Corporate governance in the GCC is a benchmark for global markets and the region cannot be clubbed with other emerging economies, which are still lagging behind international best practices in this regard, said the head of one of the region's top business houses.
Dr Ahmad Khayyat, CEO of Emaar Industries & Investments (EII), was commenting on a research study conducted by a leading global asset manager, which was published last week. The study concluded that "emerging markets are still lagging behind practices" in more developed economies.
However, Dr Khayyat said the region is on course to raise the standard of corporate governance in emerging markets and has the potential to act as a global benchmark. "Despite the concerns regarding corporate governance in emerging markets, this region is developing at a rapid rate on a number of levels.
"For example, EII has ensured not only within our organisation but throughout all our subsidiaries, there must be an elevated standard when it comes to transparency, accountability and business conduct," he said.
"To this end we have established a corporate governance manual, that has been ratified by all board members and subsidiaries and outlines the best practices appropriate for a growing global brand such as Emaar Industries & Investments," Dr Khayat added.
The newly established corporate governance handbook distributed within EII lays down a code of business conduct, which governs the company and its subsidiaries' commercial operations and the conduct of directors and employees.
Follow Emirates 24|7 on Google News.
