary Programme seeks to address these misconceptions and help board secretaries gain clarity on their responsibilities vis-à-vis all stakeholders in the corporate governance system.” She added: “We are proud of the recognition of our Certified Board Secretary Programme by HRDF. The support of the Fund will enable more Saudi nationals to benefit from the programme in line with the objective of Saudi Vision 2030 to develop the country’s human capital and empower its citizens to reach their full potential.” The Certified Board Secretary Programme is designed for new and aspiring board secretaries, as well as seasoned board secretaries who have not had any formal professional training. The foundation course is also suitable for governance professionals, anyone involved in company law and regulatory compliance, and employees who are responsible for corporate governance or who are seeking a better understanding of the role of the board secretary. The four-module programme prepares participants to provide professional guidance on the governance aspects of strategic decisions to shareholders, boards, directors, management and other stakeholders. GCC BDI is the most influential network of senior board directors in the GCC region with more than 2,000 members.]]></description>
<category>2021</category>
<pubDate>Tue, 22 Jun 2021 08:36:07 GMT</pubDate>
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<title>GCC BDI, the Financial Academy certify 50 new Board Directors across region in 2021</title>
<link>https://gccbdi.site-ym.com/news/568644/</link>
<guid>https://gccbdi.site-ym.com/news/568644/</guid>
<description><![CDATA[Riyadh-Saudi Arabia: 16 May, 2021 – The GCC Board Directors Institute (GCC BDI) is continuing to witness a sharp increase in demand for its corporate governance best practices and networking support for board directors, as the world swings into post COVID-19 recovery. The Institute, in collaboration with the Financial Academy, has lately welcomed the 50th Certified Board Director from the region into its fold, after announcing a growth in membership to 2,000 in February 2021. GCC BDI offers The World of Directorship - a Certificate in Board Directorship that is fast gaining traction among the region’s board directors and corporates. Launched in 2019, the programme provides participants with the full knowledge and understanding to fulfil their roles as board directors. Incorporating four modules - Corporate Governance Essentials, The Effective Director, The Effective Board, and Board Finance, Accounting, and Corporate Reporting - participants can choose to attend any individual module or complete all four. However, in order to receive the certification, they are required to attend all four modules and pass the final multiple-choice assessment. The surge in numbers reflects the growing trend across the region of companies prioritising best practices among their Boards of Directors, to optimise efficiencies and institutionalise an organisation-wide culture of corporate governance. GCC BDI members benefit from study trips, access to a listing on the GCC BDI Directors Register, networking opportunities across a pool of independent directors and senior executives from a cross-section of industries and professions, and the Board Opportunities service, which enables companies to recruit suitable independent directors to their own boards. A new GCC BDI Mentorship Programme is also playing a key role in shaping leadership and development skills. Jane Valls, Executive Director, GCC BDI, said: “Board directors in every organisation are finding themselves in the spotlight as they set the strategic direction for post-pandemic recovery and collaborate with senior management to launch a roadmap for organisational resilience in our new normal. Our members continue to draw upon the support and wisdom of their peers in leveraging the benefits of effective corporate governance to make sure they chart the best possible path for their organisations. We are pleased to note that board effectiveness and board leadership are no longer taken for granted in the region in ensuring long-term profitability and growth.” Mana Alkhasam, Director General of The Financial Academy, said: "Certifying more than 50 directors is a major milestone and as the programme’s awarding body, we are proud to partner with GCC BDI on this initiative. The certification programme is an invaluable tool for directors and organisations to facilitate the enhancement of directorial skills and overall board effectiveness.” Osama Jamjoom, Chief Executive Officer, Project Management and Development House (PMD House), said: “The world as we know it has shifted – and board directors now need to be game changers if they are to make a difference. Holding a board position is no longer a ceremonial role. Despite my involvement in several boards for many years, earning GCC BDI’s directorship certification made me understand the multiple issues that boards have to deal with today, not just to meet regulatory requirements but to be a more effective director.” Majid Al Fayyadh, Chief Executive Officer, King Faisal Specialist Hospital and Research Centre, said: “Collaborating with industry peers and sharing case studies and best practices posed a revelation. As they say, a problem shared is a problem halved. We have all been undergoing challenges and needed to pivot quickly this last year to ensure business as usual – or as close to usual. To learn what has worked for each of us and to understand the stumbling blocks in implementing a standard risk management practice are very useful in strategizing for unforeseen crises-scenarios. GCC BDI has been an enabler and I commend their efforts in planning these comprehensive corporate governance programmes.” ]]></description>
<category>2021</category>
<pubDate>Tue, 8 Jun 2021 14:21:09 GMT</pubDate>
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<title>Reversing the trend of the ‘abysmally low’ number of women in leadership roles</title>
<link>https://gccbdi.site-ym.com/news/565640/</link>
<guid>https://gccbdi.site-ym.com/news/565640/</guid>
