Abu Dhabi, 12 March 2017:  The Arab Regulators Conference took place this week (8-9 March) in Abu Dhabi. The conference was hosted by the Arab Monetary Fund in collaboration with the Union of Arab Securities Authorities, the OECD, the IFC and the GCC Board Directors Institute (GCC BDI). The two-day conference was an opportunity for regulators, bankers, and board directors to engage in an open dialogue on how to strengthen the development of corporate governance across the region. The conference was attended by over 160 delegates from 17 different countries from both the regulatory and the private sectors.

Opening the conference on day one, H.E Abdullatif Al Othman, Chairman of Saudi Arabian Industrial Investments Co (SAIIC) and the first chairman of GCC BDI, highlighted the importance of corporate governance in today’s economic and political climate.

During his keynote address, H.E Abdullatif Al Othman urged attendees to adopt the highest international standards of corporate governance, to help move the region from frontier markets to emerging markets to developed markets. This, he believes, is the key to economic growth. 

“Companies in this region lag behind when it comes to the adoption of corporate governance practices by comparison with global standards. We need regulation that meets international standards and we need consistent and systematic enforcement.” 

“We need organisations which understand the underlying principles and benefits of effective corporate governance. We need board directors who understand their roles and responsibilities, who promote leadership with strong ethical values, setting the right tone at the top. I am certain, once we achieve this, the region can finally realise its economic and social ambitions”, said H.E Abdullatif Al Othman. 

A wide-range of issues affecting organisations and boards of directors were discussed at this year’s conference including conduct risk, structural reform in the the banking sector and how to build bridges with Boards of Directors from the Directors view. This year, board diversity and women’s role on the board were also widely discussed as were governance trends and best practices. 

H.E Abdullatif Al Othman was the first chairman of GCC BDI when he was Senior Vice President of Finance for Saudi Aramco. GCC BDI was founded in 2007 as a not-for-profit company to promote professional directorship and raise the level of board effectiveness across the GCC. Today the organisation has trained over 700 senior board directors and continues to make a significant contribution to corporate governance across the region.