Dear members,
Welcome to our latest quarterly newsletter. I hope that you, your families, and colleagues are all safe and well. As vaccination programmes gather pace both regionally and across the globe, we at GCC BDI are looking optimistically towards the future. We are fortunate to be as busy as ever and have an action-packed schedule for 2021, as you will see below.
Membership
We have recently launched a survey to better understand how to improve our membership services. As members, you are the foundation of GCC BDI and your input is crucial in helping us understand how best to serve you and enhance our services, as well as ensure you are receiving all the benefits under your current membership. It only takes around 10 minutes to complete, and we would welcome your input, please find the link here.
We are also delighted to welcome two new Membership Partners - Yalla Consulting & Opportunity Network, please click here and here respectively to learn more about the benefits you can receive .
GNDI Survey
As many of you will be aware, GCC BDI is part of the Global Network of Director Institutes (GNDI), which is an organization comprising 22 director institutes around the globe representing over 150,000 members. Every two years, GNDI conducts a survey and publishes a report on the takeaways. Please click here for the latest report: 2020-2021 Global Director Survey Report: Board Governance During the COVID-19 Crisis, which, among other key findings, notes that virtual meetings are here to stay and the way that boards identify risk will fundamentally change post-pandemic.
New Corporate Affiliate
We are delighted to welcome Elm as our latest Corporate Affiliate. ELM is a Saudi Joint Stock Company owned by the Public Investment Fund (PIF) of the Kingdom of Saudi Arabia. Elm has recently signed a partnership agreement with the GCC BDI to support the promotion of corporate governance and board effectiveness in the Gulf region and we thank them, as well as our existing Corporate Affiliates (click here for the full list) for their kind support.
Study Trip
GCC BDI held our first virtual study trip to Germany on 21 January 2021 in collaboration with AHK, German Trade & Invest Authority & ArMiD, whereby we provided our members with insights into the German regulatory framework, the practical aspects of sitting on a board of a German company, and how business is conducted in Germany. We hosted a number of high-profile keynote speakers and our members welcomed the opportunity to network with their peers. To find out more about the study trip, click here. We look forward to hosting other study trips for our members in future, learn more here.
Upcoming Events
We have a packed schedule over the next few months. You can find the full events calendar here, but see the segment below for a few highlights.
On 21 April 2021, alongside the Securities and Commodities Authority of the UAE, we will be co-hosting a Board Director Seminar on Director Duties and Liabilities. The seminar will be delivered by Khalid Garousha and is targeted at board directors in the UAE. Please click here if you would like to register.
On 25 April 2021, we will be hosting our next GCC BDI Online Networking Event, entitled Diversity & Inclusion: Breaking the Stereotypes. Join GCC BDI and senior executives from Shell, Accenture, and SIDF as we discuss the importance and the impact of having a diverse board on the sustainability of your business. Please click here if you would like to register.
On 26 April 2021, we will be hosting a tutorial on The Art of Minute Taking for Boards and Board Committees. Join GCC BDI and Allison Dillon Kibirige as we take you through a step-by-step process to prepare for your board meeting, help you draft accurate minutes, provide you with guidelines and checklists, and advise on best practices to master your minute taking techniques. Please click here if you would like to register.
Finally, on 2 June 2021 please join GCC BDI, McKinsey & Company and the Financial Academy for a highly topical workshop entitled ESG and the Future of Sustainability for Businesses. This workshop will cover how the ESG playing field is evolving, and what that means for sustainability in the corporate context. Please click here if you would like to register for this workshop.
Board Evaluations
This issue of the newsletter focuses on a topic I feel strongly about – board evaluations. As an ideal tool to promote board effectiveness and best-in-class corporate governance, a board evaluation should be a priority for every well-governed organisation across the globe.
Such a process can offer tremendous benefits, resulting in performance improvements not only for the board as a whole, but also for each individual board member. These improvements in turn enhance effectiveness across the organisation in its entirety.
In recent years we have been very pleased to see a notable rise in the number of organisations in the GCC approaching GCC BDI to perform board evaluations. More and more GCC companies are understanding the value of such an exercise and the benefits it can provide to a company.
In this issue, we are delighted to welcome interviews on this subject from both Ali Al Ali, Acting Company Secretary of EITC (du) and Monirah AlSwaydani, Chief Governance Officer at The Saudi Investment Bank. Please click here and here for their thoughts respectively.
This issue also offers interesting insights from board evaluator Dr Chris Pierce in his article Board Evaluation – An Evaluator’s perspective, as well as from our partner Nasdaq in their article Board Evaluations: What you need to know.
Alsama Project
GCC BDI is a proud supporter of the Alsama Project. Alsama means “sky” in Arabic and the project’s mission is to educate refugee children and empower refugee women. Alsama sets up secondary education centres, sports hubs and social enterprises in areas of the Middle East affected by conflict. Their projects are run for – and, in large part, run by – refugee communities.
Please click here for an article written by Meike Ziervogel, CEO of the Alsama Project (https://alsamaproject.com/) to learn more about the Alsama Project and to learn how you might be able to get involved.
Ramadan Greetings
We hope you all enjoy this year’s first edition of Al Majlis and I would like to take this opportunity to send you and your families our best wishes for the Holy Month, may you be blessed with joy, togetherness, and happiness. Ramadan Mubarak in advance.
Jane and the GCC BDI team