08/11/2018 08:49 AST

Alawwal bank has signed a three-year partnership to help develop high-performance boards in the Gulf. The bank will support a program of activity to raise corporate governance standards in Saudi Arabia and the wider GCC. The program is designed by GCC Board Directors Institute (GCC BDI) to build confidence in GCC corporations among shareholders and encourage foreign investment.

Jane Valls, Executive Director, GCC Board Directors Institute, said: “We are delighted Alawwal bank has joined our network of partners. Now more than ever, sound board and governance practices are under the microscope of investors and most stakeholders. Alawwal bank is an important and well-respected institution in the Kingdom. Having their support will be key to helping us influence corporate governance best practices, improving the effectiveness of boards, and ultimately contribute to the development of the Saudi and broader GCC economies.”

Since its inception in 2007, GCC BDI has become the most influential network of board directors and senior executives in the Gulf. GCC BDI works with listed companies, state-owned enterprises, family-owned businesses, large private companies and multinationals across the GCC. Today, this not-for-profit organization works with over 1,100 board directors representing over 3,000 blue-chip companies, with the objective of raising standards of corporate governance and improving board effectiveness.

Soren Nikolajsen, Managing Director, Alawwal bank, said: “Attracting foreign direct investment into the Kingdom is a key pillar of Saudi’s Vision 2030 strategy. That means greater scrutiny of our institutions. Showing sound corporate governance, that lives up to global standards, is an essential element to winning the trust and confidence of investors both outside and inside the GCC.”

“As the Kingdom’s longest serving bank, we have a proud track record of innovation in the financial services industry - and that extends to development in corporate governance. Working with an influential body, such as GCC BDI, gives us an opportunity to share best practices that have brought us results, and to learn from those within GCC BDI’s network.”

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