Al-Khateeb: Rate of Foreign tourists coming for recreational purposes soars 600% in 5 years    Saudi Arabia participates in OIC anti-corruption agencies' meeting in Qatar    Saudi Arabia implements over 800 reforms to drive rapid transformation    Al-Jadaan: Painful decisions were part of the reforms, but economy overcame them    Al-Swaha: Saudi Arabia is heading towards exporting technology in the next phase    Israel-Hezbollah ceasefire appears to hold as Lebanese begin streaming back to their homes    Al Rajhi: Saudi Arabia sets revised unemployment target of 5% by 2030 "300,000 citizens employed in qualitative professions"    Imran Khan supporters call off protest after crackdown    Five survivors found day after Red Sea tourist boat sinking    Russia launched a record number of almost 200 drones toward Ukraine    Al Hilal advances to AFC Champions League knockout stage despite 1-1 draw with Al Sadd    Saudi Arabia unveils updates on Expo 2030 Riyadh master plan at 175th BIE General Assembly Riyadh Expo Development Company established to oversee strategic planning, operations, and legacy development    Saudi FM attends Quadripartite meeting on Sudan in Italy    Best-selling novelist Barbara Taylor Bradford dies    Cristiano Ronaldo's double powers Al Nassr to 3-1 win over Al Gharafa in AFC Champions League    Al Ahli edges Al Ain 2-1, bolsters perfect start in AFC Champions League Elite    Most decorated Australian Olympian McKeon retires    Adele doesn't know when she'll perform again after tearful Vegas goodbye    'Pregnant' for 15 months: Inside the 'miracle' pregnancy scam    Do cigarettes belong in a museum?    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



stc joins Pearl Initiative's network to strengthen corporate accountability in Gulf
Published in The Saudi Gazette on 28 - 09 - 2020

Improved business governance standards play a vital role in bolstering socio-economic growth, both globally and across the Gulf region. As the winds of industry shift and unearth novel challenges that require addressal for fiscal sustability, there is an increased push to encourage the improved implementation of corporate governance practices.
In recognition of this, the Pearl Initiative (PI), the region's leading business-led non-profit organization promoting a culture of corporate transparency and accountability across the Gulf region, has welcomed stc as its latest partner in its efforts to facilitate economic growth through the promotion of the implementation of the highest standards in corporate governance practices.
As part of the Memorandum of Engagement (MoE) signed, the Saudi Arabian industry giant, stc, will join the growing network of PI's partners, all of which champion the organisation's goals of promoting a corporate culture of accountability and transparency across the Gulf region.
This strategic partnership will allow both organizations to leverage their experience in the area of corporate governance and commit to jointly promoting a strong compliance culture across the region whilst promoting ethical behavior and good corporate governance practices.
With Saudi Arabia assuming the Group of 20 (G20) presidency for the 2020 cycle, the Pearl Initiative's partnership with stc assumes even more importance, given that Mathad Al Ajmi, vice president and general counsel, legal affairs, stc, and board member of the Pearl Initiative, is also the chairman of the Taskforce on Integrity and Compliance set up by Business 20 (B20).
B20 is the official business community engagement forum for the G20 that brings the voice of the business community to the G20 process. The Taskforce headed by Al Ajmi aims to advance the global anti-corruption agenda, touching upon key topics such as regulatory compliance, transparency and high standards of ethics and integrity.
This will help inform the Pearl Initiative's thrust to improve accountability and transparency among corporates in the region, following an inclusive and collaborative approach.
According to Al Ajmi: "stc has always strived to be a role model of good corporate governance within the Kingdom and the region. We have adopted comprehensive principles of governance, compliance, control and are focused on operating in an integrity-driven business environment."
Commenting on the partnership, Yasmine Omari, executive director at the Pearl Initiative, said: "Around the world, the corporate governance landscape is rapidly shifting, as efforts to improve business practices are evolving in the wake of a highly reactive global economy. This means that key industry actors must be at the forefront of governance to safeguard their interests, as well as those of the regional economy.
"stc, as an industry and innovation leader, recognizes this need and is recognized for its values and commitment to responsible business practices. We are thrilled to be partnering with stc, and taking the future of regional corporate governance to the next level."
In line with the vision of the Pearl Initiative for a resilient regional economy built on the foundations of strong corporate governance principles, and as part of stc's commitment to leading the way in promoting and implementing strong corporate governance frameworks, stc recently launched their new Code of Ethics and Business Conduct, titled "Integrity Takes Us Forward".
Catering to four crucial business pillars — Customers and Communities, the Marketplace, Investors, and the Workplace – this novel Code covers 16 specific and common integrity risk areas; states stc's policy with respect to these risk areas; and then provides clear guidance and practical advice to employees, customers, business partners, suppliers and other stakeholders on how stc and its representatives should act.
stc's new Code of Ethics and Business Conduct falls squarely in line with the core business values promoted by the Pearl Initiative, which applauds its newest partner for leading the way in demonstrating a tangible commitment to good governance and to positive corporate values.
Omari noted: "We are proud of the concrete steps stc and its leadership are taking to actively support business ethics. We at the Pearl Initiative are confident that with stc working alongside us to pursue our mutual goals of driving and creating good governance across the business community in the region, we will be able to further expand our impact and promote the importance and need for improved corporate governance standards, which are the key drivers for business sustainability."
Al Ajmi added: "We are happy to partner with the Pearl Initiative to promote ethical behavior, corporate accountability and transparency in the region." — SG


Clic here to read the story from its source.