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Dubai - Pearl Initiative, the leading independent private sector-led, not-for-profit institution working across the region to influence and improve corporate accountability, transparency and governance, has released a report containing the top five case studies submitted for the 2014 UAE Pearl Initiative Student Case Study Competition. Thereport can be viewed and downloaded,in both English and Arabic, from www.pearlinitiative.org.
The newly-released report is the latest in the Pearl Initiative's series on GCC Corporate Good Practices in Accountability and Transparency, all of which have involved university students in the research and writing process. Case studies included in this report, as well as in those previously published, contain information that the business community can benefit from, with adoptable best practices that can be adapted to suit individual corporation's needs. Regional universities can also refer to the report as teaching material.
Each case study demonstrates a fully implemented integrity practice within a company operating in the UAE, in one of two areas: towards integrated reporting, and integrity-related policies.
Key findings revealed in the report cover recurring themes, such as:
•Engaging all stakeholdersin the process of defining and implementing good business practices will improve the effectiveness, acceptance and ease of their implementation.
•The introduction of good business practices is mostly driven by the top management and must be embedded in the company culture.
•For the successful implementation of good integrity practices, clarity of communication to employeesas well as the clarity of the policies themselves are key.
•Intensive training for all employees will encourage the acceptance of and compliance to such policies and promote long term success since better integrity practices will help retaining employees.
•Shaping the competitive environment - Through active participation in shaping industry governance bodies and policies companies can influence future industry guidelines and build a more transparent and mature environment. At the same time, this has a positive impact on the company's reputation and gives a company the advantage of improving internal governance ahead of other players and if well implemented could lead to a competitive advantage for the company.
The student-authored case studies were selected by an expert judging panel from more than 100 entries submitted by teams from 10 UAE universities and higher learning establishments. During the awards ceremony, Pearl Initiative's Honorary Chairman, His ExcellencySheikh Nahayan MabarakAl Nahayan, the UAE Minister of Youth, Culture and Community Development, delivered an opening speech and congratulated the winning teams. HE Sheikh Nahayan was a stalwart supporter of the initiative throughout its duration.
Tatyana Gibbs, Instructor of Finance at American University of Sharjah and supervisor of the winning team, said: "Raising awareness of the importance of good corporate governance and integrity practices amongst students is a key step in developing a more transparent, sustainable business environment. The Pearl Initiative's efforts to educate the next generation of business leaders, especially through the Student Case Study Competition, is a positive approach to achieve this."
Osama Al Rahma, General Manager, Al Fardan Exchange - whose corporate governance practices are covered in the winning case study, said: "It was our pleasure to support the team from American University of Sharjah in this project. Good governance isan increasingly significant aspect of businessand should be understood by all in order to build a more sustainable governance future. Pearl Initiative is doing good for the community by introducing this programme for the region's youth."
Imelda Dunlop, Executive Director, Pearl Initiative, said: "The success of the Pearl Initiative Student Case Study Competition, and the high standard of research and findings that has emerged as a result, is a compelling sign of the level of interest responsible business practices amongst the UAE's youth. There is a genuine desire for students to explore the components and implementation of good policies, which bodes well for the future of the UAE's business world as a whole. We are very proud to release this report with the case studies and their findings, and hope it will prove inspirational and informative to the both the UAE's student and business communities alike."
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About Pearl Initiative
The Pearl Initiative is the leading independent, not-for-profit, by-business for-business, institution working across the Gulf Region of the Middle East to influence and improve corporate accountability and transparency.
Pearl Initiative is a regionally-focused growing network of business leaders committed to driving joint action, exhibiting positive leadership and sharing knowledge and experience in order to positively influence the entire regional business and student community towards implementing higher standards in areas such as governance in family firms, diversity in leadership teams, anti-corruption, integrity in the supply chain, corporate reporting and responsible investment.
Originally developed in cooperation with the United Nations Office for Partnerships in 2010, the Pearl Initiative and the United Nations Global Compact drive joint programmes in 2013, as part of their Strategic Partnership, in order to advance the adoption of the "Ten Principles" by the private sector within the Gulf region.
For more information about Pearl Initiative
Claire Valdini
ASDA'A Burson-Marsteller
Tel: +971 (0) 4 4507 616
Email: claire.valdini@bm.com
© Press Release 2015
