BOARD COMPOSITION AND SELECTION REMAIN KEY PRIORITIES FOR GCC BUSINESSES
BAHRAIN, 07 December 2016 – According to the GCC Board Directors Institute (GCC BDI), board composition and selection are priority areas in corporate governance across the Gulf region. Speaking at its ‘Foundations of Directorship’ workshop in Bahrain on the 5 – 6 December, GCC BDI highlighted key priority areas in corporate governance that faced GCC countries in 2016.
“The strength of Boards in businesses will have a large impact on the greater economic landscape of the region from both a regional and international investor standpoint, as investors build their trust in the capabilities of board members,” said Mohammed Al Shroogi, Co – Chief Executive Officer of the global investment group, Investcorp, and Chairman of GCC BDI.
The two-day workshop, in partnership with Investcorp, brought together industry experts, senior executives and board members from leading businesses in Bahrain and across the GCC, to exchange knowledge of international best practice in an effort to strengthen the corporate governance culture in the region.
“Corporate governance and compliance have been a recurring challenge in the region. A key element of this challenge lies within the board composition and selection process which is why we continue to focus on these areas through our workshops,” said Jane Valls, Executive Director of GCC BDI. “Partnering with Investcorp has helped us demonstrate the value of our workshops to board directors who ultimately determine the success of a company. At GCC BDI, we will continue to work together closely moving forward, helping to strengthen boards across the GCC.”
“We are delighted to partner with GCC BDI for the fifth time on its Foundations of Directorship workshop. We have been working with GCC BDI for 9 years, since its inception, along with the other founder organizations, to achieve our common goal of raising regional corporate governance practices to meet international standards of board effectiveness. Investcorp has hosted 3 other GCC BDI workshops this year as well as sponsoring the Chairman Summit in 2014” commented Mr Al Shroogi.
The workshop was delivered by global industry experts including Peter Breen, partner emeritus and chair of Middle East Practice, Heidrick & Struggles; Khalid Garousha, Partner, Allen & Overy; Steve Drake, Partner, PricewaterhouseCoopers; Abdul Rahman Al Baker, Executive Director, Financial Institutions Supervision, Central Bank of Bahrain; Dr. Hans-Martin Stockmeier, Director, McKinsey & Company; and Jane Valls, Executive Director, GCC BDI.
GCC BDI is a non-profit organization dedicated to board director development programs and board evaluations in the region. GCC BDI works towards strengthening and advancing the board effectiveness across the GCC. The Institute now works closely with nearly 700 board directors in the region representing over 1800 flagship companies and providing them with the tools to acquire the expertise to achieve and sustain effective governance.
About the GCC Board Directors Institute (GCC BDI)
Launched in 2007, the GCC Board Directors Institute (GCC BDI) is a not-for-profit organization that guides board directors of organizations, from family-owned businesses to listed companies, to acquire the know-how and the tools to reach and sustain effective governance.
GCC BDI was founded by four leading regional corporations – Investcorp, SABIC, Saudi Aramco and Emirates NBD – and it is supported by five advisory firms: Allen & Overy, Heidrick &
Struggles, McKinsey & Company, PricewaterhouseCoopers and Hill+Knowlton Strategies, as well as regional regulatory authorities: the Emirates Security and Commodities Authority of the UAE, the Capital Market Authorities of both Saudi Arabia and Oman, the Central Bank of Bahrain and the Qatar Financial Centre Regulatory Authority.
GCC BDI now works with nearly 700 alumni members who benefit from a network of business leaders and a variety of workshops designed for senior board directors. Notably, the Institute hosts an annual Chairman Summit that brings together regional leaders and actors to explore the evolving role and value of Boards as well as appropriate corporate governance standards.
Today the Institute is globally recognized and the only Directors Institute from the region to be admitted to the Global Network of Directors Institute.
We encourage you to visit the Institute’s website at www.gccbdi.org to learn more and get involved with the GCC BDI. Or, write to us directly at: firstname.lastname@example.org
Investcorp is a leading global provider and manager of alternative investments, offering its high-net-worth private and institutional clients a global reach. Led by a new vision, in 2015 Investcorp has embarked on an ambitious growth strategy – determined to double assets under management (“AUM”) in the medium term. The firm continues to focus on generating a shareholder value through a disciplined investment approach in three business areas: corporate investment, real estate and alternative investment solutions (formerly known as hedge funds). On 30 June 2016, the Investcorp Group has secured $10.8 billion in total AUM and a 60 percent increase in dividends to shareholders. Investcorp has made over 150 investments across a range of sectors including retail and consumer products, technology, business services and industrials, totalling over $36 billion.
Founded in 1982, the Investcorp Group employs 331 people across its offices in New York, London, Bahrain, Abu Dhabi, Riyadh and Doha. The Group is publicly traded on the Bahrain Bourse (INVCORP) and Investcorp S.A., a subsidiary of Investcorp Bank, has bonds listed on the London Stock Exchange and the SIX Swiss Exchange.
For further information, including our most recent periodic financial statements, please visit: www.investcorp.com
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