New enterprise will connect several stakeholders for unprecedented knowledge-base in sustainability, transparency and social responsibility

Sharjah - 4 April 2011 - The Pearl Initiative - the leading private-sector initiative in the Arabian Gulf focusing on promoting accountability, sustainability and a culture of corporate social responsibility - is beginning a unique cooperation with The Prince's Accounting for Sustainability Project ("A4S"), an initiative of His Royal Highness The Prince of Wales established in 2004 to help ensure that 21st century challenges are met with contemporary decision making and reporting systems. The parties will establish a representation of Accounting for Sustainability in the Middle East region ("A4S ME") under the Pearl Initiative umbrella.

The project is being rolled out in partnership with the ICAEW, the Institute for Chartered Accountants in England and Wales, a highly reputable professional membership organisation that provides insight and leadership to the global accountancy and finance profession. The Global Head of Sustainability of ICAEW, Dr Richard Spencer, will be providing senior supervision to the project.

The Pearl Initiative will also be hosting a team of MBA students from the Judge Business School of Cambridge University to the United Arab Emirates to develop a business plan for setting up A4S ME, working closely with Faculty from the American University of Sharjah School of Business and Management.

The students will be undertaking several tasks, including setting the baseline goals and vision of A4S ME; ensuring that A4S ME is structured to meet the needs the Middle East region; and developing a governance and organisational structure for the initiative.

Badr Jafar, co-Initiator of the Pearl Initiative commented: "This cooperation between different global institutions and centres of excellence is in harmony with and key to the success of the Pearl Initiative's vision". Jafar added, "The Pearl Initiative has at its core the promotion of best practices of corporate governance and social responsibility among companies within the Gulf region of the Middle East. By launching this project in cooperation with The Prince's Accounting for Sustainability Project, and developed by students from both Cambridge University and the American University of Sharjah, we are ensuring the implementation plan will be of the highest international standard".

Says Jessica Fries, Director of The Prince's Accounting for Sustainability Project: "Sustainability is not a nice to have - it is the smart way to do business. We will only be able to achieve a sustainable future if all organizations, and all individuals within those organizations, embed sustainability into day-to-day decision-making and transparent business reporting. Establishing A4S ME through this exciting collaboration between The Pearl Initiative, A4S, Cambridge Judge Business School and the American University of Sharjah will help make sustainable business a reality in the Middle East."

-Ends-

About Pearl Initiative:
The Pearl Initiative, established under the Patronage of His Highness Dr Sheikh Sultan bin Mohammad Al Qasimi, is a private-sector lead initiative, developed in cooperation with the United Nations Office for Partnerships, that is creating a regional network of business leaders and policy makers within the Gulf Cooperation Council[1] countries in order to improve corporate governance and achieve better public reporting and accounting of their activities, leading to a more open and transparent business environment.

See: www.pearlinitiative.org

About The Prince's Accounting for Sustainability Project (A4S):
A4S is a non-profit entity established in 2004 by HRH the Prince of Wales, which works internationally to increase understanding within financial and accounting communities of the central importance of environmental, governance, and social matters in economic success and prospect, and to develop practical approaches to ensure these considerations are embedded in decision-making and corporate reporting.

"A4S ME" will be the newest member of the A4S global forum, the members of which have committed to common core principles of influence and inform, introducing "integrated reporting" which closely integrates social/sustainability impacts into financial performance, leading by example, conducting research to advance better accounting for sustainability, sharing insights with other members of the forum, and incorporating accounting for sustainability into training and professional education.

See: www.accountingforsustainability.org 

For further information, please contact:
Maryam Keblawi
SAHARA Communications
Tel: +971 4 329 8996 
Fax: +971 4 329 8995
Cell: +971 50 477 9923
E-mail: maryam@saharagcc.com
www.saharagcc.com

© Press Release 2011