<description><![CDATA[<div id="CustomPageBody" style="box-sizing: border-box;"><div id="cpContentOut" class="col-sm-12" style="box-sizing: border-box; padding-right: 8px; padding-left: 8px; float: left; width: 1349px;"><div class="container" style="box-sizing: border-box; padding: 30px 0px 60px; margin: 0px auto; width: 1016px;"><h2 style="box-sizing: border-box; font-family: inherit; line-height: 1.1;">Reversing the trend of the ‘abysmally low’ number of women in leadership roles</h2>Jane Valls, Executive Director, GCC BDI  For all the talk today about gender diversity and inclusion, the fact remains that the global representation of women in economic sectors that contribute to national GDPs, and specifically in leadership roles, remains abysmally low. Any progress is incremental and slow and we are likely to see some reverse trends due to COVID-19. With the growing focus on good corporate governance and the call for greater diversity on boards to encourage multilateral perspectives that are considered a business imperative to enhance decision-making and innovation – crucial attributes in steering post-pandemic recovery efforts – the under-representation of women on boards is increasingly becoming a sticking point. Having a more gender-diverse board is a starting point for greater growth – bringing in new voices, experiences, ideas and approaches to the decision-making process while adding depth to the existing competencies and skills around the boardroom table – and ultimately, ensuring a higher return on investment. Sadly, despite the clear evidence suggesting that we will be in a stronger place with equal representation, studies indicate that at the current rate of change, it will take 200 years to close the gender gap. The GCC region reports a significant lag when it comes to gender diversity on boards. ACCA, the global body for professional accountants, reported in 2017 that only 2 percent of all board positions in the region were held by women. The report also revealed that across the region only 13 percent of CEOs are women (compared to an average of 21 percent in emerging markets and developing countries) and only 7 percent of GCC board chairs are female. Little seems to have changed in the interim years. The UAE appears to be faring better than many of its counterparts in the region, with the country’s Securities and Commodities Authority (SCA) considering the value of mandating that all listed companies appoint at least one female director on their boards, according to Bloomberg. The media giant went on to add that the five biggest companies listed on Dubai and Abu Dhabi’s stock exchanges had 84 board members, only three of which were women. To overcome these challenges, the UAE Cabinet has lately ruled that all state-owned corporations should have at least one female board member. Much work lies ahead for the private sector to march in step and ensure women are offered more career paths to the upper echelons of power in organizations that are traditionally male-dominated. Boards thinking of a quick fix to preempt criticism by appointing a token woman should, however, think twice. This can be a self-defeating exercise when all the research points out that only through ensuring at least 30 percent women representation can companies and boards reap the benefits of genuine diversity and improved outcomes for shareholders and stakeholders. The empirical theory of the ‘power of three’ considers one woman as a token, two as a presence and three as a voice. To achieve this magic minimum though is still a daunting prospect in a region where gender biases are heavily skewed against women. Why does it matter after all to have more women represented on boards across the region? In addition to the human rights aspect, there is a clear economic angle that has been repeatedly emphasized by management consultancies and research entities. A study by McKinsey Global Institute in 2015 showed that advancing women’s equality will ensure an additional contribution of $12 trillion in annual GDP by 2025. The report also provided a full-potential scenario whereby women playing an identical role in labor markets as men can add $28 trillion or 26 percent to the global annual GDP by 2025. One solution for the GCC region is to follow the example of several Western countries to introduce quotas. Norway was the first to do this in 2008 by stipulating a minimum of 40 percent participation of women on boards. They were called the golden skirts because there were so few of them! Several European countries followed with a 30 percent quota. Being an intensively rules-driven environment, change can only take place in this region if it is enforced by regulation. Quotas are only a temporary solution to drive long-term change and can mark a well-intentioned step in shaping inclusive boards for the future. Transparency in appointing directors, and addressing unconscious and subliminal biases in bringing on board the right candidates is key. Likewise, we need to develop a pipeline of female C-suite executives that are capable of taking on future board positions. Published gender diversity indexes will encourage organizations to come forward and reveal rather than downplay their gender statistics – how many women on the board and how many women at senior levels, among other inputs. Awareness and greater recognition of the issues at hand, rather than denial of the situation, is a positive beginning. Through stimulating greater dialogue and engagement and embedding diversity and inclusion into corporate governance best practices, we can at the very least shine a proverbial beacon at the end of the tunnel in achieving parity sooner rather than later. Al Arabiya English: https://english.alarabiya.net/views/2021/05/10/Tackling-the-abysmally-low-number-of-women-in-corporate-leadership-roles#:~:text=A%20100%25%20A-,Reversing%20the%20trend%20of%20the%20'abysmally%20low'%20number%20of%20women,leadership%20roles%2C%20remains%20abysmally%20low. </div></div></div><div id="ResourceCollection" style="box-sizing: border-box;"> </div>]]></description>
<category>2021</category>
<pubDate>Sun, 16 May 2021 10:17:48 GMT</pubDate>
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<title>GCC boardrooms making progress in gender diversity, private sector lags: GCC BDI exec</title>
<link>https://gccbdi.site-ym.com/news/562502/</link>
<guid>https://gccbdi.site-ym.com/news/562502/</guid>
<description><![CDATA[<h2 style="box-sizing: border-box; line-height: 1.1; background-color: #ffffff;">GCC boardrooms making progress in gender diversity, private sector lags: GCC BDI exec</h2> The United Arab Emirates has made great strides in gender inclusion and diversity in organizations’ boardrooms and is leading the way in the Gulf Corporation Council (GCC) region, the Executive Director of the GCC Board of Directors Institute told Al Arabiya English. Without more regulation and encouragement in the private sector the progress will be slow, executive director at the GCC BDI Jane Valls said. Good governance starts in the boardroom and having more women in the C suite will enable better diversity as boards tap into “often ignored talent” by doing so, she added. Noting that having a more gender-diverse board is a starting point for greater growth Valls explained that it brings in “new voices, experiences, perspectives and approaches to the decision-making process and adds depth to the existing skills and competencies around the boardroom table and return on investment.” The GCC BDI has made it a key part of its mission to raise awareness about the importance of board composition and gender diversity in the region by organizing special development programs for women directors to help them understand the role of a director, and to learn how to become more effective by maximizing their potential, she said. While the UAE has made great strides in gender diversity in the