Business & Money | Wednesday 10 May, 2017 6:30 am |

With changing political and economic environments affecting both the performance and growth expectations of companies in the Middle East, it’s no surprise to learn that it’s the high-performing boards that focus on good governance.

The companies that excel in the Middle East ensure good corporate governance spreads throughout their organisations via strong policies and procedures.

Ethical Boardroom Magazine, the leading journal for global governance issues, has recognised these Middle East leaders in corporate governance in its 2017 Awards that reward outstanding companies who have exhibited exceptional leadership in the area of governance to ensure protection and long-term value for all their stakeholders.

Bahrain-based international aluminium smelter Aluminium Bahrain (Alba) and Lebanon’s largest bank Bank Audi S.A.L are among a handpicked selection of companies recognised in the Ethical Boardroom Corporate Governance Awards 2017 for their outstanding corporate governance.

All finalists are publicly listed companies that have undergone a thorough analysis of governance factors and extensive scrutiny on governance attributes, such as Board Composition, Board Committees, Shareholder Rights and Transparency.

Ethical Boardroom Executive Editor Miles Hamilton-Scott said: “High-performing boards will ensure that individuals are developed and that effective succession plans are in place, maintaining a governance framework that adds value to the business while safeguarding and enhancing the company’s values and reputation.”

“Family owned and managed companies constitute a major part of the economies of the Middle East and, as discussed in the latest issue of Ethical Boardroom, effective family governance is about putting in place frameworks to allow for business continuity to the next generation while protecting the legacy of the founders. Successful family businesses will also view succession as a long-term process that is personal and addresses family issues.