The partnership aims to enhance corporate governance practices in Saudi Arabia
Riyadh- Saudi Arabia: 18 September, 2018 – The GCC Board of Directors Institute (GCC BDI) signed a Memorandum of Understanding (MoU) with Alfaisal University, Saudi Arabia’s first private non-profit university, with the aim of enhancing corporate governance practices in the Kingdom by blending academic rigor with best business practices.
This agreement seeks to promote initiatives such as the KSA Corporate Governance Index, which is published by the Corporate Governance Centre at Alfaisal University College of Business, facilitate the sharing of information and knowledge, create increased research capacities, provide thought-leadership and guidance, participate in industry events and seek mutually beneficial opportunities for development.
Speaking on the MoU, Dr. Bajis Dodin, Dean and Professor of Operations Management & Management Science at Alfaisal University, said: “The signing of this agreement with GCC BDI marks an important milestone. Saudi Arabia’s latest economic reforms require educational institutions to completely rethink their strategies. Grooming local talents to become board members that make decisions based on strong corporate governance principles is a long-term strategy to boost the competitiveness and attractiveness of Saudi Arabia as a business hub and investment destination.”
Jane Valls, Executive Director of GCC BDI, said: “We are pleased to sign this MoU with Alfaisal University, which similar to our own organization, is a non-profit and has a strong reputation for research facilities. Together, we look forward to seeking new ways to collaborate in achieving board effectiveness, and to adopt world-class corporate governance standards in the Kingdom, the cornerstone of any good business.”
One goal of Saudi Arabia’s ambitious Saudi Vision 2030 is to diversify its economy and develop industry sectors including healthcare, infrastructure and tourism through foreign direct investment. A vital prerequisite for this is fostering a business culture of transparency and accountability. The drive for improved performance measurement reflects the Kingdom’s desire to attract global partners and cement best practice across a spectrum of local public and private entities, and increasingly the Kingdom’s strategies have begun showing results: per the latest 2017 Corruption Perception Index (CPI) launched by Transparency International, Saudi Arabia’s ranking continued to improve, moving up by five places from previous year’s rank of 62.
About 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 four advisory firms: Allen & Overy, Heidrick & Struggles, McKinsey & Company and PricewaterhouseCoopers, as well as regional regulatory authorities: the Emirates Security and Commodities Authority, the Capital Market Authorities of both Saudi Arabia and Oman and the Central Bank of Bahrain.
GCC BDI now works with over 1100 Alumni members who benefit from a network of senior business leaders and a variety of workshops designed for board directors and senior executives. 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. The next GCC BDI Chairman Summit will take place on 26 November 2018 in Riyadh.
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.
About Alfaisal University:
Alfaisal University was founded by the King Faisal Foundation in 2002 as one of the first Private Non-Profit, research and teaching universities in the Kingdom committed to achieving international standards of excellence. It has the support of national and international co-founders and distinguished Board Members that have continually supported the university in its mission to remain a student –centered institution committed to research.
Located in Riyadh, Alfaisal University is made up of five faculties, spanning from Business, Engineering, Medicine, Pharmacy, Science and General Studies offering undergraduate and graduate programs to male and female students in the Kingdom and the Region.
For more information, please contact:
+ 971 55 134 0892
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