boardroom, Valls believes that more can be done. “The UAE is actually doing better than the rest of the region, even with just four percent of women on boards because the rest of the Gulf still averages at just two percent,” she said, adding that it would be great to see the rest of the GCC following the UAE’s example of regulating that there should be one woman on the board of all listed companies. The UAE’s regulator Securities and Commodities Authority (SCA) has considered passing a law to ensure that all listed companies appoint at least one female director on their boards, Bloomberg reported. The five biggest companies listed on Dubai and Abu Dhabi’s stock exchanges had 84 board members, only three of which were women, Bloomberg found. Valls, who has worked in the governance space for over 20 years and has often been the only woman in the boardroom, believes that in order to achieve better results in gender diversity, regulators should step in and enforce quotas on companies. “Companies need to understand that a token woman in the boardroom will not work. All research shows that you need 30 percent of your board composition to be female to reap the benefits of genuine diversity and better outcomes for stakeholders and shareholders - this is called The Power of Three - one woman is a token, two is a presence and three is a voice,” Valls said. She added that organizations would do well to set targets for gender diversity not limited at the very top, but throughout the organization. “In many countries, including the UAE, governments actually tend to lead the way in this respect because they seem to give women more opportunities,” said Valls. “It’s not just in the UAE. We see this in most countries. Private sector organizations are where we need to do more to encourage diversity and inclusion in the workplace by providing women with different paths to the top because traditionally, organizations were built by men for men,” she said. “I think that once we get more women at the top of the organization who are building policies and procedures that are more women-friendly, it will provide opportunities and ways to the top for other women.” When asked about the social benefits of having more women on boards, she said that they were more risk-averse and had different leadership styles which are more empathetic, adding that they were “better able to resolve interpersonal conflicts and engage in more participative leadership styles” resulting in less conflict and higher-performing boards. Al Arabiya English: https://english.alarabiya.net/News/gulf/2021/04/27/GCC-boardrooms-making-progress-in-gender-diversity-private-sector-lags-GCC-BDI-exec]]></description>
<category>2021</category>
<pubDate>Tue, 27 Apr 2021 11:31:57 GMT</pubDate>
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<title>Pandemic Fuels Demand for Corporate Governance Training in GCC Region, Says GCC BDI</title>
<link>https://gccbdi.site-ym.com/news/550577/</link>
<guid>https://gccbdi.site-ym.com/news/550577/</guid>
<description><![CDATA[<h2 style="box-sizing: border-box; line-height: 1.1; background-color: #ffffff;">Pandemic Fuels Demand for Corporate Governance Training in GCC Region, Says GCC Board Directors Institute • Membership of GCC BDI Surges to 2,000 • 38% Increase in Number of Companies Seeking to Benefit from Best Corporate Governance Practices Over Previous Year</h2> Riyadh-Saudi Arabia: 2 February, 2021 – The GCC Board Directors Institute (GCC BDI) has announced a rise in its membership to 2,000 post-COVID-19, a 38 per cent increase over the previous year. The numbers clearly imply that more organisations in the region are now seeking to streamline their operations and instil best practices among their Boards of Directors to optimise efficiencies and institutionalise an organisation-wide culture of corporate governance. GCC BDI members have been benefiting from expanded membership services during 2020. These include study trips, access to a listing on the Directors Register, a pool of independent directors and senior executives from a cross-section of industries and professions, and the Board Opportunities service, which enables companies to recruit suitable independent directors to their own boards. Significantly, members can also benefit from the new GCC BDI Mentorship Programme. This encourages a culture of learning and allows them to acquire insights from more experienced directors, take ownership of their personal and professional development, and thereby enhance their leadership skills. Speaking on the upturn in membership, Jane Valls, Executive Director, GCC BDI, said: “As we continue to navigate a post-pandemic world, it is increasingly clear that only through placing a strong emphasis on corporate governance, corporate culture and long-term purpose and strategic vision can organisations in the region hope to survive and thrive today. The Board of Directors in every organisation sets the tone at the top and the strategic direction. Board effectiveness and board leadership are now more important than ever to ensure resilience and sustainability and long term value creation”. Echoing her sentiment, Adel Mallawi, Chief Investment Officer, Banque Saudi Fransi, a new member of GCC BDI, said: “Joining GCC BDI was a significant career move for me. It has given me the confidence in the Boardroom and enabled me as a director to look at strategies from a different perspective and assess the effectiveness of control functions and risk management. Another great added value is the ability to analyse the composition of various committees in place and understand if they have the right people on them. Also, to understand if the Board is well-constituted in terms of inclusivity and diversity.” Dr Basmah Omair, Founder/CEO, Behavioral Management Consulting, said: “GCC BDI has helped me learn more about the changing Saudi regulations affecting the roles of Board of Directors through comparing them to international best practices. In addition, learning from the various experiences of my peers across sectors has given me a wider understanding of how core issues can be addressed differently and how the hidden grey areas can be tackled.” She commends the support received from GCC BDI during the pandemic via the webinars it organised and said they were extremely relevant and important in allowing members the opportunity to benchmark with one another and realise during the crisis that no one had the right answer. Through listening to experts and sharing challenges, each found their own formula to advance. For her part, Alicia Anne Culbert, esteem member of GCC BDI, said: “I have gained an in-depth understanding of board governance and best board practices. Training both in-class and online has allowed participants to share challenges as well as experiences and best practices, which have also been part of the professional development experience. Working with GCC BDI has ‘levelled up’ my knowledge and capabilities on effective corporate governance, and there