Dubai, 30 October 2016 – The Securities and Commodities Authority (SCA) and GCC Board Directors Institute (BDI) have signed an MOU designed to strengthen corporate governance among listed companies in the UAE. The signing ceremony took place on Thursday, 27 October, in Abu Dhabi. 

The MOU aims to increase cooperation between the two parties, particularly in the areas of advocacy, and raise awareness of the importance of effective corporate governance. 

Signed by His Excellency Dr. Obaid al Zaabi, acting CEO of SCA and Jane Valls, Executive Director of GCC BDI, the agreement also includes joint training and education programs.

“GCC BDI has played an important role in supporting boards of directors of both listed and large private and family owned companies across the region by providing the expertise and the necessary tools to achieve and sustain effective governance. This has helped companies to improve their financial performance and thus boost the national economy in the GCC,” said Al Zaabi.

“Under the new agreement, SCA will be able to work closely with GCC BDI to encourage a more effective governance culture within listed companies across the nation, which has the potential to strengthen the UAE stock exchange market.” He added. 

Commenting during the signing ceremony, Valls said, “This is an important time for the UAE economy as it moves from a Frontier to an Emerging Market status. Companies, whether they are listed, private, family owned, or state owned, need to understand the importance of implementing effective corporate governance practices not only for their company, but also for the wider economy in which it operates and relies on.”

Being the only non-profit organization dedicated to directorship development programs and board evaluations in the region, GCC BDI works towards strengthening and advancing the position of boards across the GCC. The Institute now works closely with more than 700 board directors in the region representing over 1800 flagship companies and providing them with the tools to acquire the know-how to achieve and sustain effective governance.

Headquartered in Abu Dhabi, SCA was established by the late HH Sheikh Zayed bin Sultan Al Nahyan in 2000 to create a public authority in the UAE's capital that will strengthen the legislative structure in list joint-stock companies and organizations operating in the securities field. SCA aims to protect investors in the UAE capital markets with fair practices implemented through the development of necessary legislations, refining regulations and increasing awareness of legal practices in investment. 

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About the GCC Board Directors Institute (BDI)

Launched in 2007, the GCC Board Directors Institute (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. 

BDI was founded by four leading regional corporations - Investcorp, SABIC, Saudi Aramco and Emirates NBD – and it is supported by five advisory firms: Allen & Overy, Heidrick & 

Struggles, McKinsey & Company, PricewaterhouseCoopers and Hill+Knowlton Strategies, as well as regional regulatory authorities: the Emirates Security and Commodities Authority of the UAE, the Capital Market Authorities of both Saudi Arabia and Oman, the Central Bank of Bahrain and the Qatar Financial Centre Regulatory Authority. 

BDI now works with over 700 alumni members who benefit from a network of business leaders and a variety of workshops designed for senior directors. 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.

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 BDI. Or, write to us directly at: getinvolved@gccbdi.org

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Rusol Tamimi
Senior Account Executive

Phone: + 971 56 401 1463
Email: rusol.tamimi@hkstrategies.com