DUBAI, UAE, September 5, 2012 /PRNewswire/ --
Chairman of Saudi Capital Market to Deliver Keynote Address
On Wednesday, September the 12th, GCC "Board Directors Institute" (BDI) will be held in Riyadh for the second meeting of their GCC Roadshow programme which highlights the importance of corporate governance and the effectiveness of Board of directors, which kicked off in May in Manama, Bahrain. The event is being hosted by The Savola Group, a diverse enterprise specializing in Foods, Consumer Retail, and Packaging. The theme is "Celebrating 5 Years of Corporate Governance Excellence in the GCC". Attendees will be addressed by Taha A. Al-Kuwaiz Chairman of Saudi Capital Market (Tadawul).
Talking about the scope of the road show, Dr. Abdullah Al Abdulgader, BDI Founding Executive Director, commented: "The ultimate aim of the roadshow is to promote an ongoing dialogue with our members to share ideas and best practices while highlighting their engagement in supporting better corporate governance, Board of Directors effectiveness and professional development in the GCC. With over 70% of our members from Saudi Arabia, we have many success stories in the Kingdom and we are looking forward to sharing them with our members." He also concluded that "We had an excellent meeting in Bahrain, earlier this year, Members benefited greatly from the broad range of views expressed by the attendees and the speakers and engaged in a lively debate on prospects for regional Corporate Governance practice and the future of BDI. We are delighted to have The Savola Group hosting our second meeting and facilitating further the exchange of views on the major Corporate Governance developments and challenges affecting our region."
On hosting the BDI Riyadh road show, Dr. Abdulraouf Mannaa, the Savola Group Managing Director, said: "The Savola Group is dedicated to implementing the highest ethical and governance standards in all aspects of the company's business to create solid and attractive work environment culture based on our four ethics of Honesty (Amanah), Conscientiousness (Taqwa), Caring Justice (Birr), and Personal Control (Mujahadah), and how effectively to implement these values in reality (in a balanced way) to help us to protect shareholders, employees and other stakeholders rights. He emphasized that we are proud to host the BDI Roadshow in Riyadh, and supporting the BDI efforts in bringing to its members, in the Kingdom in specific and the GCC in general, the international standards and best practices in the area of Corporate Governance."
Since its inception in 2007, BDI has connected with over 300 members of GCC senior board directors, and has made tremendous efforts to develop, share and introduce the latest knowledge and best practices on corporate governance to the region.
This event will feature a strong line-up of participants from different areas in the Kingdom and members will have the opportunity to hear dialogues on the development of Corporate Governance culture in the region and take part in roundtable discussions on board effectiveness and the future of Corporate Governance in the region.
About the GCC Board Directors Institute
The Board Directors Institute (BDI), a not-for-profit Institute, headquartered in Manama, Kingdom of Bahrain with Offices in Dubai, UAE and Riyadh, Saudi Arabia. It was launched to support better Corporate Governance and build board member capabilities through information exchange, and professional development programs. BDI was founded in 2007 by four leading GCC corporations: Saudi Aramco, SABIC, Investcorp, and EmiratesNBD. Since inception, BDI has been enjoying the support of internationally renowned advisory firms: McKinsey & Company, PriceWaterhouseCoopers, Allen & Overy, and Heidrick & Struggles. BDI is a community of several hundred senior board members from across GCC. Its creation reflects that Corporate Governance is a fundamental part of the societies of the region, as such, critical to the region economies.
In early 2009, BDI published the report "Building Better Boards". The report was the first study of its kind in the GCC on board effectiveness in the GCC and assesses the impact of the financial crisis on the implementation of best board governance practices in the region. In March 2011, the BDI published its second, now biennial, report "Embarking on a Journey". BDI works closely with the region regulatory authorities including the Capital Market Authorities of both Saudi Arabia and Oman, the Central Bank of Bahrain (CBB), the Qatar Financial Centre Regulatory Authority (QFCMA) and the Securities and Commodities Authority (SCA) of the UAE.
About The Savola Group:
Established in Jeddah in 1979 with a paid up capital of 40 million Saudi Riyals and 200 employees, The Savola Group today is one of the most successful enterprises in the entire Middle East, having grown from a single company into a diversified global conglomerate that is now worth 19 billion Saudi Riyals (market value) and employs more than 17,000 employees inside and outside the Kingdom. The Group has widely-held stock with over 160,000 shareholders, a strong position in a large and growing MENA region, leading positions in important industries with attractive dynamics: Edible Oils & Fats (Edible Oils, Sugar & Pasta), Retail (Panda Supermarkets and Hypermarkets), Packaging (Plastic), Real Estate (owns 30% of Kinan International Real Estate Dev. Co ), Investments in dairy (Al-Marai owns almost 30%), fast food (Herfy) owns 49%, and strategic investments in two economic cities; (King Abdullah Economic City in Rabigh and Knowledge Economic city in Madinah.
Also the Savola Group ranked number one in Saudi Arabia in Corporate Governance and transparency and the second in the Arab world, according to the results of the study conducted by Standard & Poor's (S&P), Hawkamah Institute and IFC, which published in early February 2011.
SOURCE The GCC Board Directors Institute (BDI)