The Saudi Investment Bank supports the GCC Board Directors Institute to raise the level of corporate governance and board effectiveness
Riyadh-Saudi Arabia: 7 July, 2019 – The Saudi Investment Bank has signed a one-year partnership agreement with the GCC Board Directors Institute to support the promotion of corporate governance and board effectiveness in the Gulf region.
The Saudi Investment Bank, a listed company, offers traditional wholesale, retail and commercial banking services, and recently came top of the KSA Corporate Governance Index for Financial Institutions.
Faisal Al Omran, CEO of The Saudi Investment Bank said: “Corporate Governance at The Saudi Investment Bank is about promoting fairness, transparency and accountability. We work hard at ensuring the highest standards of corporate governance. More than just a commitment to doing the right thing, we believe good corporate governance is a strong indicator of overall management capability and quality. We are delighted to partner with the GCC Board Directors Institute and support the great work they are doing. This is a further demonstration of our support for good corporate governance and our commitment to enhancing governance practices and stakeholder value in line with Vision 2030.”
Jane Valls, Executive Director, GCC Board Directors Institute (GCC BDI) said: “We are delighted that The Saudi Investment Bank has joined our network of corporate affiliate partners. GCC BDI is a not for profit company with a mission to make a positive impact on the economies and societies in the region by promoting professional directorship and raising the level of board effectiveness. Now more than ever, sound board and governance practices are under the microscope of investors and most stakeholders.
Having the support of The Saudi Investment Bank will enable us to develop new products and services to better serve the boards in the region, creating greater shareholder valueand investment attractiveness.”
Since its inception in 2007, GCC BDI has become the most influential network of board directors and senior executives in the Gulf. GCC BDI works with listed companies, stateowned enterprises, family-owned businesses, large private companies and multinationals across the GCC. Today, GCC BDI has over 1300 members – senior board directors and executives representing over 3,000 blue-chip companies.
More information on corporate governance at The Saudi Investment Bank is available on the Bank’s website www.saib.com.sa
About The Saudi Investment Bank (SAIB)
The Bank commenced business in 1977, pursuant to a Royal decree dated June 22, 1976. It concentrated on medium-term financing of industrial projects. In 1983, with the adoption of the SAIB name, the Bank moved into full commercial banking. The ALASALAH Islamic Banking Brand, through which the Bank provides Shariah complaint products and services was launched in 2006. Islamic principles are at the heart of all our operations. Adherence to Shariah principles in product development is assured by ourShariah Committee
SAIB provides wholesale, retail and commercial banking products in the Kingdom of Saudi Arabia, both Shariah-compliant and traditional. In addition to personal banking, the Bank services the government, quasi-government, corporate and MSME sectors.
Our finance operations offer a range of non-interest-bearing banking products including Murabaha, Istisna’a and Ijarah. Our product portfolio also includes several treasury and investment banking products.
An even wider range of products and services is provided through our joint ventures and subsidiaries, such as investment banking, share trading, asset management, leasing finance, mortgage finance, brokerage services, corporate finances services and credit card services.
About the GCC Board Directors Institute
Launched in 2007, GCC BDI is an independent not-for-profit company that guides board directors of organisations, from family-owned businesses to listed companies, to acquire the know-how and tools to reach 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. It is also supported by the regional regulatory authorities, including the Emirates Security and Commodities Authority of the UAE, Saudi Arabian Monetary Authority of the Kingdom of Saudi Arabia, the Central Bank and Capital Markets Authority of Kuwait, the Central Bank of Bahrain and the Capital Market Authority of Oman.
GCC BDI’s mission is to enhance board member capabilities, create a strong and influential regional network of board members and disseminate high quality corporate governance knowledge, leading the regional debate on emerging best governance practices. It aims to accomplish these goals through a combination of effective practice and experience sharing, access to global knowledge and interaction with regional and international counterparts. Over the last 11 years, GCC BDI has grown to become the leading organisation in the region for board directors. It has delivered over 160 programmes and forums to top-tier companies in the Gulf and now comprises over 1300 members, each with extensive knowledge and experience of operating at the most senior levels of business in the GCC.
Today the institute is globally recognized and the only institute of directors from the GCC region to be admitted to the Global Network of Director Institutes.
We encourage you to visit GCC BDI’s website at www.gccbdi.org to learn more.
For more information, please contact:
Imaan Jooma
APCO Worldwide
+ 971 52 671 0528