Saudi Telecom Company (STC) and the GCC Board Directors Institute (BDI) has announced their sponsorship agreement.

"STC, being a socially responsible organisation, places great emphasis on sound corporate governance practices," STC chairman and managing director Abdulaziz Al Sugair said, in a report in the Gulf Daily News (GDN), our sister publication.

"Transparency, fairness practices and effective corporate governance are receiving significant focus at STC.

"BDI, in the recent years, have made solid contribution to the advancement of corporate governance practices through capacity building, research and development.

"We are sure this partnership will help further the effectiveness of our joint efforts towards greater emphasis on implementation of international standards in the region," said Al Sugair.

This sponsorship is a testament of STC's recognition of the important impact sound corporate governance practices can have on organisations, societies and economies in the Gulf.

"It is truly an honour to welcome STC into our esteemed network," SABIC chief financial officer and GCC Board Directors Institute chairman Mutlaq Al Morished said.

"With this sponsorship agreement, STC once again demonstrates thought leadership and its deep understanding of the benefits that sound corporate governance practices bring to any organisation.

"Having the support of the region's largest telecommunications company will definitely hone BDI's efforts to raise the level of board effectiveness and corporate governance standards in the Gulf." .

Since its inception in 2007, BDI has established itself as the pre-eminent organisation in the Gulf for Boards and directors, and has fostered a network of more than 15 partners and sponsors. - TradeArabia News Service