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Dubai, UAE: HE Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA), has inaugurated DEWA’s Subsidiary Governance Framework. This is part of DEWA’s efforts to implement the highest standards of corporate governance. Al Tayer inaugurated the framework at a virtual event attended by CEOs of DEWA’s subsidiaries and DEWA staff. DEWA is one of the first organisations in the UAE to inaugurate this framework, which aligns all the activities, operations, and practices of its subsidiaries to the highest standards of effective governance. It also aligns with DEWA’s governance framework, which is certified by BSI 13500 Management of Governance. DEWA received this certification after a thorough auditing by the British Standards Institute (BSI).
“We work in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who has directed the implementation of the highest standards of good governance in government work. DEWA implements best governance practices within a comprehensive system of integrated corporate work that covers all activities and operations. This increases efficiency and productivity and encourages creativity and innovation. Implementing effective governance practices has contributed to DEWA achieving globally competitive results. Its practices have become a benchmark for numerous organisations around the world,” said Al Tayer.
Al Tayer said that DEWA’s governance model is based on the four pillars of Trust, Accountability, Transparency, and Fair Practices. He noted that approving DEWA Subsidiary Governance Framework will enhance decision making, and identify the responsibilities of its subsidiaries in their respective operations. This will provide new jobs for Emiratis, supports the business sector, enhance strategic public-private partnerships, and encourage creativity and innovation. It also supports Dubai’s position as a global leading hub for foreign investments, and a popular tourist destination, achieving the Dubai 2040 Urban Master Plan to make Dubai the best city to live in.
Waleed Salman, Executive Vice President of Business Development and Excellence at DEWA, said that DEWA is committed to implementing the best governance practices based on an integrated framework for all activities and operations. It follows the World Bank’s guidelines, the Organisation for Economic Co-operation and Development’s (OECD’s) guidelines on corporate governance for state owned enterprises, and the BSI standards.
During the event, Ali Almuwaijei, Vice President of Governance and Compliance at DEWA, gave a presentation on the DEWA Subsidiary Governance Framework, which outlines the scope of work for the Board of Directors, supports decision-making, and identifies responsibilities. It also includes a self-evaluation programme to measure governance maturity, in addition to appointing governance ambassadors at all DEWA subsidiaries to ensure their continuous progress.
As part of its strategy to become a fully agile utility and its vision to become a globally leading sustainable innovative corporation, DEWA has been a pioneer in developing several standards internationally in collaboration with the BSI. These include the PAS 60518 Enterprise Risk & Resilience Management standard, the first of its kind in the world to manage risk and resilience in utilities. Another is the PAS 1000:2019 Business Agility Concept and Framework: the first-of-its-kind global guide for business agility.
© Press Release 2021
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