has been an improvement in the day-to-day approach to decision making within my immediate role.” She noted that in a rapidly evolving environment with transforming technology, skills, and regulations, business scope and corporate structures are also constantly in flux. Organisations such as GCC BDI enable members to stay on top of evolving policies and expectations from Boards of Directors and prepare for the disruptions and new roles that the pandemic and similar events continue to bring. About the GCC Board Directors Institute Launched in 2007, the GCC Board Directors Institute (GCC BDI) is an independent not-for-profit organisation that helps board directors of entities, from family-owned businesses to listed companies, acquire the know-how and tools to achieve and sustain effective governance. GCC BDI was founded by eight leading regional corporations and professional services firms: Saudi Aramco, SABIC, Emirates NBD, Investcorp, McKinsey & Company, Allen & Overy, Heidrick & Struggles and PwC. The institute is supported by the regional regulatory authorities, including the Securities and Commodities Authority of the UAE, the Capital Market Authority and Saudi Arabian Monetary Authority of Saudi Arabia, the Central Bank of Kuwait and the Capital Markets Authority of Kuwait, the Central Bank of Bahrain, and the Capital Market Authority of Oman. For more information, please visit www.gccbdi.org. ]]></description>
<category>2021</category>
<pubDate>Wed, 3 Feb 2021 07:26:19 GMT</pubDate>
</item>
<item>
<title>Vision Invest certifies its directors through GCC BDI's Certified Board Director Programme</title>
<link>https://gccbdi.site-ym.com/news/518216/</link>
<guid>https://gccbdi.site-ym.com/news/518216/</guid>
<description><![CDATA[<h2 style="box-sizing: border-box; line-height: 1.1; background-color: rgb(255, 255, 255);">Corporate Governance Training Gains Momentum in Saudi Arabia Vision Invest certifies its directors through GCC Board Director Institute’s Certified Board Director programme </h2> Riyadh - KSA: 22 July, 2020 – Vision Invest, a leading Saudi Arabian Development and Investment Holding Company, has undertaken the complete certification programme on corporate governance and board effectiveness for team members of its executive management and those of its subsidiaries through the GCC Board Directors Institute (GCC BDI) Certified Board Director programme run in collaboration with the Financial Academy. In doing so, it has become the GCC BDI’s first member organisation in the region to benefit from in-house training for its directors and executive management team through GCC BDI’s pioneering Director Development Programme (DDP), reflecting its extensive commitment to practising strong institutionalized corporate governance and board effectiveness. Vision Invest’s Certified Directors, who all had to pass the certification exam run by the Financial Academy, recently celebrated this achievement at a virtual graduation ceremony hosted by GCC BDI. The Certified Director designation is awarded to individuals who have successfully completed the GCC BDI programme and who have thus demonstrated an internationally accepted level of understanding of corporate governance, the role of the board and the director, strategy, risk, ethics, accounting, finance, internal controls and corporate reporting. The programme is designed to meet the development needs of existing, new and aspiring directors and board committees. Omar N. Al-Midani CEO, Vision Invest, said: “The GCC BDI Director Certification Programme was an important investment for Vision Invest in shaping our corporate governance mindset and reinforcing Institutionalised Governance, one of our five core values. The Programme will help our directors and executive management team to become more proficient in their roles, and we hope in doing so to add measurable value to their colleagues, our investments and the business community as a whole.” Jane Valls, Executive Director of GCC Board Directors Institute, said: “Now more than ever, good governance practices are proving critical in enabling professionals to navigate the current COVID19 situation. Having professionals that can serve the boards in the region and create greater shareholder value and investment attractiveness will help organisations in Saudi Arabia to ensure business continuity. We are proud that Vision Invest understands the importance and need for corporate governance and has invested in upskilling its directors through offering them this programme.” About the GCC Board Directors Institute Launched in 2007, the GCC Board Directors Institute (GCC BDI) is an independent not-for-profit organisation that helps board directors of entities, from family-owned businesses to listed companies, acquire the know-how and tools to achieve and sustain effective governance. GCC BDI was founded by eight leading regional corporations and professional services firms: Saudi Aramco, SABIC, Emirates NBD, Investcorp, McKinsey & Company, Allen & Overy, Heidrick & Struggles and PwC. The institute is supported by the regional regulatory authorities, including the Securities and Commodities Authority of the UAE, the Capital Market Authority and Saudi Arabian Monetary Authority of Saudi Arabia, the Central Bank of Kuwait and the Capital Markets Authority of Kuwait, the Central Bank of Bahrain, and the Capital Market Authority of Oman. For more information, please visit www.gccbdi.org. About Vision Invest Vision Invest is a leading Saudi Arabian development and investment holding company at the forefront of Public and Private Sector Partnerships in the Kingdom of Saudi Arabia, the Gulf Cooperation Council and beyond. Since our early days, we have nurtured valuable partnerships with key local and global partners and refined a boutique investment model over the course of two decades, to deliver value sustainably through impact investments. Today, Vision Invest is proud of the diverse portfolio of holdings it has developed together with its clients and partners, across a wide range of vital sectors including power and water desalination, industrial gases, logistics, district cooling, wastewater treatment, energy efficiency and social infrastructure. Please visit www.visioninvest.com ]]></description>
<category>2020</category>
<pubDate>Wed, 22 Jul 2020 08:24:56 GMT</pubDate>
</item>
<item>
<title>GCC BDI Award Graduation Certificates to First Cohort of 40 Board Directors & Board Secretaries.</title>
<link>https://gccbdi.site-ym.com/news/515772/</link>
<guid>https://gccbdi.site-ym.com/news/515772/</guid>
<description><![CDATA[Dubai-UAE: 2 July, 2020 – The GCC Board Directors Institute (GCC BDI) in collaboration with The Financial Academy today awarded graduation certificates to the first cohort of 40 board directors and board secretaries that successfully completed the Institute’s two distinct programmes. In light of the social distancing norms enforced by the ongoing COVID-19 pandemic, the graduation ceremony was held virtually.

