Industry, Logistics & Shipping

stc joins Pearl Initiative to bolster best practices

Saudi Arabia-based industry giant stc has joined the Pearl Initiative (PI), a major business-led non-profit organisation, to facilitate economic growth through the promotion of the highest standards in corporate governance practices.

As part of the memorandum of engagement (MoE) signed 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 organisations 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 behaviour and good corporate governance practices.

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, the official business community engagement forum for the G20.

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.

Al Ajmi said: “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 focussed on operating in an integrity-driven business environment.”

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, recognises this need and is recognised 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 sixteen 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.”

“We are happy to partner with the Pearl Initiative to promote ethical behaviour, corporate accountability and transparency in the region,” Al Ajmi added. – TradeArabia News Service