May.09, 2021

Al Fozan is Awarded: Best Holdings Governance Company in GCC

Al Fozan Holding CFI Award

Al Fozan Holding Company announced that it won the ‘Best Diversified Holdings Governance Award GCC, for the year 2020/2021. This is a global award presented by the renowned British magazine Capital Finance International (CFI), which is concerned in studies and researches that aims to motivate the performance of distinguished companies around the world and provide inspiring experiences that benefit the target parties and contribute to strengthening the economic convergence.

The Award coincides with the private sector’s participation in celebrating the five-year anniversary of the launch of Saudi Vision 2030, which laid down a roadmap for the Kingdom’s bright future in all sectors and fields. It also comes considering the great efforts made by the Saudi government to establish a strong governance system that enhances the Kingdom's value as a country that applies the best international practices and is keen to develop policies and strategies that improve the work system and contribute to the development of national competencies.

Al Fozan Holding’s selection was well-deserved due to its distinguished approach to implementing corporate governance and the mechanism it follows to manage companies, investments, employee rights, performance management, and adherence to the family constitution. In regard to social responsibility governance, Al Fozan Holding was keen on sustaining social contributions and investments by developing a special governance system for managing non-profit institutions and social initiatives, and this system includes policies and procedures related to impact and performance management, joint endowments, unified will and other practices that qualified it to win this global award.

Mr. Abdullatif Ali Al Fozan, Chief Operating Officer Al Fozan Holding, expressed his happiness with the Award that the company received in light of a leap made by the Kingdom in this regard by establishing a clear and transparent governance system within the center of the State that is in line with the goals of Saudi Vision 2030 and meets the leadership's aspirations to achieve opportunities and invest in the Kingdom’s human, natural and economic resources.

He added that at a time when the private sector works in great harmony with the goals of Saudi Vision 2030 to establish an effective governance system for national companies that helps gain opportunities and open new economic horizons, we, at Al Fozan Holding have been keen to follow -for 60 years- an elaborate and effective governance system that guides the group's operations and is based on basic pillars: transparency, fairness, accountability, social responsibility and achieving sustainability.

Al Fozan revealed that the company follows a disciplined and transparent institutional system inspired by the family constitution that governs intergenerational transmission, distribution of shares and family business participation, and is committed to applying benchmarks based on leading practices in this field. This confirms our belief in the importance of corporate governance as a means for the development of the company's business and its investments in the long term. He also stated the benefits of the awards and certificates of appreciation in supporting the strategic direction towards applying the best governance standards in a manner that preserve the rights and ensures the funding sustainability for social and charitable actions and the transfer of endowments to future generations, which increases the positive impact on Saudi society and contributes to achieving quality of life.

 

Source: https://www.alyaum.com/articles/

CFI Announcement: https://cfi.co/awards/middle-east/2021/al-fozan-holding-best-diversified-holdings-governance-gcc-2021/

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