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New partnership falls in-line with the Pearl Initiative’s mission and vision to influence regional businesses towards higher standards in corporate governance within the Gulf Region
Sharjah - The Pearl Initiative, an independent non-profit corporate governance initiative, which encourages Gulf businesses to foster a corporate culture of accountability and transparency, signed a Memorandum of Engagement (MoE) with Shell EP International Ltd, the global group of energy and petrochemicals companies, for Shell to join the growing network of Pearl Initiative partner companies, which champion the Pearl Initiative’s goals of engagement, education and ethical business practices.
This collaboration is significant given Shell’s track record and expertise in applying sustainability practices to meet the world’s growing need for cleaner energy solutions in ways that are economically, environmentally and socially responsible. Shell has championed corporate governance and transparency in the energy and petrochemical sectors in the region and globally by voluntarily reporting their environmental and social performance in 21 sustainability reports since 1997.
According to a recent World Economic Forum article, despite an increase in renewable energy, oil and natural gas will still account for 77 percent of our energy in 2040. As a region, the Gulf accounts for the largest share of oil reserves and energy production in the world. The collaboration between Shell and the Pearl Initiative highlights the impact of energy companies in the region committing to corporate governance practices in the long term, and in turn, their contribution to more effectively and sustainably meeting this growing energy demand.
The agreement, signed by Carla Koffel, Executive Director of the Pearl Initiative and Mounir Bouaziz, Shell Country Chairman for Dubai & the Northern, recognises Shell’s importance as a private sector partner and its leadership in instilling core values of ethics, transparency, initiative and quality as a mainstay of its business conduct and their contributions to society and the environment.
Carla Koffel, Executive Director of the Pearl Initiative said: “We are delighted to welcome Shell, into our growing network of partner companies and are pleased with their willingness to share their experience in building strong corporate practices and be involved in discussions with others who are like-minded in setting the regional and international standard for corporate governance. Their support will continue to broaden our reach and highlight the significance of a corporate culture of accountability and transparency as a key driver of competitiveness.”
Mounir Bouaziz, Shell Country Chairman for Dubai & the Northern Emirates, said: “Shell has always endorsed and promoted the values of good corporate governance and in collaboration with the Pearl Initiative, we hope to contribute in a practical capacity as one of the leading practitioners of responsible and ethical business practices.”
Founded in 2010, Pearl Initiative is a Gulf business–led organisation promoting a corporate culture of accountability and transparency as a driver of competitiveness and sustainable economic growth across the Gulf region of the Middle East. The organisation develops programmes and publishes regional research reports and case studies, with aims to influence the regional business and student community towards implementing higher standards of corporate governance within the Gulf Region.
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About the Pearl Initiative
Prominent business leaders from across the Gulf Region formed the Pearl Initiative in 2010 to create a non-profit vehicle for the Private Sector to collectively take the lead in adopting higher standards in corporate governance, accountability and transparency to enhance business innovation, opportunity and value creation.
With over 40 regional and international partners, the Pearl Initiative brings together business, government and civil society decision-makers to share best business practices and to help maximise the economic opportunities available to companies within the region. The Pearl Initiative also supports Gulf-based university students to identify and embrace strong ethics as they embark on their future careers.
The Pearl Initiative seeks joint collaborative action between regional and global business leaders, international institutions, government bodies and wider initiatives within the Gulf Region, exhibiting positive leadership and sharing knowledge and experience in order to influence the entire regional business and student community.
For more information, please visit www.pearlinitiative.org or contact us on +971 6 515 4605 or via email at enquiries@pearlinitiative.org. Follow us also on @PearlInitiative on Facebook, YouTube and Twitter and @ThePearlInitiative on LinkedIn.
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Dima Alastal
National Network Communications (NNC)
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