UAE Business: Global best practices key to corporate governance: study – Gulf Digital News

UAE Business: Global best practices key to corporate governance: study – Gulf Digital News

Corporate governance can be improved if boards align with global best practices and focus more on diversity, independence, strategy and risk management, as well as digital transformation, said the GCC BDI in a new report.



Corporate governance can be improved if boards align with global best practices and focus more on diversity, independence, strategy and risk management, as well as digital transformation, said not-for-profit organisation GCC Board Directors Institute (GCC BDI) in a new report.



The GCC BDI’s 7th Board Effectiveness Report produced this year in collaboration with Heidrick & Struggles, surveyed board directors and C suite executives on corporate governance trends with a focus on the Covid effect.



The survey polled 113 board members from Bahrain, Kuwait, Oman, Saudi Arabia and UAE to identify the latest trends in board effectiveness, any underlying gaps and recommendations to effectively address any shortcomings to make private and public sector companies more competitive.



The findings indicate that family-owned firms and listed company boards need fresh perspectives. They need to bring in highly skilled people in strategy, digital technology, risk management and sustainability. The report also highlights the need to develop effective strategy, with 18 percent of respondents