The board directors and board secretaries successfully completed the programmes hosted by GCC BDI over the past 18 months. The World of Directorship - Certificate in Board Directorship is designed to meet the development needs of existing, new and aspiring board directors and board committee members, while the Certified Board Secretary programme is a foundation course for board secretaries, aimed at enabling them to act as mediators to inform, communicate, advice, and arbitrate between the board and management teams, as well as between organisations and their shareholders and stakeholders.

The two programmes provide tools and strategies to expand the participants’ knowledge of corporate governance and best board practices, as well as enhance their understanding of the roles and responsibilities of the board director and the board secretary in corporate governance. Specifically, the courses explore the roles of shareholders and other stakeholders, examine the authority and legal responsibilities of an effective director and board secretary, and also delve into aspects such as strategy and risk as well as financial stewardship and accountability.

Speaking on the achievement, Jane Valls, Executive Director of GCC BDI, said: “Training and further professional development for board members and board secretaries have never been as critical as they are today. These are challenging times that require agility, and a continuous assessment and evaluation of best practices to upskill and navigate the uncertain road to recovery that lies ahead for most businesses in this region.

“The pivotal role board members play in the strategic planning and direction that organisations need to put in place to succeed in their business goals, has been evident for all to see this year. And this was reflected in our enrolment numbers as well. In response to the widespread interest from the region, GCC BDI became the first entity to collaborate with The Financial Academy in Saudi Arabia to certify board members.”

Mana Alkhasam, Director General of The Financial Academy, said: “Fostering the right corporate governance is becoming extremely important in the region; adapting transparency, accountability and financial stewardship is vital to ensure sustainability of businesses, and that’s what we are hoping to achieve with our partnership with GCC BDI. These certification programmes are a step forward in supporting the development and advancement of organisations to develop the skills, and the knowledge to ensure business continuity even during the toughest times.”

Founded in 2007, GCC BDI’s mission is to promote the highest professional standards of corporate governance and directorship through capacity building, advocacy and the adoption of sound governance practices. As the only director institute from the GCC region to be admitted to the Global Network of Director Institutes (GNDI), GCC BDI brings together over 1,700 members to explore the evolving role and value of boards as well as appropriate corporate governance standards.
 
 
About the GCC Board Directors Institute 
Launched in 2007, the GCC Board Directors Institute (GCC BDI) is an independent not-for-profit organisation that helps board directors of entities, from family-owned businesses to listed companies, acquire the know-how and tools to achieve and sustain effective governance. 

