Sound Corporate Governance continues to rank high on the agenda of Saudi companies, as outlined by the recent sponsorship agreement between Ma’aden and the GCC Board Directors Institute.
Dubai, 25th March 2015: Ma’aden, the leading mining and metals company in Saudi Arabia, has partnered again with the GCC Board Directors Institute (“BDI”) in committing to high corporate governance standards, with the official signature of a sponsorship agreement in Riyadh.
Engr. Nabil bin Abdulaziz Al Fraih, Senior Vice President, Human Resources and Sustainability of Ma’aden commented, “At Ma’aden, we place a critical importance on Corporate Governance to ensure we are aligned with best practices at all times. It is significant for us in order to protect our shareholders rights, as well as those of our other stakeholders. We are delighted to be partnering again with BDI given our relationship to date and the significant impact it has had on lifting corporate governance standards in the region since its inception.”
He added, “The signature of this new agreement also embeds an innovative training platform for Ma’aden employees to access in order to always be well-informed of the latest best practices, be local or international, as well as networking opportunities with other board members across the Gulf. This agreement further enhances our corporate commitment to transparency and integrity towards our investors.”
Mr. Mohamed Al Shroogi, President Gulf Business of Investcorp and Chairman of the Board of Governors of BDI, said “We are honored by the continued partnership between Ma’aden and the Institute. It is a clear testimony of the company’s commitment to the highest standards of corporate governance and its vision to be a world-class minerals enterprise to help develop the mining sector as the third pillar of the Saudi economy.”
This month, BDI also inaugurated new half-day Focused Sessions for its members. The first one focused on shareholders rights and responsibilities. The Institute also held its 19th Foundations of Directorship Workshop, a core part of its curriculum, in partnership with SABIC. In 2014, Ma’aden received an Award from the British magazine World Finance, for Best Corporate Governance in the Kingdom.
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