Set Frameworks for Corporate Governance And Responsibility

First by the Jordanian Private Sector for the MENA Region

Amman, Jordan -14 March 2007:  The first annual Corporate Governance and Responsibility Forum targeting the MENA Region was launched today at the Dead Sea, Jordan.  The forum is held by Schema and will take place over a three-day period and will conclude on March 15, 2007.  More than 300 prominent business leaders from Jordan, Qatar, Bahrain, United Arab Emirates, Saudi Arabia, Oman, Kuwait, Egypt and Lebanon are participating in the event. 

The Forum is intended to bring together business leaders from across the MENA region to provide a practical action plan for developing corporate governance and responsibility that is relevant to the region's business environment.

The Forum marks the launch of Schema, the first privately held Corporate Governance and Responsibility Advisory practice in the region.  Schema intends to leverage the Forum as a regional platform for regional business leaders representing various industries to share their expertise and knowledge. 

The participants will discuss the global principles of corporate governance and responsibility and its obstacles in the MENA business environment.  Following the discussions, the participants aim to reach practical solutions that are relevant to the MENA region to drive sustainable business growth for themselves and their community.

Majied Qasem, Chairman of Schema stated at the opening, "The interest in corporate governance is due to globalization, as investors are now reaching out to foreign countries to establish businesses.  Foreign investors are depending on corporate governance because it is building legal protocol that is ensuring businesses to be accountable.  Furthermore, businesses are becoming aware of the benefits corporate governance and responsibility provides their company and their nation.  For example, the regions' demographic demonstrates that 50% of the Arab population is between the age of 15-20, making them the future labor force.  By creating effective corporate governance and responsibility in the region, businesses are ensuring the future generation with jobs as well as protecting their economies.  All these are reasons why corporations believe in taking this international concept and localizing it to their business culture."

Supporting Mr. Qasem's comment on foreign investment and corporate governance, Graham Minter, co-chair of the Steering Group of the MENA-OECD Investment Programme stressed that practicing corporate governance and responsibility attracts foreign investors to the local market, allowing corporate governance and responsibility to "enhance the investment climate of nations in the region."

Keynote speaker at the Forum, Mickael Ghossein, CEO of Jordan Telecom Group stated, "Jordan Telecom Group has contributed heavily in enhancing Internet and computer usage culture in the community via the technology which the group has adopted. On the other hand and building on its social responsibility the Group has supported talents, encouraged entrepreneurs, and backed up social institutions with required capabilities in order to transform these institutions from support receivers into contributors in community development."

The Forum will have private sessions discussing key topics regarding corporate governance and responsibility. Participants will conclude the interactive sessions by forming objectives and action plans to develop the foundation of corporate governance and responsibility in the region along with key performance indicators.  The solutions will be adopted, implemented and then reflected in the business environment of various sectors. The sessions hope to unify the region's perspective and deepen their understanding of corporate governance and responsibility.

The first day of the Forum will discuss various topics regarding corporate governance from various angles, including its various models.  The participants will discuss the role of the board of directors as a strategic tool for sustainable business development to overcome obstacles in the MENA region along with corporations' responsibilities and issues related to sustainable development.  Other topics discussed on the first day include: Should corporate governance be a private or public initiative? And, should the members of board of directors be registered or certified?

On the following day, the participants will discuss the tools of synergizing corporate governance and responsibility in corporate strategies, the importance of reporting, as well as working towards NGO sustainability.  Participants will also have a panel discussing how multinationals play a role in sharing corporate governance and responsibility in the MENA region. The discussions will continue to set region's primary foundations for the principles of corporate governance and responsibility so it may benefit the development of the local and regional market.

The final day will hold workshops specialized in training managers on the issues of corporate responsibility and internally managing corporate governance procedures and developing an action plan with aims and objectives that are achievable and measurable.

Maali Qasem, Head of Schema commented, "The establishment of Schema is a result of the growing demand of private companies seeking expert consulting and advising for corporate governance and responsibility. The new division aims to enhance the role of various sectors by advising on the implementation of corporate governance and responsibility that will be reflected in the Arab economy."  She further announced that Schema has already executed strategic long-term partnerships with several international organizations, such as CSE, Sd3, IAAG and discussing partnerships with GRI.

Ms. Qasem further commented regarding the Forum, "We hope to provide corporations in the region a deeper understanding of corporate governance and responsibility, emphasizing specifically that this concept is relevant to various industries in both the private and public sector.  By implementing corporate governance and responsibility we will be creating a healthy business environment for business development and sustainability.  By raising awareness on corporate governance and responsibility, we can practice these principles effectively whilst working within the parameters of our region's business requirements."

-Ends-

About RAZORView Advisors
RAZORView Advisors is a strategic advisory firm supporting regional decision makers in successful management of strategic initiatives in the fields of new ventures, mature business enhancements and sector development work.  RAZORView Advisors focuses on addressing the emerging needs of the MENA region for reform, development, and growth.

About Schema
Schema, a division of RAZORView, is an advisory firm that provides services in corporate governance and responsibility practices and principles.  Schema is committed to promoting value by interactively providing innovative advice on corporate governance and responsibility frameworks and infrastructures tailored for each client and their regional environment. 

About Corporate Governance and Responsibility Forum 2007
The Corporate Governance and Responsibility Forum 2007 is a regional forum, gathering the leading business community of the MENA and GCC region to create a framework for corporate governance and responsibility by discussing the concept, defining the role and developing effective frameworks, models and best practice for corporate governance and corporate responsibility. The Forum is the first in a series, held at the Movenpick Dead Sea on March 13-15 2007 in the Kingdom of Jordan. 

© Press Release 2007