GCC BDI was founded by eight leading regional corporations and professional services firms: Saudi Aramco, SABIC, Emirates NBD, Investcorp, McKinsey & Company, Allen & Overy, Heidrick & Struggles and PwC. The institute is supported by the regional regulatory authorities, including the Securities and Commodities Authority of the UAE, the Capital Market Authority and Saudi Arabian Monetary Authority of Saudi Arabia, the Central Bank of Kuwait and the Capital Markets Authority of Kuwait, the Central Bank of Bahrain, and the Capital Market Authority of Oman. For more information, please visit www.gccbdi.org.
]]></description>
<category>2020</category>
<pubDate>Mon, 6 Jul 2020 14:10:17 GMT</pubDate>
</item>
<item>
<title>GCC BDI and APCO Worldwide Webinar Sheds Light on the Legal Implications of COVID-19</title>
<link>https://gccbdi.site-ym.com/news/500475/</link>
<guid>https://gccbdi.site-ym.com/news/500475/</guid>
<description><![CDATA[Force Majeure provisions must be considered on precise terms and specific context, say experts 
 
Dubai-UAE: 5 April, 2020 – There is a lack of clarity when considering the Force Majeure provisions for businesses in the region as a result of the COVID-19 pandemic. It is imperative that each contract must be considered on its own precise terms and in its specific context. This in turn puts a huge onus on companies and employers to act responsibly towards all their stakeholders and especially their employees in these extraordinary circumstances. 

These were the key takeaways at a webinar held today by the GCC Board Directors Institute (GCC BDI), a not-for-profit organisation that helps board directors acquire the expertise and tools for effective governance, and APCO Worldwide – the global advisory and advocacy communications consultancy. 

Over 185 participants, including experts from multinational and local organisations operating across the region, joined the webinar, hosted in collaboration with Al Tamimi & Co (UAE and Bahrain) and Khoshaim & Associates (KSA). The webinar served as a platform to better understand the legal implications triggered by COVID-19 in UAE, KSA and Bahrain. 

The panellists in the webinar included Zeyad Khoshaim, Managing Partner, Khoshaim & Associates, KSA; Naief Yahia, Partner, Al Tamimi & Company, UAE; Foutoun Hajjar, Partner - Head of Office, Al Tamimi & Company, Bahrain; and Nicholas Labuschagne, Head of Strategy and Crisis Management, MENA, APCO Worldwide. The webinar was moderated by Mamoon Sbeih, President – MENA at APCO Worldwide.

The discussions covered a constructive exchange of views on the impact of Force Majeure, the measures being adopted by companies in the Gulf region to sustain business and the obligations toward employees. The panel also highlighted the need to set up a robust crisis management infrastructure and consistent stakeholder communication in critical times to manage such extraordinary situations. 

In her opening remarks, Jane Valls, Executive Director, GCC Board Directors Institute, shed light on the trending risks imposed by COVID-19 and emphasized the importance of practical advice to firms. She said: “These are indeed challenging times for businesses and it is important for Board Directors and Executive Management to understand the impact on their internal and external contracts and the key areas of focus during these times of crisis. Through our webinar today, we have been able to strengthen the dialogue around legal obligations in a timely manner and shed some important insights.”

During the panel, Zeyad Khoshaim focused on the contractual obligations of businesses in Saudi Arabia, while Foutoun Hajjar gave an overview of the legal implications of COVID-19 on businesses in Bahrain. Naief Yahia presented his views on the latest Ministry of Labour guidelines in the UAE, while Nicholas Labuschagne emphasized the need for businesses to have more clarity and empathy in their communications to their internal and external stakeholders.

The recording of the webinar can be viewed on <a href="https://apco.box.com/v/apcogccbdiwebinar" style="background-color: transparent;">https://apco.box.com/v/apcogccbdiwebinar.</a> 

GCC BDI will host another webinar on the topic “Leadership in Extreme Times” on 8 April, 2020. For registration for the webinar, please visit <a href="https://gccbdi.org/events/event_list.asp" style="background-color: transparent;">https://gccbdi.org/events/event_list.asp</a> 
 

About the GCC Board Directors Institute 
 
Launched in 2007, the GCC Board Directors Institute (GCC BDI) is an independent not-for-profit organisation that helps board directors of entities, from family-owned businesses to listed companies, acquire the know-how and tools to achieve and sustain effective governance. 

GCC BDI was founded by eight leading regional corporations and professional services firms: Saudi Aramco, SABIC, Emirates NBD, Investcorp, McKinsey & Company, Allen & Overy, Heidrick & Struggles and PwC. The institute is supported by the regional regulatory authorities, including the Securities and Commodities Authority of the UAE, the Capital Market Authority and Saudi Arabian Monetary Authority of Saudi Arabia, the Central Bank of Kuwait and the Capital Markets Authority of Kuwait, the Central Bank of Bahrain, and the Capital Market Authority of Oman.

GCC BDI’s mission is to create a strong and influential regional network of board members, enhance their capabilities, disseminate high-quality corporate governance knowledge and lead the regional debate on emerging best governance practices. The institute aims to accomplish these goals through a combination of effective practice and experience sharing, access to global knowledge, and interaction with its regional and global counterparts.

GCC BDI has grown to become the leading organisation for board directors in the GCC region. Comprising over 1,500 members with extensive knowledge and experience of operating at the most senior levels of business, the institute has hosted over 190 programmes and forums for top-tier companies. 

