Riyadh - For the second year in a row, the London-based Ethical Boardroom magazine has named SABIC as the winner of the Best Corporate Governance Award, recognizing it among those companies that have “raised the bar to ensure that strong corporate governance plays an essential part in protecting and enhancing long-term value for all stakeholders.”
SABIC, which won the award for the Middle East in the Conglomerate category, has set a high level of corporate governance standards, with a strong commitment to create a culture of transparency and accountability, in line with Saudi Vision 2030.
“We are indeed honored to receive this award. We believe that good corporate governance supports long-term value creation. In fact, our path breaking efforts in good governance, which is consistent with our 2025 strategy and is part of our commitment to create ‘Chemistry that Matter’, is a major reason we rank as a global leader in the chemical industry,” commented Yousef Al-Benyan, SABIC vice chairman and CEO.
In 2016, Al-Benyan was recognized as a “Pearl Initiative Governance and Sustainability Champion” for his “pioneering leadership and the outstanding contribution of SABIC to governance and sustainable growth in the Gulf region.” Pearl Initiative is a leading independent, non-profit organization working to improve corporate accountability and transparency in the Gulf region.
Last month, SABIC was ranked among the top corporate governance companies in Saudi Arabia by the King Faisal University. It also ranked fourth in disclosure of anti-corruption programs and eighth in organizational transparency in the Transparency International 2014 Report, making it the only Arab company to be listed among the world's leading companies in this regard.
SABIC helped establish the GCC Board Directors Institute, which is the first Gulf institute specialized in raising the level of board effectiveness. It continues to contribute towards developing good corporate governance practices and increasing knowledge in this area.