GCC Board Directors Institute Highlights Effective Board Practices at Riyadh Workshop
Riyadh-Saudi Arabia: 31 October, 2019 – The GCC Board Directors Institute (GCC BDI), a 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, hosted The Effective Director workshop in Riyadh.
The two-day event, held at The Financial Academy, covered a wide range of topics with a focus on governance responsibilities of boards and board effectiveness. Top officials from leading regional and international organisations, including Saudi Aramco, SABIC, Tasnee, STC, the Capital Market Authority, GASCO, PwC and Alawwal Bank attended the session.
The workshop was part of the Director Development Programme series, run by GCC BDI in collaboration with The Financial Academy – the certification body for the programme – and endorsed by the Capital Market Authority. GCC BDI is working with The Financial Academy to enhance director capabilities and board effectiveness across Saudi Arabia.
The sessions highlighted the fundamentals of governing the board, legal and governance structures of boards, the various roles boards play, the difference between managing and direction, effective directors, and the boundaries that exist between the board and the management. Through an effective balance of theory and practice, the workshop encouraged participants to engage with one another in sharing real-life stories to offer insights into varied experiences.
A session headlined by Zeyad Khoshaim, Managing Partner of Khoshaim & Associates, provided an overview of the regulatory framework across the GCC region and the laws in Saudi Arabia. He also highlighted the latest regulations issued by the Capital Market Authority in May 2019.
A vital discussion on the importance of increasing gender diversity and addressing gender parity also took place during the workshop.
Jane Valls, Executive Director of GCC BDI, said: “Commitment to corporate governance and board excellence is a vision that all companies should share. In essence, board directors act as stewards of the company that govern in the present and provide guidance and direction for the future. Through the regular workshops GCC BDI hosts, we aim to enable board directors and C-suite executives to keep pace with the latest trends and practices from across the region. These events also provide opportunities for the business community to come together, exchange knowledge and forge new partnerships.”
Mana Al-Khamsan, Director General of The Financial Academy, said: “Understanding the role of impactful governance as well as the composition and responsibility of the board goes a long way in ensuring overall efficiency in the region. The GCC BDI Director Development programme offers a platform to facilitate a healthy dialogue on the challenges that boards in the GCC region face at present. These workshops are aligned with The Financial Academy’s mandate to promote best practices and instil trust in capital market activities.”
The GCC BDI Director Development Programme 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.
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 160 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 160 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 Directors Institute
mehwish.sarwar@gccbdi.org
+971 55 903 3365
Suzanne Bader
APCO Worldwide
sbader@apcoworldwide.com
+ 971 58 281 5669