Kuwait Telecommunications Company – stc, a world-class digital leader providing innovative services and platforms to customers, enabling the digital transformation in Kuwait, announced that it has won the ‘Corporate Governance and Stakeholder Kuwait – 2021’ magazine award from Capital Finance International (“CFI.co”) in recognition of the Company’s outstanding achievements.
stc received the award after completing a profound and comprehensive exercise aimed at strengthening and enhancing its corporate governance and stakeholder protection policies and procedures under the guidance of its advisor, PwC Middle East. The advisor was diligent in providing all the necessary support to ensure that the governance framework is in line with the laws, regulations, and leading industry practices. stc considers its compliance to the corporate governance requirements issued by the Capital Markets Authority in Kuwait, and other regulating bodies, to be an essential component in operating its business.
The CFI.co judging panel considered stc’s board composition and member responsibilities, compliance policy, transparency, regulatory reporting requirements, risk management, internal and external controls including audit, code of conduct, and the regulations to address conflicts of interest and other potential problems. After completing the certification process, stc was commended for its exemplary framework that aims to ensure strategic guidance for the Company’s rules and procedures, while protecting the interests of all stakeholders.
In a statement, stc highlighted that the award, which will be announced in the Summer 2021 CFI.co magazine issue, reflects the standards and commitment that stc continuously builds on, providing stakeholders with the highest degrees of transparency, accountability, and competence. Through an established mechanism of procedures and policies, stc has shaped its culture to promote integrity and a robust framework applicable across all levels, reinforcing its foundation for sustainable success. This in return has aided the Company in fostering a wholly supportive corporate culture that addresses the needs, aspirations, and hopes of stakeholders as expressed in stc’s various policy statements, while exceeding the requirements set by regulators.
In the same context, stc indicated that the Compliance and Corporate Governance Department, effectively implemented and introduced various initiatives that played a major role in formulating the Company’s governance framework. The enhanced compliance process executed by the team led to zero financial fines, maintaining the Company’s integrity and reputation. The team also focused on maintaining a response time frame shorter than the required SLA on queries submitted officially and non-officially by regulators.
Commenting on the award, stc CEO, engineer Maziad Alharbi said, “With the guidance of our Board of Directors, strong leadership of our management team, and dedication of our employees, we are committed to providing our stakeholders with the very best, whether it is our employees, customers, investors, partners or our community. Our corporate governance framework enables stc to demonstrate its level of innovation, efficiency, and ability to adopt best practices while protecting the interests of all stakeholders. Moving forward, we will continue to deliver our wide range on innovative services and platforms in line with the highest ethical and governance standards to maintain the level of trust and confidence we have developed over the years with our loyal customers and partners.”
Alharbi added, “This award is a testament to the team’s hard work and dedication in structuring and formulizing a solid sustainable framework in cooperation with our trusted advisors. As a leading telecom and pioneer in digital transformation in Kuwait and the region, we are proud to set a standard in our industry built on a long-standing credible governance system.
In appreciation of the award, Alharbi thanked the organizers for recognizing the hard work and effort stc placed into formulizing and enhancing its corporate governance and Environmental, Social, and Governance (ESG) framework over the years. He also extended his appreciation to the stc team for their individual and collective roles that led to the favorable outcome in collaboration with PwC Middle East. In his final words, Alharbi stated that stc will continue to introduce new-to-market digital solutions, enhance its business model, and adapt to current market conditions to achieve its vision and enable digital transformation in Kuwait.
It is worth mentioning that CFI.co is a renowned organization that publishes a print journal and online resource reporting distributed to over 162,000 readers on business, economics, and finance. The journal recognizes that the traditional distinction between emerging and developed markets is now far less meaningful as world economies converge. Headquartered in London, the world’s most multicultural city, CFI.co covers and analyzes the drivers behind that change. Combining the views of leading multilateral and national organizations with thought leadership from some of the world’s top minds – CFI.co’s dedicated editorial team ensures that readers better understand the forces influencing and reshaping the global economy.
Source: stc Press Release