16 Sep 2015
Investcorp, a leading provider and manager of alternative investment products, and the GCC Board Directors Institute (‘BDI’) have successfully completed the third GCC Board Directors Institute Chairman Summit, which was held in Riyadh on 14th September 2015.
In his opening remarks, Mohammed Al Shroogi, Co-CEO of Investcorp and Chairman of BDI, emphasised the importance of instilling world-class standards of corporate governance and board effectiveness in the GCC in order to make a strong impact on economies and societies in the region.
Mr Al Shroogi talked about the growing role BDI is playing in promoting professional directorship and effective boards across the region. He explained: “these two areas are key components of good corporate governance, which, once achieved, translates into strong market confidence and better access to capital, both domestic and foreign, allowing companies to invest and create jobs, and in turn stimulate the growth of the wider economy.”
On Investcorp’s involvement in BDI, he said: “BDI’s vision and role in the GCC aligns very closely with what we aim to do at Investcorp, as both a listed company and an investor in growing economies across the region and around the world. Our objective revolves around maximising value creation; and ensuring a strong board of directors is in place is an important part of this process.”
The third version of the Summit focused on three topics; the importance of public trust to a company’s success, the chairman’s role in enhancing board effectiveness and the board’s role in leading companies through change. In his welcoming speech, Mr Al Shroogi talked about the significance of these three issues in the context of the current regional and international economic conditions and the challenges companies face as they seek investment and avenues for growth.
He continued: “In light of the uncertainty we are currently seeing in the markets, regionally and internationally, being a chairman is increasingly requiring a lot of commitment and hard work, in addition to both formal and informal engagement with management. Most importantly, the chairman’s role should complement the boards’ part in leading companies through change and providing guidance in the development and execution of a strategic plan.”
Featuring three panel discussions, the third GCC BDI Chairman Summit hosted over 60 chairmen and CEOs of regional leading organisations.