Page 31 - SAMENA Trends - July-August 2022

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

Zain Awarded World Finance ‘Best Corporate Governance Award 2022’ in
Kuwait for 2nd Consecutive Year

Zain Group, a leading telecom innovator in seven markets across
the Middle East and Africa, listed on the Boursa Kuwait, announces
it has won the World Finance ‘Best Corporate Governance Award
2022’ for Kuwait for the second consecutive year. Zain’s Investor
Relations and Corporate Governance Framework continue to
attract high praise and gain market confidence as the functions
provide stakeholders including shareholders, industry analysts,
and regulatory authorities with accurate, timely, and actionable
information in a transparent and accountable manner. As a
leading entity listed on the Premier Market, Zain is in regular
communication with the country’s Capital Markets Authority
(CMA), as it fully abides by and seeks to exceed the regulations
issued by all financial regulatory bodies in Kuwait including the
Ministry of Commerce and Industry, the CMA and Boursa Kuwait.
Bader A-Kharafi, Zain Vice-Chairman and Group CEO said, “It is an
outstanding achievement to be recognized as possessing the ‘Best
Corporate Governance’ practice in Kuwait for two years in a row, and
this milestone justly rewards our Investor Relations and Corporate
Governance team’s high ethical standards, professionalism and
diligence.” Al Kharafi added, “As a publicly traded organization, it is
necessary for us to disclose certain information, though in Zain’s
case we proactively seek to go beyond this minimum disclosure
requirement. The publication of our annual and sustainability
reports, regulatory disclosures, Corporate Governance framework, integrated into business strategy. Zain's business environment
as well as our operational and financial results reporting, all point depends on better empowerment of decision makers through
to our goal to be as informative, transparent, and supportive as diversity and inclusion, working with integrity and honesty, and
possible to all stakeholders, that require company and financial adhering to the company's code of ethical conduct to achieve
information from us.” Zain’s Corporate Governance framework our targets. The ethical guidelines of Zain’s Code of Conduct are
helps the company to mitigate risks and facilitates an effective extensive and exist to guide and empower the Board of Directors
board oversight over the company’s executive management by and executive management to make the right choices, as individuals
monitoring the implementation of policies when running daily and as a company. Adhering to the Code of Conduct allows Zain to
operations. Corporate Governance promotes strong internal exercise a positive impact on the industry, communities in which
controls to improve integrity of financials and establishes a culture it operates, and beyond; and build a company all can be proud of,
of compliance. This governance structure has helped Zain to win where corporate responsibility is a key competitive advantage.
the confidence of the market and attract global investors. In Kuwait, Zain’s Investor Relations and Corporate Governance departments
there are 11 principles on which Corporate Governance laws are are also working to raise awareness on issues related to the
based. The principles include disclosure to achieve transparency, environment, social, and governance matters in response to global
composition and independence of the board of directors, value trends and best practices. Accordingly, Zain has developed new
creation through appointing qualified members of the board policies and is working to increase transparency in addition to
and qualifications and management, performance assessment focusing on social responsibility. Such policies and procedures are
of the board, promoting ethical standards and enforcing the flexible, and take into account both short- and long-term challenges
code of conduct, ensuring accounting integrity, applying sound and risks. Zain Group has placed sustainable growth at the forefront
systems for Internal Audit and Risk management, and focusing of its priorities, as the board and executive management believe
on corporate social responsibility. Zain’s board plays an important in building positive relationships between all stakeholders, by
role in ensuring that Zain conducts its business in a fashion that strengthening Corporate Governance. World Finance is a print and
is consistent with the highest standards of governance and ethical online magazine providing comprehensive coverage and analysis
behavior and that it contributes positively to society. One of the of the financial industry, international business and the global
Group’s business priorities is to comply with legal and regulatory economy. Since being founded nearly 20 years ago, the publication
business requirements, demonstrated through developing its is read in over 100 countries, with a readership of 120,000 per issue
operations to reflect the latest changes in corporate governance on average. The annual World Finance Awards select and analyze
best practices. Zain focuses on the environmental, social and some of the most diverse and succinct governance platforms and
governance (ESG) indicators, and ensures that ESG issues are recognize leading organizations in this important area.

31 JULY-AUGUST 2022