YK Almoayyed and Sons, a Bahrain-based diversified business group, was given the '2011 Palladium Balanced Scorecard Hall of Fame Award' for executing strategy during the Palladium EMEA Summit in London.

The Hall of Fame award honours organisations that have achieved business excellence through the use of the Balanced Scorecard (BSC), the world's pre-eminent strategy and performance management system.

The BSC is based on the simple premise that 'what gets measured is what gets done'.

Palladium BSC Hall of Fame for Executing Strategy has inducted five high-performance organisations at the 2011 Palladium EMEA Summit in London.

The other regional orgabnisations which received the award include Abu Dhabi Food Control Authority, AKBANK, Dubai Aluminium and Dubai Police.

Created by Palladium Group co-founders Dr Robert S Kaplan and Dr David P Norton, the BSC links strategy to operations to drive business outcome. Founded in 2000, the Palladium BSC Hall of Fame programme today has a roster of 158 organisations.

Commenting on the win, Mona Almoayyed, the managing director, said companies that concentrate only on profits tend to decline over time because they are not investing and focusing on the future.

'Since adopting the BSC, we have experienced significant growth,' she added.

Chairman Farouk Almoayyed described the award as 'a great accomplishment and honour for the company.'-TradeArabia News Service