SABIC sponsors GCC Board Directors Institute workshop

BDI seeks to promote corporate governance

SAUDI ARABIA, Feb 27: The Saudi Basic Industries Corporation (SABIC) sponsored the GCC Board Directors Institute (BDI) workshop on Corporate Governance and Board Effectiveness Practices in Riyadh from Feb 25 to 27 in the strong belief that corporate boards can demonstrate effective and proactive leadership, particularly under today’s challenging economic conditions.

The overall goal of BDI is to support better corporate governance, primarily through building board member capabilities. SABIC is a founding corporate partner of the BDI.

Mutlaq Al-Morished, Executive VicePresident, SABIC Corporate Finance, who inaugurated the workshop, commented, “These workshops provide an excellent platform for a healthy dialogue on contemporary issues and challenges that boards in the GCC face. We gained much from each other’s knowledge and experience for bringing about possible improvements in corporate performance.”

This was the third workshop hosted by SABIC and the 14th of its kind since BDI’s inception in 2007. It brought together senior directors from leading corporate entities and institutions in the region to share knowledge, experiences and best corporate practices.

Large

The BDI is an initiative launched by a combination of large corporations and professional advisory firms. It counts over 350 members who are senior leaders and board members of flagship companies across the GCC.

SABIC has been constantly building and improving its corporate governance processes by building its capabilities and encouraging best practices throughout the company, and ensuring that world class controls and compliance processes are in place.

Saudi Basic Industries Corporation (SABIC) ranks among the world’s top petrochemical companies. The company is among the world’s market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.

SABIC recorded a net profit of SR 24.72 billion ($6.59 billion) in 2012. Sales revenues for 2012 totaled SR 189 billion ($50.40 billion). Total assets stood at SR 338 billion ($90.13 billion) at the end of 2012.

SABIC’s businesses are grouped into Chemicals, Polymers, Performance Chemicals, Fertilizers, Metals and Innovative Plastics. SABIC has significant research resources with 18 dedicated Technology & Innovation facilities in Saudi Arabia, the USA, the Netherlands, Spain, Japan, India, China and South Korea. The company operates in more than 40 countries across the world with around 40,000 employees worldwide.

SABIC manufactures on a global scale in Saudi Arabia, the Americas, Europe and Asia Pacific.

Headquartered in Riyadh, SABIC was founded in 1976 when the Saudi Arabian Government decided to use the hydrocarbon gases associated with its oil production as the principal feedstock for production of chemicals, polymers and fertilizers. The Saudi Arabian Government owns 70 percent of SABIC shares with the remaining 30 percent held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.