Monitoring performance is important for optimizing efficiency in the public and private sectors. Transparency is equally important, and so is accountability, to bring about improvements and adopt sustainability practices. A work environment that is flexible, just and compliant is key to sustainable development – all of which boils down to the concept of governance. The principles of governance applies to financial institutions, including banks and public stock corporations. All these institutions have a bearing on society in some form or the other. Therefore, it is imperative that they are transparent and are subject to audit and adhere to good governance. The need for governance was felt all the more after the global economic crisis that hit most countries of the world. The Group of Twenty (G20) held their first summit during the crisis, and has been an influential force in monitoring economic performance globally. Governance has also assumed added importance after many countries have adopted the public-private partnership model to shore up their respective economies. The private sector ensures that its systems remain efficient by assessing performance and eliminating errors to remain competitive and help create jobs. But what about the government sector? How can it reach such a level of transparency? Led by Prince Mohammed bin Salman, the Council of Economic and Development Affairs (CEDA) oversees all developmental affairs in the Kingdom including their planning and implementation. Following a mandate by the Cabinet to establish the necessary mechanisms, it has developed a unique governance model aimed at institutionalizing efforts and facilitating coordination between all stakeholders in development-related sectors. There are three parties monitoring the performance of the Council: the Secretariat, Strategic Management Office, and Project Management. They use key performance indicators through periodic reports, and performance-monitoring dashboard for CEDA committees, thereby adopting good government practices. As a result of this, constant improvements are being made within CEDA by restructuring of committees to upgrade performance levels centered on realizing the objectives of Saudi Vision 2030. CEDA has thus established an integrated governance model aimed at ensuring performance efficiency across the organization.
