Bader Al-Kharafi: We are committed to achieving the basic elements of good governance, quality and efficiency in our business
We are keen to raise awareness of governance issues and social and environmental practices
We proactively seek to exceed the minimum disclosure requirements in order to enhance the confidence of our shareholders
Zain Telecom Group won the “Best Corporate Governance” award for 2022 in Kuwait, for the second year in a row, as part of the annual awards of “World Finance” magazine.
Zain revealed in a statement that the award highlights its commitment to achieving a comprehensive governance environment within its operations, and implementing a sound corporate governance framework, in line with applicable laws, regulations and practices, and in line with corporate governance regulations.
The group explained that the jury awarded it the award for the second year in a row, in recognition of its commitment to achieving transparency and integrity in governance practices, and its preparation of reports in the areas of investor relations, sustainability reports and thought leadership, stressing that it seeks to achieve long-term goals in its operations practices while ensuring accountability. .
Zain stated that, as a leading listed institution in the first market, it is committed to implementing the regulations issued by all financial regulatory authorities in Kuwait, including the Ministry of Commerce and Industry, the Capital Markets Authority, and the Kuwait Stock Exchange, indicating that it seeks to implement the highest standards of global governance.
Vice Chairman and CEO of the Group, Bader Al-Kharafi, said that being crowned “Zain” for the second year in a row as the best company in corporate governance in Kuwait, confirms its commitment to providing all stakeholders with tools to access all data with the maximum transparency possible.
He added, “This award highlights the sound governance system pursued by the group’s operations, which is consistent with its commitment to achieving the elements of quality and efficiency in all of its operations in its markets in the Middle East.”
Al-Kharafi affirmed that Zain proactively seeks to exceed the minimum disclosure requirements, which enhances the level of confidence of its shareholders, pointing out that its continuous efforts to commit to achieving the basic elements of good governance such as transparency, participation and accountability, is an indication of the knowledge of the board of directors and the executive management of the nature Operational and regulatory challenges and risks surrounding them, and strengthening the Group’s capabilities in managing these risks.
Zain is one of the leading institutions in the region’s markets that adopt sound governance practices, which help it reduce risks, and facilitate effective board oversight over executive management through monitoring the implementation of policies, accountability, and response.
World Finance is one of the international institutions that spreads in a large number of global markets, as its business network is concerned with covering the financial and business industry. Strong internal controls to improve the integrity of financial statements and establish a culture of compliance, while sound governance frameworks help gain market confidence and attract global investors.
The Capital Markets Authority had issued the governance rules for companies subject to its control in 11 rules, which contained a set of principles, including building a balanced structure for the board of directors to ensure its independence, proper identification of tasks and responsibilities, and creating value through the selection of qualified persons for membership in the board of directors and executive management, Monitoring and evaluating performance on an ongoing basis, ensuring the integrity of financial statements, establishing sound systems for risk management and internal control, promoting professional conduct and ethical values, accurate and timely disclosure and transparency, realizing the role of stakeholders, and the importance of social responsibility.
Zain is committed to the highest standards of governance, at a time when the Group’s Board of Directors and executive management are working to ensure that the culture of compliance with laws and regulations, and best practices in relation to governance, is rooted in all its activities, operations, contracts and various aspects of its business.
Zain places compliance at the top of its priorities, and strengthening and improving governance is seen as an ongoing priority for the Board of Directors and Executive Management, with the aim of maintaining sustainable growth in accordance with the Group’s values to meet the expectations of all stakeholders.
Zain has always maintained that it is compatible with the standards and regulations set by the Ministry of Commerce and Industry, the Kuwait Stock Exchange, the Capital Markets Authority, the Communications and Information Technology Regulatory Authority, the Ministry of Finance, the Anti-Corruption Authority, the Competition Protection Agency and other regulatory entities. The recent classification of the Kuwait market as an emerging market by all of the “FTSE”, “Standard & Poor’s” and “MSCI” indexes to improve its business operations to comply with international best practices and standards.
Shareholder rights are the cornerstone of the corporate governance model, and Zain’s Investor Relations and Corporate Governance departments are working to raise awareness of issues related to governance and social and environmental (ESG) practices, in response to global trends and best practices. new policies
Zain has developed new policies that increase transparency and focus on social responsibility and sustainability. These policies and procedures take into account the challenges and risks in the short and long term.
Zain’s main strategic work priorities are to maximize the rights of stakeholders by creating businesses that keep pace with developments in the digital lifestyle. It is also looking to achieve operational efficiency and diversification in its business to increase cash flow streams, and thus enhance shareholders’ equity.