• Company acknowledged for its anti-corruption programs and regulatory transparency
Kuwait - Zain Group, the pioneer in telecommunications in eight markets across the Middle East and Africa, announces that it has topped the list of the country's most transparent companies in a study recently published by the Kuwait Transparency Society.
A number of Kuwait's largest companies, including another telecom operator, were included in the study carried out by the Kuwait Transparency Society (the national chapter of Transparency International), utilizing the methodology of a report called Transparency in Corporate Reporting: Assessing the World's Largest Companies published by the Transparency International Secretariat in July 2012.
Following this study, it was concluded that Zain Group was rated number one for transparency and anti-corruption by obtaining a weighted index score of 9.5 points on a scale benchmarking transparency. Notably Zain received 100% on organizational transparency, reflecting its transparent full disclosure of accounting of income, investments, income tax and charitable contributions in all countries.
The Kuwait Transparency Society's weighted index is the average result of the various types of reporting, comprising anti-corruption program (AC), organizational transparency (OT), and country-by-country reporting (CBC). Zain scored full marks in both the anti-corruption program as well as the organizational transparency section, with the company's positive scores on transparency and anti-corruption coming in on par with major, leading international organizations.
The Society commissioned a study on the four largest companies in Kuwait, according to their importance to the national economy and for being in the top four sectors. The study pointed out that Zain was the only company that welcomed the scrutiny of the study, and perceived it as a chance to improve its reporting measures. Actually Zain went on to implement most of the requirements and published some of its policies during the time of the study and thus managed to raise its score even further.
Responding to the findings of the Kuwait Transparency Society's study, Zain Group Chairman, Asa'ad Al Banwan commented, "Zain has always been keen to adopt a code of best practice for the application of transparency and good will. We have a responsibility to all our stakeholders to act in a responsible and ethical manner, and we are thrilled that our efforts in this respect have been recognized by the Kuwait Transparency Society."
Zain believes that transparency and accountability are the cornerstones of the fight against corruption and the company is a firm believer that honest, transparent business practices are ultimately to the benefit of all stakeholders.
Scott Gegenheimer, Zain Group CEO said, "Our Group companies are committed to embracing professional corporate governance and transparency standards, and we feel most strongly about these areas." He continued, "Zain Group believes that good governance and transparency by companies will lead to improved performance to the benefit of all key stakeholders in the long run. As a company listed on the Kuwait Stock Exchange, it is important that we achieve our strategic objectives in our operations, and at the same time continue to operate according to the highest standards of international professionalism in all aspect of our business."
One of the key recommendations at the end of the Kuwait Transparency Society's report was that all companies are encouraged to systematically analyze the risks of corruption that they may face in their operations and take adequate measures to minimize them. It does not mean that all companies, regardless of the size and industry, need to have a well-developed and detailed internal policy. However, the company's employees and business partners should be well aware of the company's attitude on corruption.
Transparency International (TI) is a global network of non-profit organizations for combating corruption with its headquarters in Berlin. In its work, TI strives for openness and integrity. Since its foundation in 1993, TI has succeeded in its goal to put corruption on the international agenda and has become an international authority on areas related to corruption.
Kuwait Transparency Society (KTS) is an independent non-governmental organization (NGO), and it is a national chapter of Transparency International. KTS conducts extensive awareness-raising and advocacy activities to disseminate knowledge of the damaging effects of corruption and works to increase transparency both in the public and private sectors.
The Kuwait Transparency Society study can be downloaded in English and Arabic from the Zain Group website www.zain.com
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About Zain
Zain is a leading telecommunications operator across the Middle East and Africa providing mobile voice and data services to over 46.2 million active customers as of 31 March, 2014. With a commercial presence in 8 countries, Zain operates in: Kuwait, Bahrain, Iraq, Jordan, Saudi Arabia, Sudan and South Sudan. In Lebanon, the Group manages 'touch' on behalf of the government. In Morocco, Zain has a 15.5% stake in 'INWI', through a joint venture. Zain is listed on the Kuwait Stock Exchange (stock ticker: ZAIN).
For more, please email info@zain.com or visit: www.zain.com; www.facebook.com/zain; www.twitter.com/zain; www.youtube.com/zain; www.instagram.com/zaingroup; www.linkedin.com/company/zain
© Press Release 2014
