Kuwait-based Qurain Petrochemical Industries Company (QPIC) has won second place in the ‘Excellence Award in Governance’  as part of the annual GCC Governance Conference recently.

The firm outperformed a number of selected listed companies and the award reflects QPIC’s commitment to its investors through providing worldwide best practices in corporate governance and the highest transparency standards, which it began applying before it was enforced by regulatory authorities, said a statement.

Sadoun Ali, vice chairman and CEO, said: “We are very pleased to witness this appreciation of our commitment to meeting governance standards which we have maintained for a long time. Being a member of Kuwait Projects Company (Kipco) Group, we adhere to standards of transparency and governance outlined in Kipco’s annual ‘Shafafiya forum’ initiative that was first launched in 2005, making us one of the first to follow and adapt such governance systems. The forum allows the Group companies to present their activities and outlook maintaining sound and transparent disclosure practices.

“Receiving this prestigious award assures us that QPIC’s governance system is working effectively to serve its purpose, maintaining a healthy governed working environment and serving our shareholders best interest.”

The head of the organising committee of the conference said that the Excellence Award in Governance was one of the most important goals of the conference.

The winners were selected by a specialised committee according to specific technical standards, since establishing governance standards is crucial for enhancing a company’s quality of management and providing better insurance for shareholders, he added. - TradeArabia News Service