Saudi Aramco, a major oil company, recently co-hosted the “Governance in Focus” forum with the Pearl Initiative at the King Abdullah Petroleum Studies and Research Center (KAPSARC) in Riyadh, Saudi Arabia.
The event was held under the patronage of Khalid Al-Falih, Minister of Energy, Industry, and Mineral Resources.
Addressing an audience of business leaders, executives, officials and experts, Amin Nasser, president and CEO, Saudi Aramco, said: “It is a privilege to be working with the Pearl Initiative in promoting higher corporate governance standards.”
“We have been global from our very beginning – more than eight decades ago. International standards of governance have always been an integral part of what we do and how we do things In our efforts to achieve Saudi Vision 2030 and align ourselves with its aspirations, the Kingdom’s corporations and entities – regardless of size, now have the opportunity to apply or redefine its set of governance at the highest standards, which is vital for the economic transformation that’s currently underway in the kingdom,” he added.
Nasser emphasised the role of corporate governance in maintaining the highest standards of ethical conduct and promoting commitment to effective oversight, leadership, and reporting.
Badr Jafar, founder of the Pearl Initiative and CEO of Crescent Enterprises, said: “The forum has brought together multi-stakeholder leaders from across the region and internationally to deliberate some of the most pertinent issues affecting our business environment today.”
“We are honoured to work with Saudi Aramco shine a light on the various important roles that the government, business and philanthropic sectors need to play in creating corporate governance frameworks that support the competitiveness, inclusiveness and sustainability of our region’s economies,” he said.
“The forum marks the beginning of the Pearl Initiative’s strategic relationship with Saudi Aramco, an invaluable member of our growing network of partner companies from across the gulf region committed to a vision of thriving economies underpinned by a Private Sector that embraces good governance as a pillar of sustainable growth,” he added.
Saudi Aramco goes above and beyond to fulfil its commitment to its corporate values through corporate governance structures that involves the company’s board and leadership team, independent reporting and performance management, and compliance with voluntary and compulsory regulatory standards.
From the diverse experience of Saudi Aramco’s board members to its regular reporting and independent auditing practices, the company’s structured governance process ensures transparency, effective oversight and accountability at all levels of operation.
The forum’s theme was ‘Boosting Competitiveness in a New Business Paradigm’ and featured prominent speakers, including Khalid Al-Falih, Minister of Energy, Industry, and Mineral Resources; Amin Nasser, president and CEO of Saudi Aramco; and Badr Jafar, CEO of Crescent Enterprises and founder of the Pearl Initiative. In addition to speeches, the event featured a number of panel discussions and workshops conducted by high-profile experts.
The forum focused on the business case behind corporate governance and how good governance frameworks support the rapidly developing private sector in the GCC region and the overall economic goals.
The Pearl Initiative was formed by prominent business leaders from across the GCC in 2010 to create a non-profit vehicle for the private sector to collectively take a lead in adopting higher standards in corporate governance, accountability and transparency. It seeks joint collaborative action among regional and global business leaders, international institutions, government bodies and wider initiatives within the GCC region, exhibiting positive leadership and sharing knowledge and experience in order to influence the entire regional business and student community.