GCC Region Keen to Benefit from Best Organizational Practices for Board Directors on Par with Leading Global Counterparts
Riyadh-Saudi Arabia: The GCC Board Directors Institute (GCC BDI) is continuing to witness a sharp increase in demand for its corporate governance best practices and networking support for board directors, as the world swings into post COVID-19 recovery. The Institute, in collaboration with the Financial Academy, has lately welcomed the 50th Certified Board Director from the region into its fold, after announcing a growth in membership to 2,000 in February 2021.
GCC BDI offers The World of Directorship - a Certificate in Board Directorship that is fast gaining traction among the region’s board directors and corporates. Launched in 2019, the programme provides participants with the full knowledge and understanding to fulfil their roles as board directors.
Incorporating four modules - Corporate Governance Essentials, The Effective Director, The Effective Board, and Board Finance, Accounting, and Corporate Reporting - participants can choose to attend any individual module or complete all four. However, in order to receive the certification, they are required to attend all four modules and pass the final multiple-choice assessment.
The surge in numbers reflects the growing trend across the region of companies prioritising best practices among their Boards of Directors, to optimise efficiencies and institutionalise an organisation-wide culture of corporate governance.
GCC BDI members benefit from study trips, access to a listing on the GCC BDI Directors Register, networking opportunities across a pool of independent directors and senior executives from a cross-section of industries and professions, and the Board Opportunities service, which enables companies to recruit suitable independent directors to their own boards. A new GCC BDI Mentorship Programme is also playing a key role in shaping leadership and development skills.
Jane Valls, Executive Director, GCC BDI, said: “Board directors in every organisation are finding themselves in the spotlight as they set the strategic direction for post-pandemic recovery and collaborate with senior management to launch a roadmap for organisational resilience in our new normal. Our members continue to draw upon the support and wisdom of their peers in leveraging the benefits of effective corporate governance to make sure they chart the best possible path for their organisations. We are pleased to note that board effectiveness and board leadership are no longer taken for granted in the region in ensuring long-term profitability and growth.”
Mana Alkhasam, Director General of The Financial Academy, said: "Certifying more than 50 directors is a major milestone and as the programme’s awarding body, we are proud to partner with GCC BDI on this initiative. The certification programme is an invaluable tool for directors and organisations to facilitate the enhancement of directorial skills and overall board effectiveness.”
Osama Jamjoom, Chief Executive Officer, Project Management and Development House (PMD House), said: “The world as we know it has shifted – and board directors now need to be game changers if they are to make a difference. Holding a board position is no longer a ceremonial role. Despite my involvement in several boards for many years, earning GCC BDI’s directorship certification made me understand the multiple issues that boards have to deal with today, not just to meet regulatory requirements but to be a more effective director.”
Majid Al Fayyadh, Chief Executive Officer, King Faisal Specialist Hospital and Research Centre, said: “Collaborating with industry peers and sharing case studies and best practices posed a revelation. As they say, a problem shared is a problem halved. We have all been undergoing challenges and needed to pivot quickly this last year to ensure business as usual – or as close to usual. To learn what has worked for each of us and to understand the stumbling blocks in implementing a standard risk management practice are very useful in strategizing for unforeseen crises-scenarios. GCC BDI has been an enabler and I commend their efforts in planning these comprehensive corporate governance programmes.”
© Press Release 2021
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