A globally recognised organisation, GCC BDI is the only entity from the GCC region to be admitted to the Global Network of Director Institutes (GNDI). 

For more information, please visit www.gccbdi.org. 
For media enquiries, please contact: 
 
Mehwish Sarwar 
GCC Board of Directors Institute 
mehwish.sarwar@gccbdi.org 
+971 55 903 3365 
 
Susan Shoury 
APCO Worldwide 
sshoury@apcoworldwide.com 
+ 971 55 965 3647 
]]></description>
<category>2020</category>
<pubDate>Wed, 8 Apr 2020 14:10:35 GMT</pubDate>
</item>
<item>
<title>GCC BDI, The Financial Academy Sign Agreement to Promote Knowledge Exchange </title>
<link>https://gccbdi.site-ym.com/news/495236/</link>
<guid>https://gccbdi.site-ym.com/news/495236/</guid>
<description><![CDATA[ 
Riyadh-Saudi Arabia: 11 February, 2020 – The GCC Board Directors Institute (GCC BDI), a not-for-profit organisation that helps board directors acquire the expertise and tools for effective governance, has signed a Memorandum of Understanding (MoU) with The Financial Academy, mandated with developing and growing the capabilities of human capital in the financial sector. The collaboration aims to enhance knowledge exchange in the GCC region.

GCC BDI is working with The Financial Academy to enhance director capabilities and board effectiveness across Saudi Arabia. Current collaboration includes the Director Development Programme series, which is run by GCC BDI in collaboration with The Financial Academy – the certification body for the programme. 
The Director Development Programme is designed to provide a structured roadmap for directors through modules focused on knowledge, understanding, skills, mindsets, attitudes and values. It is tailored to directors in the GCC region and the first stage of the programme is The World of Directorship, a Certificate in Board Directorship course. Upon completing the four modules and passing the assessment test, The 
Financial Academy and GCC BDI will award the successful participants with the Certified Director (Cert.Dir.) title. 
GCC BDI and The Financial Academy are also seeking further opportunities for collaboration in future. For its part, GCC BDI now endorses The Financial Academy as a partner and provides the entity with access to its open workshops and thought leadership sessions. 

Jane Valls, Executive Director of GCC BDI, said: “We are pleased to welcome The Financial Academy to our growing network of corporate partners. At GCC BDI, we aim to create a positive impact on the economies and societies in the region through promoting professional directorship and raising the level of board effectiveness. This partnership is yet another step in that direction. By joining forces with The Financial Academy, we seek not only to empower businesses in the region but also to nurture emerging talent and ensure long-term competitiveness.”

Mana Alkhamsan, Director General of The Financial Academy, said: “Building partnerships with companies that holds a strong track record, such as GCC BDI, is a key priority for us. Through this MoU, we hope to expand our role in raising awareness about effective governance in line with Saudi Vision 2030. The partnership also diversifies the suite of training programmes we offer.”
With more than 1,400 members, GCC BDI is the most influential network of senior board directors in the GCC region. In the last 12 years, the institute has delivered over 190 workshops, board evaluations and events, and trained more than 1,400 senior directors. 
 
 
About the GCC Board Directors Institute 
 
Launched in 2007, the GCC Board Directors Institute (GCC BDI) is an independent not-for-profit organisation that helps board directors of entities, from family-owned businesses to listed companies, acquire the know-how and tools to achieve and sustain effective governance. 
GCC BDI was founded by eight leading regional corporations and professional services firms: Saudi Aramco, SABIC, Emirates NBD, Investcorp, McKinsey & Company, Allen & Overy, Heidrick & Struggles and PwC. The institute is supported by the regional regulatory authorities, including the Securities and Commodities Authority of the UAE, the Capital Market Authority and Saudi Arabian Monetary Authority of Saudi Arabia, the Central Bank of Kuwait and the Capital Markets Authority of Kuwait, the Central Bank of Bahrain, and the Capital Market Authority of Oman.
GCC BDI’s mission is to create a strong and influential regional network of board members, enhance their capabilities, disseminate high-quality corporate governance knowledge and lead the regional debate on emerging best governance practices. The institute aims to accomplish these goals through a combination of effective practice and experience sharing, access to global knowledge, and interaction with its regional and global counterparts. 

GCC BDI has grown to become the leading organisation for board directors in the GCC region. Comprising over 1,400 members with extensive knowledge and experience of operating at the most senior levels of business, the institute has hosted over 190 programmes and forums for top-tier companies. 

A globally recognised organisation, GCC BDI is the only entity from the GCC region to be admitted to the Global Network of Director Institutes (GNDI). 

For more information, please visit www.gccbdi.org. 
 
For media enquiries, please contact: 
 
Mehwish Sarwar 
GCC Board of Directors Institute 
mehwish.sarwar@gccbdi.org 
+971 55 903 3365 
 
Susan Shoury 
APCO Worldwide 
sshoury@apcoworldwide.com 
+ 971 55 965 3647]]></description>
<category>2020</category>
<pubDate>Tue, 11 Feb 2020 12:57:05 GMT</pubDate>
</item>
<item>
<title>SCA forum on the latest trends in corporate governance in collaboration with GCC BDI</title>
<link>https://gccbdi.site-ym.com/news/495235/</link>
<guid>https://gccbdi.site-ym.com/news/495235/</guid>
<description><![CDATA[  
Dr. Obaid Al Zaabi: 
• The new governance regulations incorporate standards and requirements on ESG considerations. 
• The new regulations improve aspects related to monitoring, money laundering, and internal control systems in public joint-stock companies. 
 
