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Interview with Abdulaziz AlTurki, Chairman of the Board of Directors at Nesma & Partners
Abdulaziz AlTurki is the Chairman of the Board of Directors at Nesma & Partners and was one of the firm’s founding partners. He brings over 40 years of experience building successful international businesses throughout the Gulf Region.
AlTurki’s efforts also extend to humanitarian pursuits. He founded and continues to lead several charitable organizations to raise money for those in need and those suffering from various diseases and conditions. He has received various awards and honors for his extensive philanthropic work and his 30+ years of dedication to the community.
AlTurki also serves as Chairman of Rawabi Holding Group of Companies (a leading industrial group operating in Oil and Gas, Marine, Contracting, and Industrial Services) and also chairs many local and international boards, including the Gulf Union Cooperative Insurance Company in Saudi Arabia, The Gulf Union Holding Company in the Kingdom of Bahrain, and Vallianz Holding company in Singapore.
1. What motivated Nesma & Partners to become a Corporate Affiliate of GCC BDI?
Nesma & Partners' shareholders voluntarily decided to implement best corporate governance practices, even though the law did not require it at that time for limited liability companies or family businesses. The shareholders' vision at that time was that to sustain and grow the business in line with the company's values and culture, we needed to establish our own internal Corporate Governance Practices.
At Nesma & Partners, we are firmly committed to upholding the highest ethical standards in all our business activities. We believe that we are more than just a contracting company and are dedicated to achieving positive outcomes for our shareholders, employees, communities, the environment, and the economies in which we operate.
Our journey with GCC BDI began over a decade ago. We aspire to solidify our position as a leading contracting company and set an example by showcasing our Governance pillars in the market. We aim to achieve this by becoming a Corporate Affiliate of GCC BDI.
2. How does effective corporate governance play a crucial role in your organization?
At Nesma & Partners, we adhere to robust Corporate Governance practices rooted in a well-formulated framework. This framework places accountability, responsibility, and transparency as its central pillars. It is designed to drive and enhance the company's overall performance in alignment with strategic goals, ultimately increasing shareholder value. Within this framework, we establish and maintain internal controls, processes, standards, and procedures that govern our business operations.
Our dedicated corporate governance team ensures compliance with all the codes, regulations, and terms of reference of the Board and its committees. Our commitment to operational excellence and governance starts at the Board of Directors and its committees’ level and cascades all the way down to management and our community.
3. What are the ESG governance goals that Nesma & Partners have set?
Nesma & Partners' shareholders have adopted an inclusive stakeholder approach for many years. It is not only about creating shareholder value but also about creating value for the community and the environment. We have been and will always remain committed to the community, and I trust our CSR initiatives have made a tremendous impact so far.
We believe in rigorous corporate governance to deliver these positive impacts, and we rely on our governance framework to integrate Environmental, Social, and Governance (ESG) best practices into our business strategy at every level of the organization. Our primary focus is enhancing our three bottom-line reporting: Profit, People, and Planet.
4. Could you highlight Nesma & Partners' key strengths concerning its corporate governance framework?
Our recipe for governance success at Nesma & Partners lies in our consistent alignment among Shareholders, the Board, and Management. Corporate governance at Nesma & Partners plays a pivotal role in fundamental operations, including coordinating between senior management and the board of directors, achieving the company's strategic objectives, and safeguarding the interests and rights of various stakeholders.
Building upon Nesma & Partners' longstanding commitment to best governance practices, we established the Corporate Governance and Compliance Department in 2022. Its mission is to promote corporate governance excellence throughout our corporate structure and ensure the highest standards of ethics and integrity are upheld across all business activities.
Nesma & Partners' integrated corporate governance framework encompasses well-defined strategies, goals, and delegation of authorities, ensuring that all business operations adhere to highly effective and efficient governance systems. We continuously develop and update the corporate governance function within our company to enhance the board of directors' performance, strengthen internal controls, monitor strategic objectives, and clarify the roles and responsibilities of shareholders, the board of directors, and executive management.
Our robust and dynamic Board of Directors comprises dedicated and talented members who fully know their obligations and duties. They never hesitate to serve the Board with the utmost care and diligence for the Company's best interest.
Moreover, we have established a solid platform for our Whistleblowing procedures and practices, and I consider Nesma & Partners a pioneer in this field. It's worth mentioning that we have achieved ISO 37001:2016 certification for our anti-bribery management system. This certification reaffirms our commitment to upholding international standards for preventing bribery and corruption while maintaining the highest ethical standards.