Kuwait:Al Tijaria Company (The Commercial Real Estate Co.) has been ranked number one for excellence in governance among 50 other companies.
The award was announced during the GCC Governance Conference that was held under the patronage of the Prime Minister Sheikh Jaber Al Mubarak Al Hamad Al Sabah.
“The Commercial Real Estate Company is considered the first company in the State of Kuwait to adopt the concept of corporate governance with a comprehensive and professional methodology through formulating and applying the corporate governance manual and polices in accordance with the best international standards and practices in this regard,” AbdulFatah Marafie Chairman of the company said.
“The award reflects the transparency, integrity, accountability and commitment which privilege the company, and consider as one of its main principles, in addition to the sufficiency and efficiency of control and organizational policies and procedures followed by the company, which determine and organize the roles, functions, commitments, responsibilities and authorities on different levels,” he added.
He added that the corporate governance was not only a regulatory framework of the management process, which is easy for everyone to prepare and adopt the formal and procedural aspect of it. But the implementation of governance depends on the essence of the process, which is mainly based on the commitment of business ethics, and professional conscience that guarantees adequacy and efficiency of the performance in all work domains and works on developing the responsibility, accountability and transparency spirit that is urged by our Islamic religion. Thus Governance is a culture and principles to be constantly developed and promoted which is what we believe in and adopt in Al Tijaria Company.”
AbdulFatah Marafie has complemented the role of the Governance Conference in GCC that was held under the patronage of his Highness the Prime Minister Sheikh Jaber Al Mubarak Al Hamad Al Sabah – may God save his soul, in a serious initiative to develop and increase the social and professional awareness in the importance of applying Corporate Governance.
He also complemented the organizing committee, chaired by Dr. Amani Bourisli and her leading role in this field and the transparency of the committee in disclosing the evaluation criteria of the companies applying for the Award of “Excellence in Governance.”
He also empathized on the importance of organizing these conferences regularly to increase the awareness of working companies in Kuwait and GCC markets of the importance to adopt the governance standards and its positive effects on the companies and the economy in general.