H.E. Dr. Obaid Al Zaabi, CEO of the Securities and Commodities Authority (SCA), said that the forum “organized in collaboration with the GCC Board Directors Institute (GCC BDI) under the title, “Latest Trends and Best Practices in Effective Corporate Governance” comes as part of efforts to keep listed public joint-stock companies updated on new developments in financial markets”. In his opening speech, Al Zaabi said that as part of its strategic plan, SCA is planning to update the governance and disclosure regulations and to hold workshops and awareness-raising programs for listed joint-stock companies as part of the National Project for Financial Inclusion and Investor Awareness.
 
He said that the forum, held under the patronage of H.E. Eng. Sultan bin Saeed Al Mansoori, Minister of Economy and Chairman of the SCA Board, brought together representatives of board members at public joint-stock companies listed in the country and abroad. Al Zaabi explained that the forum complements SCA’s efforts to introduce its new governance regulations (“Guide on Institutional Discipline Standards and Governance of Public Joint-Stock Companies”) developed in line with the best international practices and scheduled to come into force in the coming period after being published in the official gazette. Among the main features of the regulations is the incorporation of new standards and requirements on environmental, social, and governance (ESG) considerations. Al Zaabi explained that the new governance regulations improve aspects related to monitoring, money laundering, and internal control systems in public joint-stock companies.
 
Jane Valls, Executive Director at GCC BDI, said that the “GCC BDI is delighted to be supporting SCA in its mission to promote effective corporate governance in the UAE. The board is a strategic asset to any organization and, therefore, board effectiveness is vital to the success of the whole organization. Shareholders are better protected when effective corporate governance practices are in place”. 
 
At the forum, specialists from the GCC BDI spoke about the latest trends and best practices in corporate governance and director duties and liabilities. SCA’s specialists, on the other hand, gave an overview of the main features of the new governance regulations and talked about the requirements for conducting valid general meetings. 
 
Valls highlighted in her presentation that the pressures and the ever-changing dynamics facing boards in the present time. She said that regulatory authorities worldwide urge the implementation of more uniform corporate governance standards while raising expectations about the role of boards of directors in representing shareholders in a responsible manner. Valls explained that global uncertainty requires that boards play a more active role in planning scenarios and assisting the management in overcoming the increasing risk costs, taking into consideration that corporate tendency to adopt a long-term approach has gained additional momentum as many institutional investors continue to push boards for active participation in directing the corporate strategy to achieve long-term value. Accordingly, boards of directors need to deal with new pressures, challenges, and risks and to keep pace with the latest trends and best practices in this field.
 
Khalid Garousha said that corporate governance obligations in the UAE and the region as a whole bring along stricter legal obligations and other obligations on directors in addition to expectations that board members will implement the best corporate governance practices. The presentation focused on director roles, duties, and obligations as well as the challenges directors face in specific scenarios. Garousha gave an overview of the legislation and regulations in place in the UAE concerning director duties and liabilities to ensure that board members are aware of the latest developments in governance rules and regulations.
 
Ahmad Al Naqbi, Financial Analyst at SCA’s Corporate Governance and Auditors Section, talked about the general requirements for valid general meetings, board member election procedures, and online voting at general meetings in light of the updates made to the governance and disclosure regulations. He said that companies should publish disclosures in Arabic and English and should provide means for simultaneous translation during general meetings. Al Naqbi added that invitations to general meetings may be sent vis SMS or email if the articles of association provide for that. As to board member election, Al Naqbi stressed the need to announce the opening of nomination for board membership and said that the nomination and remuneration committee must ensure that one-third of the members are independent and that the majority of the members are non-executive.
 
Dr. Yousef Al Tal, Senior Legal Specialist at SCA, reviewed the internationally-recognized corporate practices embedded in the Guide on Institutional Discipline Standards and Governance of Public Joint-Stock Companies. Al Tal said that the guide defined board obligations and the fit and proper criteria for board members (integrity, transparency, and accountability). He added that board members are obliged to submit a deceleration of interest form in which they disclose all interests and relationships that may hinder their ability to perform their functions. Al Tal said that the guide also includes new provisions on the committees that the board may form, including the technical committee and the IT committee. He also gave an overview of the other provisions that are intended to regulate stakeholder relationships, related-party transactions, corporate social responsibility, and functions of risk managers and compliance officers.
 
GCC BDI was founded in 2007 as a not-for-profit organization that aims to guide the boards of directors of organizations, from family-owned businesses to listed companies, to acquire the know-how and the tools to achieve and sustain effective governance. 
 
 ]]></description>
<category>2020</category>
<pubDate>Sun, 26 Jan 2020 12:50:50 GMT</pubDate>
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